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Graincorp - australischer Getreidekonzern - 500 Beiträge pro Seite


ISIN: AU000000GNC9 | WKN: 626517 | Symbol: GRCLF
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06.12.19
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Sind vielleicht im Zuge der derzeitigen Akquisitionswelle (Marubeni/Gavilon, Glencore/Viterra) einen Blick wert...
zahlen aktuell 7,1% Dividende; habe mir mal ein paar Ansichtsstücke geholt
haben im Bereich Getreidelogistik eine monopolartige Stellung im australischen Markt. Wachsen zudem organisch und über Akquisitionen (z.b. im Malzbereich letztes Jahr durch Übernahme der Schill Malz).

Günstige Bewertung auf Basis aktueller Zahlen. Die Dividende wird halbjährlich gezahlt. Am 2. Juli kommt die nächste, von der die Hälfte eine Sonderdividende ist, was in den letzten Jahren immer wieder vorkam.

Niedrige Verschuldung etc. gibt es ontop.

Ist nicht nur einen Blick wert :) bin auch investiert. Aktuell gibt es ja einen leichten Rücksetzer, so dass man noch mal günstiger reinkommen kann.
Antwort auf Beitrag Nr.: 43.324.364 von mr.lukoil am 27.06.12 08:38:26GrainCorp, Getreide boomt, Gewinne und Aktie auf Rekordfahrt
(shareribs.com) Sydney 22.05.2012 - Australiens Getreidekonzern GrainCorp strotz regelrecht vor Kraft. Das Unternehmen gab ein hervorragendes Halbjahresergebnis bekannt und schraubte seine Prognosen für das Gesamtjahr ordentlich nach oben.

Den Unternehmensangaben zufolge war der Nettogewinn im ersten Halbjahr (31. März) gegenüber dem Vergleichszeitraum des Vorjahres um satte 52,5 Prozent oder 46 Mio. Dollar auf 133,70 Mio. Dollar geklettert.
Dabei haben die Bereiche Land und Logistik, zu der Getreide-Lagerung und Transport gehören, ihre Gewinne auf Grund höherer Mengen und geringerer Erntekosten mit 73 Mio. Dollar im ersten Halbjahr nahezu verdoppelt.
GrainCorp wird eine Zwischendividende von 15 Cent je Aktie, plus eine Sonderdividende von 15 Cent, zahlen.

Laut dem Geschäftsführer Alison Watkins geht das Unternehmen nun von einem Gesamtjahresgewinn von 185 bis 205 Mio. Dollar aus. Die bisherige Prognose lag um 20 Millionen Dollar niedriger.
Bis zum Ende des Jahres (30. September) wird mit einem Volumen von 10 Millionen Tonnen exportiertes Getreide gerechnet, so Watkins. Dazu kommt die Erwartung, dass der Malz-Absatz kräftig nach oben gefahren und 1,35 Millionen Tonnen erreichen wird.
Die Erntevorhersagen sind im Allgemeinen sehr positiv ausgefallen und die Pflanzungen laufen bereits auf Hochtouren. Den meisten Züchtern in Ost-Australien würden die Regenfälle der nächsten Wochen zugutekommen.
Sie stellen sicher, dass die Pflanzungen einen guten Start haben und GrainCorp von den höheren Erträgen aus jedem seiner vier großen Unternehmen profitieren wird.

Die Zahlen, die Dividenden-Ankündigung und die Prognosen kommen bei den Anlegern sehr gut an.
Die Aktie kann sich im Nachmittagshandel um kräftige 7,1 Prozent auf ein Vierjahreshoch von 9,52 AUD nach oben schrauben.
Antwort auf Beitrag Nr.: 43.324.364 von mr.lukoil am 27.06.12 08:38:26[ » ah nachrichten für die Landwirschaft » Wirtschaft » GrainCorp-GermanMalt ]
Mittwoch, 27.06.2012
Wirtschaft | 26.07.2011 Redaktion agrarheute.com
Mälzerei-Übernahme: GrainCorp kauft German Malt
Sydney/Osthofen - Die Mälzerei-Branche befindet sich im Umbruch: Die Australier GrainCorp drängen nach Europa, um am einflussreichen europäischen Markt mitzumischen.
Mälzerei-Übernahme: GrainCorp kauft German Malt
Bild vergrößern
Mälzerei-Übernahme: GrainCorp kauft German Malt
Der australische Getreidehandelskonzern GrainCorp Limited, Sydney, wird die deutsche German Malt GmbH & Co KG, Osthofen, übernehmen. Das gaben beide Unternehmen bekannt.

Im Zuge der Übernahme wird German Malt seine 50%ige Beteiligung an der Global Malt GmbH & Co KG an die Tivoli Malz GmbH abgeben. Damit hält Tivoli künftig sämtliche Anteile an Global Malt sowie 60 Prozent an Global Malt Polska. Die Gesellschafter von German Malt, die Schill-Malz GmbH & Co KG und die C. Thywissen GmbH, haben ihre Anteile am vergangenen Freitag an GrainCorp verkauft.

German Malt: Jahresproduktion von 200.000 Tonnen Malz
German Malt betreibt vier Mälzereien in Worms, Mülheim an der Ruhr, Sangerhausen und Clingen. Außerdem unterhält das Unternehmen ein exklusives Lohnmälzungs-Abkommen mit der Malzfabrik Kalscheuren in Hürth. Die Jahresproduktion der Gruppe beläuft sich auf rund 200.000 Tonnen Malz.

GrainCorp zahlt für die Übernahme einen Kaufpreis von 58 Millionen Euro. Die Zustimmung des Bundeskartellamtes wird bis Ende November erwartet.

