ArborGen Holdings - Edison Group

Overview
Price performance
Financials
Research
Thematics

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 ArborGen’s plantation forestry customer base were in a positive cyclical phase.

Latest Insights

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Industrials |
Update

14.12.23

ArborGen Holdings — Mixed trading, but solid long-term growth outlook

Industrials |
Outlook

24.07.23

ArborGen Holdings — Green shoots appear in the spring

Industrials |
Update

07.12.22

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

Industrials |
Update

30.06.22

ArborGen Holdings — Shifting focus to US South and Brazil

forestry04

Sector

Industrials

Equity Analyst

Andy Murphy

Director, Financials & Industrials

Key Management

Christina M Green

CFO
Dave Knott, Jr

Chairman
Justin Birch

President and CEO

Balance Sheet

Forecast net debt (US$m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	5.1	0.7	(19.4)
Relative	5.9	0.6	(26.9)
52 week high/low	0.2/0.1

Financials

ArborGen’s FY24 results highlighted contrasting trading conditions, with challenges in the US offset by a strong performance from Brazil. However, despite the short-term issues, ArborGen remains in prime position to address increasing demand for its seedlings and to continue investment in genetic improvement to drive the switch to sales of higher-value, higher-margin seedlings in both markets. Our forecasts are under review following the FY24 results, an update on hurricane damage and the acquisition of a nursery in Brazil. We will update our valuation in due course.

Y/E Mar	Revenue (US$m)	EBITDA (US$m)	PBT (US$m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2023A	56.1	9.2	0.3	(0.61)	N/A	19.1
2024A	67.7	12.8	3.1	0.88	9.5	3.6
2025E	N/A	N/A	N/A	N/A	N/A	N/A
2026E	N/A	N/A	N/A	N/A	N/A	N/A

Research

Update

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20.12.18

Rubicon — Well-positioned going into H2

Initiation

Industrials

09.09.18

Rubicon — Pure play, clear focus

Industrials

Update

Rubicon — Growth to come after FY19 challenges

Update

Industrials

27.06.19

Rubicon — Growth to come after FY19 challenges

Update

Industrials

20.12.18

Rubicon — Well-positioned going into H2

Initiation

Industrials

09.09.18

Rubicon — Pure play, clear focus

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