Morningstar - First Quantum Minerals Ltd. (FM) Raising Our First Quantum FVE to CAD 7 On Higher Near-Term Copper Prices

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Morningstar

Seth Goldstein, CFA

EUR 100.00 For Business Accounts Only

Raising Our First Quantum FVE to CAD 7 On Higher Near-Term Copper Prices

First Quantum reported solid first-quarter earnings as higher copper prices drove a 37% year-on-year EBITDA increase to $363 million. Weâ€™re raising our fair value estimate to CAD 7 per share from CAD 6 due to our increased near-term copper price forecast. Our no-moat rating is intact.
The Cobre Panama mine remains on track to begin production by the end of this year. Based on management's guidance, we expect the mine to ramp up production throughout 2019 and 2020, with full production beginning ...

27/04/2018 13 EN

Underlying

First Quantum Minerals Ltd.

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.

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CA3359341052 Toronto Stock Exchange Canada

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Seth Goldstein, CFA

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Raising Our First Quantum FVE to CAD 7 On Higher Near-Term Copper Prices

First Quantum Minerals Announces Early Results of Cash Tender Offer to Purchase Its Outstanding 9.375% Senior Secured Second Lien Notes Due 2029 in a Maximum Aggregate Principal Amount of Up to $250 Million

First Quantum Announces Completion of $1,000 Million Senior Notes Offering

First Quantum Minerals Announces Results of Cash Tender Offer to Purchase Any and All of Its Outstanding 6.875% Senior Notes Due 2027

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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