GrainCorp: Weltweit an der Spitze
GrainCorp ist einer der weltweit größten Malzerzeuger mit einer jährlichen Produktion von 1,2 Millionen Tonnen in Australien, Kanada, den USA und Großbritannien. Alison Watkins, die Vorstandsvorsitzende der börsennotierten Gesellschaft, erklärte, eine aktive Teilnahme am einflussreichen europäischen Gersten- und Malzmarkt sei für GrainCorp strategisch wichtig. Der Sektor sei im Umbruch und jetzt wäre die richtige Zeit nach Europa zu kommen, um von den stattfindenden Veränderungen zu profitieren.

German Malt erhofft sich durch die Zugehörigkeit zu einer der weltweit führenden Mälzereigruppen einen besseren Zugang zu den internationalen Märkten und den globalen Brauereigruppen.
Antwort auf Beitrag Nr.: 43.324.364 von mr.lukoil am 27.06.12 08:38:26GrainCorp at Lowest Valuation Seen Ripe for Plucking: Real M&A
By Angus Whitley and Phoebe Sedgman - Mar 30, 2012 8:00 AM GMT+0200

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QUEUE
Q

No middleman in the industrialized world is offering potential buyers a cheaper way to export wheat to Asia than Australia’s GrainCorp Ltd. (GNC)

While Glencore International Plc’s purchase of Viterra Inc.’s grain assets in Australia and Canada this month helped spur an 11 percent jump in GrainCorp’s shares on takeover speculation, the Sydney-based wheat handler still traded yesterday at 10.7 times profit, according to data compiled by Bloomberg. That’s the lowest among agricultural product wholesalers valued at more than $500 million in developed economies. It’s also a 57 percent discount to Glencore’s bid of 24.9 times earnings for Viterra, the data show.
Enlarge image GrainCorp at Lowest Valuation Seen Ripe for Plucking

The GrainCorp Ltd. grain terminal stands at Newcastle Port in Newcastle, Australia. Photographer: Jeremy Piper/Bloomberg
GrainCorp CEO Alison Watkins

Alison Watkins, chief executive officer of GrainCorp Ltd., speaking in Melbourne, Australia. Photographer: Carla Gottgens/Bloomberg

GrainCorp, which operates seven of the eight ports that ship grain in bulk from Australia’s east coast, has tripled its sales since the world’s second-largest wheat exporting nation began deregulating the industry in 2006, and is projected by analysts to report record profit this year. A takeover offer is “inevitable,” according to Citigroup Inc., and GrainCorp could lure a bid of A$2.2 billion ($2.3 billion), 23 percent more than yesterday’s close, RBS Morgans Ltd. said.

“GrainCorp is a strategic asset,” said Belinda Moore, a Brisbane-based analyst at RBS Morgans. “With Viterra (VT) going, and the agriculture sector continuing to consolidate, there are fewer and fewer agriculture companies. It’s the last significant company in Australia capable of being taken out.”

GrainCorp rose 0.6 percent to A$9.05 a share, its highest close since June 2008, after reaching a high of A$9.12 today.
Virtual Monopoly

“We’re just going to focus on running the business as well as we can,” GrainCorp Chief Executive Officer Alison Watkins said in an interview in Melbourne today. “I think it’s flattering that everyone thinks we’re so attractive.”

GrainCorp, which traces its roots to 1916 and the Grain Elevators Board of the New South Wales state agriculture department, handles as much as 60 percent of eastern Australia’s grain crop and has about 20 million metric tons of storage at more than 280 inland grain handling sites, according to the company.

Its revenue has surged since Australia’s 2006 decision to strip AWB Ltd. of an export monopoly, after an inquiry found it was among firms that made illegal payments to win contracts from the former Iraq regime of Saddam Hussein under the United Nations’ oil-for-food program.

With GrainCorp owning the silos where farmers dump their harvests, railroad cars that carry loads to east coast ports, and the elevators used to load ships, the deregulation gave the company a “virtual, natural monopoly” on the eastern seaboard, according to Justin Crosby, a policy director at the Sydney- based NSW Farmers’ Association, which represents 10,000 members, half of them grain growers.
‘Deliver Your Wheat’

In the five-year period ended in September 2006, revenue at GrainCorp rose 60 percent, according to data compiled by Bloomberg. In the five years since, sales have risen 242 percent to A$2.8 billion, the data show.

“There’s very little competition in New South Wales outside of GrainCorp,” Crosby said. “There is a great deal of market power held by GrainCorp with regards to where you can deliver your wheat.”

As of yesterday, GrainCorp had risen 11 percent since Viterra said on March 9 that it was approached by possible buyers. The closing price of A$9 a share yesterday valued the company at 10.7 times profit, making GrainCorp the cheapest of five agricultural products wholesalers worth more than $500 million in the U.S., Western Europe, and developed Asia, according to data compiled by Bloomberg. The companies fetch an average of 23.1 times earnings, and Glencore’s C$16.25 a share offer is 24.9 times Viterra’s earnings, the data show.
Billionaire Stakeholder

Less than a week after Viterra’s disclosure, Australian billionaire James Packer raised his stake in GrainCorp to 6.2 percent, becoming the company’s largest shareholder, according to stock exchange filings. Brian O’Sullivan, a director at Ellerston Capital Ltd., the fund that holds the stake, didn’t return calls seeking comment on the investment.

A buyer of GrainCorp would be drawn by many of the same factors that drove Glencore’s C$6.1 billion ($6.1 billion) offer for Regina, Saskatchewan-based Viterra, which was made with Canada’s Agrium Inc. (AGU) and Richardson International Ltd., according to Citigroup analyst Tim Mitchell. Agrium will buy most of Viterra’s retail facilities in Canada and Australia and a stake in Canadian Fertilizer Ltd., while Richardson will purchase a stake in Viterra’s Canadian grain-handling assets as well as some other North American operations.

