** Morningstar says Australia's GrainCorp GNC.AX annual earnings remained broadly in line with expectations as cropping conditions have significantly normalised
** Agribusiness firm reported net profit after tax (NPAT) of A$62 million for fiscal 2024, a 75.2% drop from A$250 mln last year
** Morningstar expects eastern Australian winter grain production to normalise beyond fiscal 2026
** Brokerage says co's yearly EBITDA of A$268 mln was 1% below their forecast as east coast Australian grain production was about 24 mln metric tons in FY24, down from 30 mln metric tons the prior year
** "While not the bumper crop enjoyed in recent years, we think fiscal 2024 was an above-average year" - Morningstar
** Maintains fair value estimate of A$7.9
** Upgrades co's FY26 EBITDA forecast to A$315 mln, up by A$21 mln, on the back of its cost-out program
** GNC up 19.2% as of last close YTD, outpacing a 5.4% rise on the ASX Agribusiness index .AXAG
(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com;))
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