Anglo American | Confident outlook, without over-reaching
AGL's H1 '18 results were dominated by the approval of the Quellaveco copper project in Peru. We forecast that the project is value accretive and note that it is a key pillar to AGL's USD3-4bn EBITDA upliftment target by FY ‘22f. Notwithstanding, expectations for near-term commodity prices to moderate, we are increasingly confident that AGL can deliver on productivity, growth and technological initiatives to meet its targeted upliftment. Accordingly, we upgrade our recommendation on a stronger medium-term outlook.
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