“What really attracted us to Viterra is the asset base, a superb set of assets, elevators, port facilities, processing plants in Australia and in Canada,” Chris Mahoney, Glencore’s director of agricultural products, said on a March 20 conference call about the deal.
Glencore, Gavilon

People familiar with the matter said this month that Glencore (GLEN) had also expressed an interest in closely held Gavilon Group LLC as the Omaha, Nebraska-based grain handler weighed a sale that could fetch as much as $5 billion. While Singapore- based Wilmar International Ltd. (WIL) and Japan’s Mitsui & Co. also expressed an interest, Gavilon discouraged Cargill Inc. of Minneapolis and Decatur, Illinois-based Archer Daniels Midland Co. because of antitrust risk, the people said. Japan’s Marubeni Corp. (8002) may also be interested, Reuters reported March 21.

Glencore forecasts annual global demand growth for grains and oilseeds of as much as 3.5 percent to be driven by Asia, Mahoney said on the call. Indonesia, where demand for wheat has risen more than 50 percent in the past decade, has surpassed Japan as Asia’s largest importer of the grain, according to the U.S. Department of Agriculture.
‘Luxury Foods’

Forecasting global wheat exports will double to more than 225 million metric tons by 2050, GrainCorp said demand will come from established markets in Asia, the Middle East and North Africa which already import half their grain, as well as new demand from sub-Saharan Africa and the Asian subcontinent, according to a March 28 filing to Australia’s stock exchange.

The growth will come in large part because of demand for protein from increasingly rich consumers, said David Leyonhjelm, director of Baron Strategic Services, a Sydney-based agricultural consultancy.

“As incomes rise, dietary preferences head toward what are perceived to be luxury foods, and that’s animal products,” he said. “Grain is a key feedstock ingredient. Even if it’s not being used to make bread and pasta, it will be used to make stock feed.”

Australia was the world’s second-biggest wheat exporter in 2011, according to the USDA, and GrainCorp earnings may rise to a record A$185 million in the year ending September, according to the March 28 filing.
‘Critical Mass’

With Viterra sold, AWB acquired by Agrium in 2010, and another large rival, CBH Group, owned by a co-operative of 4,500 farmers in Western Australia, global commodity traders from Archer Daniels (ADM) to Cargill and Louis Dreyfus Corp. are running out of alternatives in Australia, Leyonhjelm said.

GrainCorp would “make sense” as a target for any of the three companies, he said. “GrainCorp is the only one left if you want critical mass fairly easily.”

Spokesmen for Archer Daniels, Cargill and Louis Dreyfus all declined to comment. Archer Daniels said last week that it decided not to bid for Viterra after considering it. Cargill, which acquired AWB’s commodity trading business from Agrium in 2010, said this month that its Canadian market share stopped it from bidding for Viterra.

GrainCorp also owns a Canadian maker of malt used for whiskey and beer, which means it stands to profit from the end of a 69-year-old wheat and barley monopoly held by the Canadian Wheat Board, Citigroup’s Mitchell wrote in a March 12 note.
Relative Value

Starting Aug. 1 farmers in western Canada will be able to sell to any buyer, rather than only the Canadian Wheat Board, which Viterra has said will boost its market share and profits.

GrainCorp could be worth A$11.11 a share to a buyer, or about A$2.4 billion including the value of its debt, according to RBS Morgans’s Moore. That’s 9 times Moore’s forecast for earnings before interest, taxes, depreciation and amortization of A$265.5 million in 2014, which reflects an “average season” for the company.

Glencore’s offer values Viterra at 11 times expected 2012 Ebitda. Applied to Moore’s 2014 Ebitda target, that multiple would value GrainCorp at A$13.94 a share. Because GrainCorp is smaller than Viterra, a lower multiple is more appropriate, with 9 times being the “average for Australian agribusinesses,” Moore wrote in a March 21 research note.

Applying the same 9 times Ebitda multiple to GrainCorp’s “sustainable” earnings of about A$260 million, Citigroup’s Mitchell says the company is worth about A$11 a share in a takeover. For the current year, GrainCorp is forecasting Ebitda of between A$350 million and A$380 million.
Make a Move

Buyers may wait for a pullback in the grain harvest, which has pushed GrainCorp’s earnings beyond levels likely in the long term, said James Ferrier, an analyst at Wilson HTM Investment Group (WIG) in Melbourne.

“If GrainCorp was to get a bid, it would more likely happen when the weather cycle turns and we go back into a few dry years, similar to the scenario when Viterra acquired ABB Grain,” he said.

The A$1.9 billion purchase of South Australia-focused ABB Grain Ltd. was struck in May 2009, after two drought-affected harvests. Including the value of ABB’s debt, Viterra paid 17 times Ebitda, according to data compiled by Bloomberg. The company touted the acquisition’s potential to “provide greater exposure to the higher-growth Asian import market,” according to a statement at the time.

Australia has one of the world’s most variable rainfall climates, with three good years and three bad years every decade, according to the nation’s Bureau of Meteorology. Last year was Australia’s third-wettest year on record.

Still, takeovers in Australia will continue, said Mike Chaseling, deputy chairman of grain trader Emerald Group Australia Pty.

“The big question, post-Viterra, is does somebody look to make a move on GrainCorp?” he said. “We don’t think it stops here.”

quelle bloomberg
UPDATE 2-Australia's Graincorp in $490 mln edible oil deal


Tue Aug 28, 2012 1:04am EDT

* To fund deal through debt, scrip and rights offering

* Enters into long-term supply deal with Goodman Fielder

* Graincorp beats Wilmar, Cargill for Integro business

WELLINGTON/SYDNEY, Aug 28 (Reuters) - Australian bulk grain handler GrainCorp said on Tuesday it plans to buy two food oil businesses for a combined A$472 million ($490 million) to create the country's largest edible oil processor.

