Elders plunged over 9% after completing the institutional component of their $246mn equity raise for the planned purchase of Delta Agribusiness at $7.85. Conveniently, when the stock was in suspense for the raise, the company announced an underlying profit for FY24 that fell below consensus analyst expectations, leading CSLA to cut the stock from Outperform to Hold.
- We see no reason to buy ELD while it hovers below its capital raise price following the profit miss on Monday.
MM is neutral toward ELD
Add To Hit List
