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ArborGen Holdings (NZX: ARB)

Currency in NZD

Last close As at 17/03/2023

NZD0.19

▲ −0.01 (−5.00%)

Market capitalisation

NZD106m

ArborGen Holdings is a New Zealand-listed investment company and is the world’s largest integrated developer, commercial manufacturer and supplier of advanced forestry seedlings with operations in the United States and Brazil.

Prior to the COVID-19 outbreak, the economic growth outlook in each of its core countries, the United States and Brazil, was either good or improving, according to OECD data. At this point the primary end-markets served by its plantation forestry customer base were in a positive cyclical phase.

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Industrials

ArborGen Holdings — Seedling supplier’s long-term future looks green

Industrials

ArborGen Holdings — Shifting focus to US South and Brazil

Industrials

ArborGen Holdings — Favourable balance of risk

Industrials

ArborGen Holdings — US sales slow in H221, positive outlook remains
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Sector

Industrials

Equity Analyst

Kenneth Mestemacher

Kenneth Mestemacher

Director, TMT

Key Management

  • Alex Brown

    CFO

  • Andrew Baum

    CEO

  • Sharon Ludher-Chandra

    Business Development Executive

Balance Sheet

Forecast net debt (US$m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.6) (7.5) (17.8)
Relative (2.0) (7.4) (13.6)
52 week high/low 0.2/0.2

Financials

Reflecting ArborGen Holdings’ (ARB’s) strategic shift to focus on Brazil and the United States, the company reported mixed H123 results: growth from Brazil boosted overall revenues by 61% over the prior comparable period, although US challenges and a higher amortisation charge led normalised operating earnings to fall US$1.2m y-o-y to a loss of US$0.6m. ARB made investments in Brazilian and US nurseries, adding capacity for about 38m seedlings. While H223 could be affected by ongoing inflationary pressures and US yields, ARB’s long-term prospects appear solid, benefiting from recent record Mass Control Pollinated (MCP) cone harvests, capacity expansion and the potential for margin recovery from future price increases and a favourable mix shift. We are reviewing our estimates.

Y/E Mar Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 42.8 7.4 (1.0) (0.1) N/A 7.5
2022A 47.6 10.1 1.0 1.1 11.0 5.6
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A

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