Elders Hybrids

Elders has announced an underlying interim profit of $6.1m (it has a 30 September year end), down from $7.5m a year earlier. Revenue for the rural services division—critical to the resumption of distributions on the Elders Hybrid securities—fell 8% to $877.8m, and earnings before interest and tax (EBIT) was just $19.6m, down 15%. Automotive manufacturing, Elders’ only other active business, produced a meagre $3.5m of EBIT, down 24%, despite revenue increasing 18% to $168.7m.   $m Table 1: Elders valuation Rural services 300 Futuris Automotive 50 Forestry 120 Total enterprise value 470 Less net debt 374 Less hybrid equity...

Elders has announced an underlying interim profit of $6.1m (it has a 30 September year end), down from $7.5m a year earlier. Revenue for the rural services division—critical to the resumption of distributions on the Elders Hybrid securities—fell 8% to $877.8m, and earnings before interest and tax (EBIT) was just $19.6m, down 15%. Automotive manufacturing, Elders’ only other active business, produced a meagre $3.5m of EBIT, down 24%, despite revenue increasing 18% to $168.7m.

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