News: ING Inghams Group Posts HY Underlying NPAT $55.4 Mln, Down 5.3 Pct, page-7

Ing still has accounts with the major supermarkets and pretty much everywhere anyway.

I just received a broker report from a major investment bank which confirms this. This is just an extract. I can't put the full report in, they seemed to have done something that makes it hard to copy the text! As a result I'm not going to name them here but you could guess who it is from the format.

Base: 4.30
Equal to our base case DCF valuation, which incorporates a 8.9%WACC, 5% risk free rate, 1.1 equity beta, 25% net debt to total capital
13x FY20e base case EPS Modest volume growth: 2% Poultry volume growth FY19-22E and 2.5% poultry price growth in FY19 and flat thereafter, EBITDA margin expands from 8.8% inFY18 to 9.8% in FY22

Bull: 5.00
15.6x FY20e bull case EPSPoultry volume and price growth: 3% volume growth and 2% price growth across FY19-22E, EBITDA margin expands from 8.80% in FY18 to 10.64% in FY22.

Bear 3.00
9.4x FY20e bear case EPS Volume and price declines: -1% Poultry volume declines and -1% poultry price decline FY20-22E, EBITDA margin contracts from 8.80% in FY18 to 8.61% inFY22.