Strong First-Half Result for Mount Gibson Sees Small FVE Upgrade to AUD 0.42 per share
We raise our fair value estimate for Mount Gibson Iron to AUD 0.42 from AUD 0.40 per share with the strong first-half result. The stock has appreciated significantly, doubling to AUD 0.45 per share since June 2016 with the rally in the iron ore price, and is now close to fairly valued. Our AUD 0.42 per share fair value estimate is underpinned by a very strong balance sheet with no debt and cash, term deposits and liquid investments worth approximately AUD 440 million or AUD 0.41 per share. While...Mount Gibson Iron is a producer and exporter of iron ore. Co. is involved in the mining of hematite iron ore deposits at Koolan Island and Extension Hill, the exploration and development of hematite deposits in Western Australia and elsewhere, treasury management and the pursuit of mineral resources investments. Co. owns the Extension Hill mine in the Mount Gibson Range south east of Geraldton, and the Koolan Island mine off the Kimberley coast in the remote north-west of the State.
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