GrainCorp said it bought Goodman Fielder's Integro oil business for A$170 million and Gardner Smith Group for A$302 million. Integro's oil business had drawn the interest of larger rivals Cargill and Wilmar.

The companies are looking to build up their edible oil businesses with prices near all-time highs, bolstered by growing Asian demand. Vegetable oil prices have nearly quadrupled in the past decade, analysts said, pushed up by rising consumption and use as biofuel.

GrainCorp said in a statement it will fund the deal through debt, a rights offering worth A$159 million, and issue shares of up to A$121 million for Gardner Smith shareholders. It will combine the two businesses to form GrainCorp Oil Mills.

"GrainCorp Oils will provide us with immediate scale in the edible oils sector in Australia and New Zealand," Chief Executive Alison Watkins said. The deal diversifies revenue and arms the company with products to compete in Asia.

In May, Cargill made a new approach after Integro after long-drawn out A$240 million bid failed to win the approval of the Australian competition watchdog.

Wilmar, which has built a 10 percent stake in Goodman Fielder, has stated it would cut the stake in the event of a sale of Integro, JPMorgan analyst Stuart Jackson said in a note.

The deal provides Graincorp a long-term contract to supply margarine and bottled oil to Goodman Fielder, which has a number of large brands, including Meadow Lea and Paul Newman.

GrainCorp Oil will have capacity to crush more than 300,000 tonnes of oilseeds a year, with 280,000 tonnes of annual edible fats and oils refining capacity, it said.

GrainCorp shares were halted pending the rights issue. Shares in Goodman Fielder, which plans to cut debt and focus on product marketing as part of a turnaround strategy, was up 2.8 percent in afternoon trade.
Antwort auf Beitrag Nr.: 43.541.219 von mr.lukoil am 28.08.12 12:03:10Übernahmeangebot?
Das kommt nicht ganz überraschend. Mal schauen, ob sich eine Übernahme überhaupt durchsetzen ließe. Jedenfalls dürfte ein netter Kursaufschlag kommen, sobald die Aktie wieder gehandelt wird.


ADM Buys Addl. Stake In Australia's GrainCorp, Plans Takeover Talks


CANBERA (dpa-AFX) - Grain processor Archer Daniels Midland Co. (ADM) said Friday that it has acquired an additional 10 percent stake in Australia-based GrainCorp Ltd. (GRCLF.PK) for A$11.75 per share, raising its total stake in the grain handler to 14.9 percent.

Decatur, Illinois-based ADM also said it intends to work with GrainCorp to arrive at an acquisition agreement that will align with its strategy of investing in key supply regions outside the U.S.

ADM already has a presence in Australia through its holding of an 80 percent stake in smaller grain handler Toepfer International.

ADM said that on Thursday evening, it acquired an additional 10 percent economic interest in GrainCorp for A$11.75 per share. The purchase price represents a 33 percent premium to GrainCorp.'s closing stock price on Thursday of A$8.85 per share.

Patricia Woertz, Chairman and CEO of ADM said, 'Our investment in GrainCorp is part of our ongoing portfolio management and is consistent with our strategy of growing our Agricultural Services and Oilseeds businesses by investing in key supply regions outside the United States.'

Woertz added, 'We anticipate that an ADM acquisition of GrainCorp would meet ADM's key financial hurdles.'

ADM noted that together, GrainCorp and ADM would be better positioned to connect Australia's farmers with growing demand for crops and food, particularly in Asia and the Middle East.

Earlier in the day, GrainCorp requested to the Australian stock exchange that its shares be placed in a trading halt from Friday until the opening of trading on Tuesday, October 23.

GrainCorp said ADM has informed that it wished to hold talks with the company regarding a 'potential transaction'. However,GrainCorp added that it has not received any formal proposal.

GrainCorp said in a statement, 'Should GrainCorp receive a proposal from ADM, the Board will review the proposal as well as other options to maximize value for GrainCorp shareholders.'

GrainCorp, which owns about half of the grain-storage facilities in Eastern Australia, boasts a total grain storage capacity of up to 20 million tonnes. The company has a market capitalization of A$1.75 billion.

In late July, ADM reported a more than 25 percent decline in profit for the fourth quarter, as revenues were little changed amid lower U.S. merchandising results, a decline in U.S. crop supplies and negative ethanol margins.

In Friday's regular session, ADM is trading at $28.88, down $0.19 or 0.65 percent on a volume of 1.34 million shares.
interessanter Beitrag auf bloomberg 4.11.12

Traders are convinced GrainCorp Ltd. (GNC) is so alluring to Archer-Daniels-Midland Co. that eastern Australia’s largest grain exporter will win the biggest takeover offer increase in developed Asia.

With investors who profit from acquisitions expecting ADM to raise its A$2.68 billion ($2.8 billion) offer or risk losing to a rival bidder, GrainCorp’s stock ended last week 4.3 percent higher than the proposal of A$11.75 a share. That’s further above the offer price than any pending takeover in the developed Asia Pacific region valued at more than $100 million, according to data compiled by Bloomberg. Deutsche Bank AG said other agricultural deals imply GrainCorp should fetch A$13.90 a share, 13 percent greater than last week’s price and 18 percent more than the current bid.

The scrutiny Australian regulators will give any foreign buyer will also motivate Decatur, Illinois-based ADM (ADM) to raise its bid to help reach an agreement with GrainCorp’s board, said Churchill Capital Ltd. Sydney-based GrainCorp, which operates seven of the eight ports from which grain is shipped in bulk from Australia’s east coast, is the last publicly traded wheat merchant of its scale in Australia and could attract other bidders, JPMorgan Chase & Co. said.

