Published: 09 November 2022
Ingham’s earnings recovery is dependent on the path of feed costs and its ability to raise prices. There is a high degree of uncertainty on both parts but enough upside potential for us. We reduce our EBITDA forecasts by 4%-5% over the next two years given higher feed costs. However, price rises look like they are flowing through and any normalisation in commodity prices would lead to a meaningful profit margin rebound for the company.
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