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Investor days are great ways for sell-side analysts to get more insight into the company's current health. Here is Scotiabank's 10 takeaways from Agrium Inc
AGU investor day from a mid-day note:
- FY16 guidance unchanged at $5.25-$6.25, as well as dividend unchanged at $3.50
- Sees 2020 EBITDA target of $200M
- Sees FC of $8-$11
- Scotiabank isn't convinced precision ag adds shareholder value, may be cost of business now.
- Started financial services business, targets $50M EBITDA in 2020.
- Agrium is now a capacity buyer, given where assets are trading.
- Sees retail targets set for 2020 of greater than $900K vs. prior $710K
- Will build 10-30 retail facilitys
- Sees 2020 retail EBITDA of $1.3-$1.5 billion.
- Investors not concerned with valuation.
Scotiabank has a Sector Outperform target on Agrium with a $100 price target.
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