Update: Strong FY14 results, but all eyes on 2016
MMG reported positive FY14 financial results, with EBITDA rising 4.0% against the backdrop of mixed commodity price performance. While 2015 will be a transitional year for the company, the key investor focus should remain on 2016, which will see the commissioning and ramp-up of the Las Bambas project. We revise our valuation of MMG from US$2.62/share to US$3.0/share. Based on our updated earnings forecasts, the stock trades at an attractive 2017e EV/EBITDA of 3.6x.MMG is an investment holding company, engaged in the exploration for mineralization, development of mining projects and the mining, processing and production of copper, zinc, lead, gold and silver. Co.'s segments include: Sepon, an open-pit copper mining operation; Kinsevere, an open-pit copper mining operation; Century, an open-pit zinc mining operation; Rosebery, an underground polymetallic base metal mining operation; Golden Grove, an underground and open-pit base and precious metals mining operation; Las Bambas Project, a development project with prospective exploration options; and Other, which includes exploration and development projects and other corporate entities.
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