Improved 1H2017 Sees Iluka Resources' Cyclical Recovery Intact
No change to our AUD 9 per share fair value estimate for no-moat-rated Iluka Resources. First-half 2017 adjusted net profit of AUD 52 million was slightly better than expected and a dramatic improvement on last year’s adjusted net loss of AUD 2 million. The turnaround reflected better prices and volumes as zircon and titanium dioxide feedstocks markets started to recover. Sales volumes of zircon, rutile, and synthetic rutile increased 43% while average Australian dollar prices rose 2%. Appreciat...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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