Incitec Pivot (IPL) +5.42% after letting the market know it had received inbound interest for its fertilizer business. The company is in the process of splitting into explosives (Dyno Nobel) and Incitec Pivot Fertilizers &/or selling off its fertilizer arm hence buying interest clearly supports valuation metrics but we believe most of the corporate action is already priced into the stock around $3 i.e. it’s nothing new.
- We don’t see any opportunities in IPL as it works to simplify its corporate structure.
MM is neutral toward IPL
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