Raising First Quantum FVE on Revised Near-Term Copper Outlook, Offset by Higher Cobre Panama Capex
First Quantum reported third-quarter results that were slightly above our expectations amid buoyant copper prices. Our fair value estimate increases to CAD 6.30 per share from CAD 6 to reflect a higher near-term copper price outlook, partially offset by increased capital expenditures at the Cobre Panama mine. Our no-moat rating is unchanged.First Quantum continues to look overvalued. The current price of CAD 14 at the time of writing is more than double our fair value estimate. The discrepancy ...
First Quantum Minerals is engaged in the production of copper, nickel, gold, zinc, platinum-group elements and acid, and related activities including exploration and development. Co. has operating mines located in Zambia, Australia, Finland, Turkey, Spain and Mauritania. Co. is developing the Trident project in Zambia, the Cobre Panama copper project in Panama, exploring the Haquira copper deposit in Peru and the Taca Taca copper-gold-molybdenum porphyry deposit in Argentina. Co.'s operating segments are individual mine development projects or mine operations. The Corporate and Other segment evaluates and acquires new mineral properties and includes Co.'s metal marketing division.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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