Fund Manager Summary
The fund managers believe that the outlook for Ridley Corporation Ltd is promising, given the company's ongoing operational success and potential for growth. In their opinion, de-bottlenecking projects and returning poultry volumes present significant opportunities for expansion. Additionally, strategic mergers and acquisitions are expected to enhance the company's market position. They note that the current valuation remains undemanding, making it an attractive investment for those seeking a steady grower with outstanding management. Overall, the fund managers maintain a positive near-term outlook for Ridley Corporation.
Source: Trading View
Commentary From The Managers
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QVG Capital
30 Nov 2025
$2.62
Summary
- Ridley Corporation Ltd maintains established stockfeed and pet-food businesses.
- QVG Capital's enthusiasm is driven by the $300 million acquisition of Incitec Pivot Fertilisers.
- Management's ability to leverage the acquisition is a key focus for growth.
- Incitec was previously a small, non-core unit within Dyno Nobel focused on explosives.
- Fertilisers represent a meaningful new growth pillar for Ridley.
- Ridley is expected to improve Incitec's performance by providing capital, focus, and support.
- Ridley has a strong track record of operational excellence.
- The company is valued at a low-teen forward PE ratio.
- QVG Capital believes Ridley has a very exciting year ahead with its A+ board and management.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
QVG Capital
30 Nov 2025
$2.62
- Ridley Corporation Ltd maintains established stockfeed and pet-food businesses.
- QVG Capital's enthusiasm is driven by the $300 million acquisition of Incitec Pivot Fertilisers.
- Management's ability to leverage the acquisition is a key focus for growth.
- Incitec was previously a small, non-core unit within Dyno Nobel focused on explosives.
- Fertilisers represent a meaningful new growth pillar for Ridley.
- Ridley is expected to improve Incitec's performance by providing capital, focus, and support.
- Ridley has a strong track record of operational excellence.
- The company is valued at a low-teen forward PE ratio.
- QVG Capital believes Ridley has a very exciting year ahead with its A+ board and management.
Summary
Investors Mutual Limited
31 July 2025
$2.91
- Ridley Corporation has diversified its business through the acquisition of Dyno Nobel's fertiliser distribution division.
- This acquisition creates a new strategic growth pillar for Ridley and enhances synergies with existing agricultural operations.
- There are cross-selling opportunities into Ridley's existing stock feed and packaged ingredients business.
- The acquisition was made at an excellent price and is expected to benefit from Ridley's operational focus.
- Ridley is recognized as a well-managed company with a strong competitive position.
- The management team has a solid track record of making smart, accretive acquisitions.
- Ridley is positioned to benefit from growth in animal feed, ingredient recovery, and fertiliser markets due to rising global food demand.
- Investors Mutual Limited participated in the capital raise to fund the acquisition.
- Despite strong share performance post-deal, the share price is viewed as materially undervalued based on market opportunity analysis.
Summary
Milford Asset Management
30 June 2025
$2.94
- Ridley Corporation has outperformed since its equity raise to acquire Dyno Nobel’s fertiliser distribution business.
- The acquisition aligns with Ridley’s focus on animal nutrition solutions and offers potential efficiency gains.
- The asset previously underperformed within a larger corporate structure, creating an opportunity for improved management.
- Milford Asset Management continues to hold its position due to the management team's disciplined execution and strategic vision.
Summary
Clime Investment Management
31 May 2025
$2.77
- RIC delivered positive performance in May, driven by its acquisition of Australia’s largest fertiliser distributor, Dyno Nobel Fertilisers.
- The acquisition was funded by existing balance sheet capacity.
- It is expected to be materially earnings accretive from FY26, with management forecasting up to 25% EPS uplift pre-synergies.
- Clime views the acquisition as strategically aligned, enhancing RIC's market position and operational capabilities across its core businesses.
- Clime continues to hold because of these positive developments.
