Mineral Resources Meets 1H Target. But the Wait for Albemarle Cash Overshadows.
We make no change to our AUD 20 per share fair value estimate for no-moat Mineral Resources. The company reported first-half underlying NPAT of AUD 34 million, down 74% on the previous corresponding period, but close to our AUD 35.8 million expectations. That said, lower-than-anticipated depreciation flattered the result. Negative net operating cash flow of AUD 64 million disappointed, reflecting cessation of direct shipping ore from Wodgina lithium in preference for later value added spodumene ...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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