Macquarie: Nufarm now trading at a 25% discount to its global peers

Macquarie: Nufarm now trading at a 25% discount to its global peers. Nufarm (ASX: NUF), the agricultural chemical company, has announced a re-organisation of its Australian operations (they've slashed 105 jobs), which are expected to result in annual cost savings of up to $13m once complete. NUF is targeting gross margin of 23% for the Australian business (last year was 19%) and notes that $70-80m EBIT is a more realistic goal going forward. Macquarie rates the stock as an outperform, setting a target price of $5.19. According to Macquarie's valuation, the group is currently trading at a ~25% discount to its global peers.