Antofagasta Reports Solid 4Q Results; Raising Our FVE to GBX 450
Antofagasta reported strong fourth-quarter results, with higher copper prices supporting earnings. Production guidance was unchanged in its fourth-quarter earnings release, in line with our expectations. We’re increasing our fair value estimate to GBX 450 from GBX 410 due to the time value of money and a weaker pound relative to the U.S. dollar since our last update. Our no-moat rating remains intact.Antofagasta’s stock still looks expensive. The current price of GBX 914.60 at the time of writi...
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