Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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<ul><li class="p1">Incitec Pivot is a leading global explosives company and&nbsp;Australian fertiliser manufacturer and distributor.</li><li class="p1">Fertiliser&nbsp;is a cyclical business and, despite a strong domestic market&nbsp;position, prices are subject to global supply and demand,&nbsp;so earnings are volatile.</li><li class="p1">Explosives provide greater earnings&nbsp;stability, with demand from the global mining sector.</li><li class="p1">The Australian explosives&nbsp;(ammonium nitrate) industry and the global explosive&nbsp;markets face considerable headwinds.</li><li class="p1">Oversupply, driven&nbsp;by capacity additions, at a time when the outlook for growth&nbsp;in demand for Australian coal and iron ore is muted, is&nbsp;central to the more subdued outlook.</li><li class="p1">We downgrade our fair value estimate to A$ 2.50 per share&nbsp;from A$ 3.30 per share after reassessing Incitec's&nbsp;medium-term growth potential.</li></ul><p class="p1"><em>Analysts: Mark Taylor &amp; Mathew Hodge</em></p>

Incitec Pivot is a leading global explosives company and&nbsp;Australian fertiliser manufacturer and distributor.Fertiliser&nbsp;is a cyclical business and, despite a strong domestic market&nbsp;position, prices are subject to global supply and demand,&nbsp;so earnings are volatile.Explosives provide greater earnings&nbsp;stability, with demand from the global mining sector.The Australian explosives&nbsp;(ammonium nitrate) industry and the global explosive&nbsp;markets face considerable headwinds.Oversupply, driven&nbsp;by capacity additions, at a time when the outlook for growth&nbsp;in demand for Australian coal and iron ore is muted, is&nbsp;central to the more subdued outlook.We downgrade our fair value estimate to A$ 2.50 per share&nbsp;from A$ 3.30 per share after reassessing Incitec's&nbsp;medium-term growth potential.Analysts: Mark Taylor &amp; Mathew Hodge

Tough Medium-Term Outlook. Our Fair Value Estimate is A$2.50

Australia

Nufarm Limited manufactures and supplies a range of agricultural chemicals used by farmers to protect crops from damage caused by weeds, pests and disease. The Company has worldwide operations.

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Nufarm Ltd (NUF AU)

Tough Medium-Term Outlook. Our Fair Value Estimate is A$2.50

Incitec Pivot is a leading global explosives company and Australian fertiliser manufacturer and distributor. Fertiliser is a cyclical business...

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