Report
Mark Taylor
EUR 100.00 For Business Accounts Only

Mineral Resources Upgrades Fiscal 2019 EBITDA Guidance on Strong Pricing. No Change to FVE.

We make no change to our AUD 20 fair value estimate for no-moat Mineral Resources. The company updated fiscal 2019 EBITDA guidance to AUD 360-390 million, but we don’t think there are long-term implications in the drivers, including updated spodumene concentrate and iron ore prices. Our midcycle lithium and iron ore price forecasts are little changed at USD 13,400 per tonne and USD 40 per tonne.
Prior fiscal 2019 EBITDA guidance was for AUD 280-320 million, and we were at the extreme low end of ...
Underlying
Mineral Resources Limited

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

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.

We have operations in 27 countries.

Analysts
Mark Taylor

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