Summary
QVG Capital
31 May 2025
$2.77
- QVG Capital views Ridley Corporation's acquisition of the fertilizer distribution division from Incitec Pivot as a significant positive move.
- The acquisition cost was $300 million, indicating a strategic investment in expanding Ridley's capabilities.
- Dyno Nobel's decision to exit fertilizer manufacturing and distribution reflects their focus on core explosives, suggesting underperformance in the fertilizer sector.
- Ridley's management is highly regarded by QVG Capital, which believes they will effectively enhance operational and financial performance in the acquired division.
- This acquisition aligns with QVG Capital's belief in Ridley's potential for growth and improvement in the fertilizer market.
Summary
QVG Capital
30 Apr 2025
$2.33
- QVG Capital notes that Ridley has downgraded earnings due to avian flu and Queensland flood impacts.
- Commodity price headwinds have affected Ridley's ingredients division, potentially overshadowing operational improvements.
- Improvements include product premiumisation, enabling Ridley to pay higher prices for raw materials and outcompete rivals.
- Focus on higher utilisation in the stock feeds business allows competitive pricing while ensuring returns for shareholders.
- Despite current challenges, QVG Capital believes Ridley is evolving into a stronger business.
- At a mid-teen forward PE, Ridley appears reasonably priced.
- Potential for meaningful upside if commodity prices improve or through further M&A activity.
Summary
Milford Asset Management
30 Apr 2025
$2.33
- Milford Asset Management notes a recent decline in Ridley Corporation Ltd. shares, down by 6.1%.
- The decline was attributed to disappointment following the loss of a key contract.
- Milford took advantage of early-month market weakness to selectively deploy capital.
- After a sharp 12% intra-month rally, profits were taken late in the month.
Summary
Clime Investment Management
30 Apr 2025
$2.33
- Ridley Corporation was a detractor to performance in April.
- The weakness followed a mid-month announcement of an asset sale.
- Trading conditions for the Group have deteriorated.
- There have been lower selling prices in the Ingredient Recovery business.
- Packaged Product sales volumes have decreased due to recent weather events in Queensland.
- Clime continues to hold its position in Ridley Corporation despite these challenges.
Summary
Milford Asset Management
30 Sept 2024
$2.62
- Ridley Corporation has shown strong operational performance with an increase of 18.0%.
- Opportunities for growth are present through debottlenecking projects coming online.
- The return of poultry volumes supports a favorable outlook.
- Strategic mergers and acquisitions are key components of Milford's positive near-term perspective.
- The company's valuation is considered attractive for a steady grower.
- Milford Asset Management believes in the outstanding management at Ridley Corporation.
Summary
QVG Capital
31 May 2024
$2.08
- Ridley Corporation Ltd specializes in selling stock feed and animal nutrition products.
- Recent commodity price weakness has negatively impacted earnings, reducing them by a few million dollars this year.
- This situation has created an opportunity for QVG Capital to rebuild its position in the stock.
- QVG Capital is looking at a valuation of 13x forward earnings.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With operational momentum and strategic growth avenues unfolding, it appears Ridley Corporation is poised for a compelling trajectory. The current valuation seems to offer an enticing entry point for investors eyeing steady growth in the animal nutrition sector."
Last Updated: 30 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in Ridley Corporation Ltd (ASX:RIC)?
Fund managers including Milford Asset Management, QVG Capital and Clime Investment Management have invested in Ridley Corporation Ltd (ASX:RIC).
Why do fund managers invest in Ridley Corporation Ltd?
Fund managers invest in Ridley Corporation Ltd due to its strong operational performance, anticipated growth from debottlenecking projects, recovering poultry volumes, and strategic mergers and acquisitions. The company's valuation is deemed attractive for a steady grower, supported by effective management.
What happened to Ridley Corporation Ltd (ASX:RIC)?
There have been no recent updates from fund managers regarding Ridley Corporation Ltd although fund managers including Milford Asset Management, QVG Capital and Clime Investment Management have previously commented.