Lowering Our First Quantum Fair Value Estimate to CAD 6 on Higher Cobre Panama Capital Expenditure
We’re lowering our fair value estimate to CAD 6 per share from CAD 6.30 as higher capital expenditure related to the Cobre Panama mine is partially offset by higher volumes and our increased near-term copper price forecast. Our no-moat rating is unchanged.First Quantum reported fourth-quarter EBITDA growth on higher copper prices. We have updated our 2018 and 2019 copper price forecasts to reflect continued strong demand in 2018 as well as a slightly slower production ramp up than we had previo...
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