Mineral Resources’ Lithium Has Surprised to the Upside; We Increase Our FVE to AUD 12.30
We increase our Mineral Resources fair value estimate by 75% to AUD 12.30 per share from AUD 7.00 per share, following our reassessment of the company’s lithium assets. Uncertainty around Mineral Resources’ earnings potential was already high, given generally poor company disclosure, volatility in the iron ore price, and variable mining services revenue. Group fiscal 2016 EBITDA of AUD 278 million was half fiscal 2014 levels of AUD 554 million, but the increased importance of lithium to the reve...
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