Disappointing First-Half Result for Iluka but Fair Value Estimate Maintained
While Iluka’s result was disappointing, the underlying loss of AUD 0.5 cents per share, versus our positive forecast earnings of AUD 7.4 cents per share, is not sufficient to change our AUD 8.50 per share fair value estimate. Iluka remains undervalued and we think the market’s disappointment at the result is an overreaction. Excess inventories and the Mining Area C iron ore royalty underpin almost AUD 2.50 per share of value. The improving outlook suggests a recovery is under way.The unchanged ...
Iluka Resources is engaged in mineral sands exploration, project development, operations and marketing. Co. is a producer of zircon and titanium dioxide products, as well as rutile and synthetic rutile products. These products are used in a range of applications. Co.'s segments include Australia, which comprises the integrated mineral sands mining and processing operations in Victoria, Western Australia and South Australia; United States, which includes its mineral sands mining and processing operations in Virginia; and Mining Area C, which comprises a deferred consideration iron ore royalty interest over certain mining tenements in Australia operated by BHP Billiton Iron Ore.
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