Inghams Group Ltd: Buy Rating on Recovery Potential and Market Discount OpportunityWe suspect the muted shareprice response to today’s release can be put down to the reaffirma on of guidance and a shareprice, in having fallen the best part of $1 upon the revela on of a flat year (FY 25) some 6mths ago, did not harbour much in the way of expecta on. The current year presents as something of a floor: the so ness in pricing in NZ on the back of a poor economy, and the rebasing in Australia due to the WOW contract, delivering same. These influences seem to have stabilised and look to be building back which, with a sustained fall in feed costs, heralds a be er FY 26 (even if there is a need to annualise the WOW impact). With a shareprice P/E ra ng at a ~40% discount to the market for what is a staple (i.e. low risk), there is scope for that shareprice to build back to from whence it came. BUY.