Ridley Corp

Like most agriculture businesses, Ridley Corporation suffers from high capital intensity, intense competition, cyclicality and low-margins. A failed acquisition-led strategy abroad has produced write-offs and asset sales, such as Ridley Inc in 2008. The animal feed manufacturer is currently left with three major assets, the Australian feed processing business, the 5,000 hectare Dry Creek salt field and some minor parcels of land. Animal feed is a commodity business, which shows in Ridley’s total profit margins of around 1-4% and poor return on equity that’s languished at an average of 6% over the past decade. For now, let’s assume the feed business is...

Like most agriculture businesses, Ridley Corporation suffers from high capital intensity, intense competition, cyclicality and low-margins. A failed acquisition-led strategy abroad has produced write-offs and asset sales, such as Ridley Inc in 2008. The animal feed manufacturer is currently left with three major assets, the Australian feed processing business, the 5,000 hectare Dry Creek salt field and some minor parcels of land.

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