“If you want to be a player in one of the largest wheat export markets globally, then this is a must-have asset,” Rhett Kessler, who helps manage about A$1.3 billion at Pengana Capital Ltd. in Sydney, said in a phone interview. “If ADM don’t buy these assets now, they may not get another chance. The first bid is never the final price, and there are many other participants in this market that would have interest in this asset.”
Australian Farmers

GrainCorp, due to publish its full-year earnings report on Nov. 15, has yet to respond to ADM’s offer and has appointed financial and legal advisers. Angus Trigg, a GrainCorp spokesman, declined to comment. Jackie Anderson, an ADM spokeswoman, also wouldn’t comment on the company’s proposed bid price for GrainCorp.

ADM, the world’s largest corn processor, said Oct. 19 that it boosted its GrainCorp stake to 14.9 percent from 4.9 percent and wants to buy the rest of the company. Three days later, GrainCorp said it received the A$11.75-a-share cash offer, which values the business at A$2.68 billion excluding debt.

In addition to its infrastructure, which includes 21 million metric tons of storage capacity at more than 280 inland grain-handling sites, GrainCorp would give ADM annual production of more than 1 million tons of malt.
Rising Population

“With GrainCorp you have a large terminal network that can move grain from local farmers to export markets through its own ports,” said Tom Leske, a sales trader at Churchill Capital in Singapore and a former employee of the Australian company. “This gives it ready access to Asian and east African markets, which is where the key growth is.”

Australia was the world’s largest wheat exporter after the U.S. last season, according to the U.S. Department of Agriculture. The nation shipped 24.5 million tons of wheat in the year through September, the Australian Bureau of Agricultural and Resource Economics and Sciences estimates.

After the nation’s wheat production and exports climbed to all-time highs, analysts estimate that GrainCorp’s net income for the year that ended in September rose to a record A$216 million, according to data compiled by Bloomberg. With the government forecasting a 24 percent drop in wheat production for the crop currently being harvested, earnings are projected to fall to A$171 million in fiscal 2013, according to the average analyst estimate.
Food Demand

Still, rising populations and incomes are boosting demand for food commodities in Asia and emerging markets. World food production will need to expand 70 percent by 2050 as the global population swells by 2 billion, according to the United Nations. Countries will spend more than $1 trillion on food imports for a third year in 2012, the UN estimates.

That outlook has driven several other large agricultural acquisitions, including Glencore International Plc’s agreement in March to buy Canada’s Viterra Inc. for C$6.1 billion ($6.1 billion), excluding debt. In May, Marubeni Corp. said it would purchase Gavilon Group LLC for $3.6 billion, excluding debt.

GrainCorp agreed in August to spend about A$472 million on Gardner Smith Group, Australia’s second-largest oilseed crusher, and Integro Foods, Australia and New Zealand’s largest refiner of edible fats and oils.

GrainCorp has traded above ADM’s A$11.75 offer since the day it was announced last month amid expectations that other bidders would emerge, either winning control of the company with a higher offer or forcing ADM to pay more. At A$12.25, the shares ended last week 4.3 percent above the offer. That’s a larger gap than on any other takeover in developed nations in the Asia-Pacific region valued at more than $100 million, according to data compiled by Bloomberg.
Rival Bidders

“Given the nature of GNC’s assets in a rapidly consolidating global market, as well as it being the last available play in the Australian grains market of any real significance, we believe there are a number of companies that would potentially be interested,” JPMorgan analyst Stuart Jackson wrote in an Oct. 19 research note, referring to GrainCorp by its stock ticker.

Potential buyers range from White Plains, New York-based Bunge Ltd. (BG) to Hong Kong’s Noble Group Ltd. (NOBL), Jackson wrote.

Susan Burns, a Bunge spokeswoman, declined to comment on any interest the company may have in GrainCorp. Stephen Brown, a Hong Kong-based spokesman for Noble, said the company doesn’t comment on speculation. Noble has said it plans to expand its agricultural unit.

Summa Group, Russia’s biggest port operator, considered a bid for GrainCorp before ADM made its offer, two people with knowledge of the matter said last week.
Fair Price

ADM’s current bid values GrainCorp at 8 times forecast fiscal 2013 earnings before interest, taxes, depreciation and amortization of A$400 million, according to Mark Wilson, a Sydney-based analyst at Deutsche Bank. That compares with an average of 9.2 times Ebitda paid in 15 Australian grain acquisitions since 2000, including Agrium Inc.’s purchase of AWB Ltd. and Viterra’s acquisition of ABB Grain Ltd., he wrote in an Oct. 19 research note.

At the higher multiple, GrainCorp would fetch A$13.90, or A$3.2 billion excluding debt, Wilson wrote.

“The current offer price of A$11.75 is not high enough,” Lee Mitchell, Singapore-based special situations trader at Religare Capital Markets Ltd., said by e-mail. “ADM will have to increase the offer price to a minimum A$13 per share, with A$14.10 per share being our fair value and more in line with recent transactions.”
Financing Restrictions

ADM’s finances may restrict how high its bid can go. Standard & Poor’s Ratings Services said on Oct. 20 that it may downgrade ADM’s credit ratings because of uncertainty about how it will fund the deal. With cash of $1.3 billion, the company had net debt of $8.6 billion at the end of June, data compiled by Bloomberg show.

“The big traders operate on a very slim margin,” Dennis Hulme, an analyst at BBY Ltd., said in a phone interview from Sydney. “I expect them to be very price conscious. They’d like to have the assets, but they don’t want to overpay.”

