Few Surprises in Antofagasta's 4Q; Shares Remain Overvalued
Higher copper prices will likely provide a needed boost to Antofagasta in 2017, but we think recent gains are likely to fade over time. We've raised our Antofagasta fair value estimate to GBX 387 per share from GBX 374 following minor adjustments to our discounted cash flow model. Our no-moat rating is unchanged.Management laid out net cash cost guidance of $1.30 per pound for 2017, in line with our expectations. After improving in 2016, costs are likely to creep up this year due to declining o...
Antofagasta is a Chilean copper mining group engaged in the discovery, development and operation of copper mining assets. Co. operates four copper mines in Chile, two of which also produce significant volumes of by-products. In addition to mining, Co. has a transport division that provides rail and road cargo services in northern Chile primarily to mining customers, including to some of Co.'s own operations. Co. is organized into two business divisions based on their products: Mining and Railway and other transport services. The mining division is split by mine and exploration activity. The transport division provides rail cargo and road cargo together with a number of ancillary services.
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