Iluka Benefits from Further Price Momentum, Raising FVE to AUD 10.50
We raise our fair value estimate for no-moat-rated Iluka Resources to AUD 10.50 per share from AUD 9.30. The uplift primarily reflects higher near-term zircon and rutile prices. Iluka has upped the zircon reference price by 15% to USD 1,410 per tonne from USD 1,230 per tonne from April 2018. It applies for six months, until the end of September 2018. Similarly, Iluka has increased the price of rutile by 8% to approximately USD 900 per tonne for six months from January 2018. With the increase in ...
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