Still, ADM will be motivated to reach an agreement with GrainCorp’s board to ease approval by Australia’s Foreign Investment Review Board, Churchill Capital’s Leske said. FIRB makes a recommendation to the country’s treasurer, who can block a deal.
‘Smoother Ride’

“It’s great if you have a friendly reception from the target,” Malcolm Brennan, special counsel at law firm King & Wood Mallesons, said by phone from Canberra. “That support says they think it’s a good idea and will look after employees and local operations, the key factors when looking at the national interest test. You are going to have a smoother ride.”

Australia’s Treasury didn’t immediately reply to a written request for comment sent to its media office.

ADM’s increase of its stake in GrainCorp last month is a sign that it’s committed to winning control, Religare’s Mitchell said.

“There’s always the expectation that when you put in an initial offer, there’s a bit up your sleeves,” said Paul Jensz, a Melbourne-based analyst at Octa Phillip Financial Group Ltd. “They’ve said it’s a strategic imperative to be in this region, buying grain from what they believe is a high-grain-quality region.”
Antwort auf Beitrag Nr.: 43.242.271 von R-BgO am 02.06.12 15:54:51hätte mir mehr holen sollen... :(
Die Frage ist nun, ob man versucht die Sache bis zu den erwähnten ca. 14 AUD auszusitzen oder ob man jetzt bei gut 12,30 AUD Kasse macht.
Die Frage ist, ob man zockt oder investiert. Der Zock könnte natürlich vorbei sein, wenn adm seine 20 % verkaufen würde, wovon ich allerdings eher nicht ausgehe.
Antwort auf Beitrag Nr.: 43.930.616 von mr.lukoil am 14.12.12 22:58:53ADM Q1 Profit Down 33%; To Buy GrainCorp

CANBERA (dpa-AFX) - Grain processor Archer Daniels Midland Co. (ADM) on Wednesday reported a 33 percent decline in profit for the first quarter from last year, while revenues edged up slightly from last year. The latest quarter's results were negatively impacted by the 2012 drought in the U.S. Earnings per share missed analysts' estimates, while revenues beat their expectations.

Separately, ADM said it has completed due diligence on Australian grain handler and processor GrainCorp Ltd. (GRCLF, GNC.AX) and plans to make a cash offer to acquire GrainCorp for a sweetened A$12.20 per share. The offer indicates a transaction value of about A$3.4 billion, or $3.49 billion.

Commenting on the results, Patricia Woertz, Chairman and CEO of Archer Daniels Midland or ADM said, 'As expected, this was a challenging quarter, with agricultural services negatively impacted by the ongoing effects of last summer's U.S. drought. In oilseeds, our earnings were reduced by challenges in Brazil and depressed margins in cocoa. Our ethanol business improved as declining inventories supported overall industry margins, and we began to see positive results from the actions we've been taking to improve the profitability of that business.'

Oilseeds processing segment generated a 6 percent increase in sales for the quarter to $8.14 billion. However, operating profit declined 42 percent to $313 million. Year-ago results included net favorable mark-to-market timing effects of about $60 million, while the latest quarter included minimal timing effects.

In Corn processing, sales rose 8 percent to $3.05 billion and operating profit increased 15 percent to $153 million, reflecting improved ethanol conditions. The latest quarter's results include a $44 million negative timing effect related to open corn cash-flow hedges at quarter end, up from $11 million in the year-ago period.

Agricultural services revenue edged down 1 percent to $10.50 billion and operating profit declined 42 percent to $151 million. The results were pressured by lower U.S. volumes.

ADM's first-quarter net earnings were $269 million or $0.41 per share, down from $399 million or $0.60 per share in the year-ago period.

Adjusted earnings per share for the quarter were $0.48, compared to $0.78 per share in the same period last year. On average, ten analysts polled by Thomson Reuters expected the company to earn $0.52 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted earnings for the latest quarter excludes pretax LIFO gains of $0.03 per share and a provision of $0.04 per share related to a previously disclosed FCPA matter.

Meanwhile, net sales and other operating income edged up to $21.73 billion from $21.16 billion in the prior year quarter. Analysts had a consensus revenue estimate of $21.41 billion.

ADM noted that GrainCorp transaction value reflects the weighted average cost of acquiring the initial 19.8 percent stake in GrainCorp at an average of A$11.24 per share, and the remaining shares at A$12.20 per share. ADM said that the transaction meets its key financial objectives and will be earnings accretive in the first full year. The company will fund the acquisition through a combination of operating cash flows and debt.

As part of the deal, GrainCorp will pay its shareholders dividends totaling A$1.00 per share before completing the deal. GrainCorp has indicated that the ADM offer would be unanimously recommended by its board, subject to there being no superior proposal.

ADM closed Wednesday's trading at $33.58, down $0.36 or 1.06 percent on a volume of 5.32 million shares.
Australische Regierung verbietet GrainCorp-Verkauf:

www.gevestor.de/news/australische-regierung-verbietet-grainc…

Nach der gescheiterten Übernahme von GrainCorp durch ADM ist der Kurs nun wieder auf ein vernünftiges Maß zurückgekommen. Im Vergleich zu ADM oder Bunge scheint mir der Wert jetzt deutlich günstiger - insbesondre da finanziellen Belastungen aus der nun gescheiterte Übernahme im nächsten Jahr nicht mehr anfallen.

www.bloomberg.com/quote/GNC:AU/chart

Meine zu ca. 12 A$ gegebenen Stücke habe ich nun zu gut 8 A$ zurückgeholt. Vielleicht gilt in diesem Fall ausnahmsweise mal "Hin und her macht Taschen voll." ...
Die Fantasie einer möglichen Übernahme fehlt in Zukunft damit allerdings.
eben erst gesehen: Aktie ist ja mächtig zurückgekommen...

werde wohl bald mal aufstocken
Meine GrainCorp-Position habe ich wieder aufgelöst, bevor diese eventuell ins Minus läuft und ich dann lange Zeit hier fest hänge.

