Independence Group First Half Result as Expected, FVE Maintained
We maintain our AUD 3.90 per share fair value estimate for no-moat rated Independence Group. The first-half fiscal 2018 result was in line with our expectations given production and cost data that were recently released. Operating profit declined 67% to AUD 10 million. However, the reduction is in part temporary, reflecting the ramp-up of the new Nova nickel mine and additional expenditure on regional exploration and business development. Both reduced operating profit by about AUD 10 million eac...
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