4Q Shipments Fall Shy of Production. Mineral Resources FVE Still Increased by 4% to AUD 12.85.
We increase no-moat Mineral Resources' fair value estimate by 4% to AUD 12.85 per share, chiefly due to the time value of money. Our midcycle assumptions are little changed. That's despite a 10% reduction in our fiscal 2018 EPS forecast to AUD 1.18 from AUD 1.32. The EPS downgrade largely reflects inventory build, with combined 6.4 million tonne second-half fiscal 2018 shipments of lithium and iron ore coming in 9% short of 7.0 million tonne production levels. Half-on-half production itself incr...Mineral Resources is a provider of mining infrastructure services. These services consist of: site services, including remote mine-site accommodation services, remote power services, and aerodrome management or personnel transport; mining services, including mine scheduling and grade control, mining operations and mine site haulage, dewatering and equipment hire; plant or processing services, including crushing and mineral processing, mobile processing services, and pipeline and water solutions; transport services, including road and rail logistics, ownership of locomotives and wagons, and road transport solutions; port services, including port logistics; and commodity sales and marketing.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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