Dabei war nicht das abgelaufene schwache Geschäftsjahr ausschlaggebend, sondern vielmehr der schlechte Ausblick und die Intensivierung des Wettbewerbs:

"We expect 2015 to be the most challenging year in recent times. With low carry-in and grain production for eastern Australia forecast to be well below normal, we anticipate lower receivals and export volumes. We remain confident however in the earnings from our processing businesses which we continue to grow through our strategic initiatives."

"Competition for grain in eastern Australia continues to intensify. We saw additional export capacity announced by competitors this year which is expected to come online in late 2015. By this time, we expect that at least four of our ports will face direct bulk export competition."

Ein kurzfristiges neues Angebot von ADM erwarte ich eher nicht, da es wohl auch für ADM sinnvoll ist eine mögliche kommende Schwächephase abzuwarten, um die Erfolgschancen zu erhöhen. Mit den gehaltenen GrainCorp Anteilen kann sich ADM erst mal entspannt zurücklehnen und muss nicht befürchten, dass ein Wettbewerber mit einem konkurrierenden Übernahmeangebot schnell zum Zuge kommen würde.

Spätestens bei 6 AUD sollte es aber wieder interessant werden. Mal sehen, ob es soweit kommt. Vielleicht wartet man besser ab, wie sich die Ende 2015 neu hinzukommenden Hafenkapazitäten auf die Zahlen auswirken werden.


Läuft doch zuletzt sehr gut! sind bei fast 10 AUD bzw fast 7 EUR. Es würde mich wundern, wenn ADM das Interesse vollständig verloren hätte. Meines Wissens haben sie auch noch ihr nicht ganz kleines Aktienpaket. Und andere Investoren bleiben auch an board. :)
Antwort auf Beitrag Nr.: 49.262.180 von mr.lukoil am 06.03.15 15:54:46Ja, der Ausstieg war eine klare Fehlentscheidung. Habe ich (abgesehen von der schwelenden Übernahmephantasie) etwas übersehen, was zu den Kursanstiegen geführt haben könnte?
Antwort auf Beitrag Nr.: 49.262.243 von Lwymi am 06.03.15 15:58:52Mir ist zuletzt immer wieder aufgefallen, dass der Kurs anzog, selbst wenn die Nachrichten keine positiven Waren. Die derzeitigen Umstrukturierungen zur Effizienzsteigerung greifen ja est mit Verzögerung.

Auch der Wechsel im Management hat die positiv Grundtendenz nicht beeinflusst.

Dann gab es noch eine Präsentation im Dezember, die auch einen Ausblick beihaltete, den man sich einmal anschauen sollte.

http://www.asx.com.au/asxpdf/20141218/pdf/42vkh693s3713j.pdf

Auch eine schlechte Ernte hatte keinen nenneswerten Einfluss...

Und Ellerston Capital hat zwischenzeitlich auf mehr als 10 % aufgestockt...
http://www.asx.com.au/asxpdf/20150225/pdf/42wvmcqxmb6zks.pdf

Insgesamt also eine stabile Entwicklung unabhängig von der Nachrichtenlage. Sehe ich eher positiv.
Antwort auf Beitrag Nr.: 49.262.645 von mr.lukoil am 06.03.15 16:21:53Danke für die qualifizierte Antwort!

Bei GrainCorp bleibe ich trotzdem erst mal an der Seitenlinie, bin im Agrarbereich aber in anderen Werten investiert. Ich beobachte GrainCorp bereits seit 2007 und war mehrmals auch dort investiert. Sicher werde ich das Unternehmen weiterhin auf dem Radar belassen...
Antwort auf Beitrag Nr.: 49.276.208 von Lwymi am 09.03.15 10:55:55Alleine schon wegen des Makrotrends sicher eine gute Entscheidung, in dieser Branche investiert zu sein. Ich habe auch noch weitere Werte in dem Segment und werde in nächster Zeit sicher auch selektiv zukaufen.

Nach der Übernahmeankündigung durch ADM hatte ich meine Position (leider nur zum Teil zu Höchstkursen:( ) vollständig veräußert. Zum Glück, so konnte ich auf Ausverkaufsniveau wieder einsteigen.

Mal schauen, was die Restrukturierung bringt und was ADM künftig macht. Das Unternehmen insgesamt gefällt mir weiterhin sehr gut,auch wenn sich das Umfeld ein wenig verändert, Graincorp verändert sich auch, u.a. durch die Diversifikation bzgl. Malzgeschäft und Ölgeschäftszukauf.
Antwort auf Beitrag Nr.: 49.276.478 von mr.lukoil am 09.03.15 11:19:43Derzeit finde ich es gar nicht so einfach ansprechende Werte im Agrarbereich zu finden.
Gibt es etwas was ich mir eventuell mal ansehen sollte?
Antwort auf Beitrag Nr.: 49.277.246 von Lwymi am 09.03.15 12:45:01ich mag grundsätzlich auch eine agco (alt. je nach Bewertung deere), baywa, lindsay, zuletzt aufgefallen als "Schaufelverkäufer" der zuindest auch von Agrar profitiert:Barloworld. Das ganz spontan als Titel die mir gefallen.

