There is no one analyst in which a Quantitative Star Rating and Fair Value Estimate is
attributed to; however, Mr. Lee Davidson, Head of Quantitative Research for Morningstar, Inc.,
is responsible for overseeing the methodology that supports the quantitative fair value. As an
employee of Morningstar, Inc., Mr. Davidson is guided by Morningstar, Inc.'s Code of Ethics
and Personal Securities Trading Policy in carrying out his responsibilities. For information
regarding Conflicts of Interests,
Morningstar Quantitative ratings for equities (denoted on this page by) are generated using an algorithm that compares companies that are not under analyst coverage to
peer companies that do receive analyst-driven ratings. Companies withratings are not formally covered by a Morningstar analyst, but are
statistically matched to analyst-rated companies, allowing our models to calculate a quantitative moat,
fair value, and uncertainty rating.
Click here for more on how to use these ratings.
Incitec Pivot is a leading global explosives company with operations in Australia, Asia, and the Americas. We estimate its share of the global commercial explosives market at about 15%. Explosives contributes 80% of EBIT. Incitec Pivot is also a major Australian fertiliser producer and distributor and is the only Australian manufacturer of ammonium phosphates and urea. Ammonium phosphates are sold in the domestic market and exported.
28 Freshwater Place, Level 8
Melbourne, VIC, 3006, Australia