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MONSANTO CO., $85.89, New York symbol MON, develops and sells technology-based agricultural products, such as genetically modified seeds, to farmers, grain processors and food companies. It also sells weed- and pest-control products.
The stock fell 5% this week after the company cut its earnings forecast for the current fiscal year. That’s mainly because the high U.S. dollar is hurting the contribution of its overseas sales. As well, lower crop prices give farmers less cash to spend on seeds and pesticides.
For its 2016 fiscal year, which ends August 31, 2016, Monsanto expects to earn $4.40 to $5.10 a share, excluding unusual items. That’s down from its earlier forecast $5.10 to $5.60.
The stock now trades at 18.1 times the midpoint of Monsanto’s new range. That’s a reasonable p/e in light of the worldwide need for more and better food. Moreover, Monsanto spends over 10% of its revenue on research, so it’s more profitable than it seems.
OUR RECOMMENDATION: Monsanto is still a buy.
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The stock fell 5% this week after the company cut its earnings forecast for the current fiscal year. That’s mainly because the high U.S. dollar is hurting the contribution of its overseas sales. As well, lower crop prices give farmers less cash to spend on seeds and pesticides.
For its 2016 fiscal year, which ends August 31, 2016, Monsanto expects to earn $4.40 to $5.10 a share, excluding unusual items. That’s down from its earlier forecast $5.10 to $5.60.
The stock now trades at 18.1 times the midpoint of Monsanto’s new range. That’s a reasonable p/e in light of the worldwide need for more and better food. Moreover, Monsanto spends over 10% of its revenue on research, so it’s more profitable than it seems.
OUR RECOMMENDATION: Monsanto is still a buy.
...
BANK OF NOVA SCOTIA, $59.50, Toronto symbol BNS, reported better-than-expected results this week. It also raised its dividend.
For the fiscal 2016 first quarter, earnings rose 5.1%, to $1.8 billion from $1.7 billion a year earlier. Due to fewer shares outstanding, earnings per share gained 5.9%, to $1.43 from $1.35. That beat the consensus estimate of $1.42.
The bank’s revenue also beat the consensus forecast, of $6.3 billion. It rose 8.6%, to $6.4 billion from $5.9 billion.
Earnings at its Canadian banking division (49% of the total) rose 7.4%. That’s partly due to a $1.7 billion deal with J.P. Morgan Chase to buy its Canadian credit card operations. This includes MasterCard and Sears Canada credit card accounts.
The international division (31% of earnings) reported 20.9% higher profits, thanks to strong loan demand in Latin America and favourable currency rates. However, earnings at the securities-trading division (20%) fell 9.4% on higher loan-loss provisions.
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For the fiscal 2016 first quarter, earnings rose 5.1%, to $1.8 billion from $1.7 billion a year earlier. Due to fewer shares outstanding, earnings per share gained 5.9%, to $1.43 from $1.35. That beat the consensus estimate of $1.42.
The bank’s revenue also beat the consensus forecast, of $6.3 billion. It rose 8.6%, to $6.4 billion from $5.9 billion.
Earnings at its Canadian banking division (49% of the total) rose 7.4%. That’s partly due to a $1.7 billion deal with J.P. Morgan Chase to buy its Canadian credit card operations. This includes MasterCard and Sears Canada credit card accounts.
The international division (31% of earnings) reported 20.9% higher profits, thanks to strong loan demand in Latin America and favourable currency rates. However, earnings at the securities-trading division (20%) fell 9.4% on higher loan-loss provisions.
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