KWS und co finde ich (politisch bin ich wegen Gentechnik zwiegespalten) auch interessant. Wasserwerte natürlich auch - aber welche? Eine Idee? Christ, BWT?
Antwort auf Beitrag Nr.: 49.277.246 von Lwymi am 09.03.15 12:45:01Die Bewertungen auf lange Sicht sind natürlich noch ein Thema für sich...
Antwort auf Beitrag Nr.: 48.307.789 von R-BgO am 13.11.14 11:37:41
diesjähriges Ergebnis ist noch schlechter
2% EK-Rendite, Kurs notiert bei Buchwert => KGV von fast 50

derzeit dead-money


trennen oder warten?
Antwort auf Beitrag Nr.: 51.107.805 von R-BgO am 17.11.15 12:01:20Meine Einschätzung zu Graincorp hat sich seit meinen letzten Beiträgen nicht geändert - auch wenn mich der vorübergehende Kursanstieg kurz irritiert hatte. Bei aktuellem Stand der Sachlage ("Another challenging year ahead") werde ich mir den Wert daher erst bei Kursen um 6 AUD wieder näher ansehen. Der tangible Buchwert liegt übrigens deutlich unter 6 AUD.
Antwort auf Beitrag Nr.: 51.108.987 von Lwymi am 17.11.15 14:27:45
verkauft bis auf ein Erinnerungsstück,
der Kurs kann jetzt wieder steigen... ;)
Antwort auf Beitrag Nr.: 52.923.568 von Lwymi am 27.07.16 08:21:34ADM Announces Sale of Stake in GrainCorp

CHICAGO, Dec. 1, 2016—


Archer Daniels Midland Company (NYSE: ADM) announced today that it has entered into an underwriting agreement to sell its 19.9 percent ownership stake in GrainCorp Limited (ASX: GNC) for a total value of about A$387 million.

“As part of our ongoing portfolio management, we carefully considered our equity investment position in GrainCorp and determined that we could better meet our long-term returns objectives by reallocating that capital,” said ADM Chairman and CEO Juan Luciano. “This transaction will allow us to further reduce our invested capital, and it will provide cash that we can redeploy to higher-return investments as we continue to execute our balanced capital-allocation framework.”

The transaction has been executed by way of an underwritten sale to an underwriter. Under the terms of the agreement, ADM will sell all of its 19.9 percent investment in the issued capital in GrainCorp at a price of A$8.53 per share.
Antwort auf Beitrag Nr.: 53.878.029 von R-BgO am 12.12.16 19:31:34
Ordentlich Zahlen vllt bald das Comeback??
Hallo leider lange nichts mehr hier los im Forum

Ich wollte einmal die neusten Zahlen einstellen es gab einen Ordentlichen Profit unterm Strich wie fandet ihr die Zahlen?Immerhin eine Dividende gab es:)

Annual Report 2017

http://news.iguana2.com/macquaries/ASX/GNC/1050530

Aktuelle Presentation 2017

http://news.iguana2.com/macquaries/ASX/GNC/1050538

Internetberichte:

https://finance.nine.com.au/2017/11/21/09/30/graincorp-full-…

https://www.reuters.com/article/brief-graincorp-posts-fy-net…
Antwort auf Beitrag Nr.: 56.252.531 von freddy1989 am 23.11.17 07:56:25Bei den aktuellen Kennzahlen und Agrar-Rohstoffpreisen ist Graincorp derzeit kein Kauf für mich. Dazu müsste sich der Kurs dem tangiblen Buchwert (der unter 6 AUD liegt) nähern. Meine Einschätzung bleibt somit unverändert. Graincorp bleibt aber weiterhin auf meiner Beobachtungsliste.

Die Konsensschätzung für das EPS 2017/2018 liegt laut 4-traders aktuell übrigens bei 0,41 AUD.
http://www.4-traders.com/GRAINCORP-LTD-6492522/revisions/
Antwort auf Beitrag Nr.: 57.945.504 von freddy1989 am 08.06.18 20:43:57
Zitat von freddy1989: Gibt es eine Meinung zu den Zahlen und zur Dividende ?

Graincorp habe ich noch immer auf der Watchlist.
Meine unveränderte Einschätzung kann man in den älteren Beiträgen nachlesen.
Ich sehe aktuell keinen Grund, warum der Wert plötzlich große Sprünge machen sollte.
Die deutsche Allianz SE (DE0008404005) bietet über ihren neuen Fonds "Long Term Asset Partners Pty Ltd." (LTAP) 2,4 Mrd. AUD für GrainCorp (10,42 AUD / Aktie). Quellen: agriinvestor.com und inside.beer.

Die beiden deutschen Töchter "Schill Malz GmbH & Co. KG" und "Rhein-Ruhr Malz GmbH" wurden im Mai 2017 an die "Bamberger Mälzerei GmbH" verkauft.
Aktionärsbrief
Inzwischen gibt es einen Aktionärsbrief (pdf) von GrainCorp, man prüft das Angebot von LTAP und will das Ergebnis zur Hauptversammlung am 20.02.2019 oder davor bekanntgeben.
Übernahmeangebot zurückgezogen
"Long Term Asset Partners Pty Ltd." (LTAP) hat das Übernahmeangebot für GrainCorp zu 10,42 AUD zurückgezogen, Grund dafür war die mangelnde Unterstützung bei der Due-Diligence-Prüfung.

Statt dessen will GrainCorp sich in Zukunft besser aufstellen: Das Getreidegeschäft soll restrukturiert, das globale Malzgeschäft abgespalten und separat gelistet werden. Ein Termin dafür steht noch nicht fest. Hier steht also ein Spin-off ins Haus.
Quelle: reuters.com
Die Intertim-Dividende für 2019 wurde komplett gestrichen, Grund dafür ist der Verlust über 59 Mio. AUD im ersten Halbjahr 2019. Quelle: nine.com.au
Graincorp Limited (A) | 4,704 €
Australian Wheat Yields korrelieren recht gut mit PDO:

1961-1980 niedrig waehrend PDO negativ Phase
1980-2000 stetiger Anstieg waehrend PDO positiv Phase
seit 2000 Plateau unterbrochen von Duerrejahren






Graincorp Limited (A) | 5,600 $


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