With the Balance Sheet Repaired, Newcrest Turns its Attention to Growth
No change to our AUD 21.50 per share fair value estimate for no-moat-rated Newcrest Mining. Adjusted fiscal 2017 net profit after tax increased 16% to AUD 523 million but fell marginally short of our AUD 547 million forecast. We had expected a greater component of nonrecurring costs from the Cadia outage to be excluded from the adjusted result. Statutory net profit was slightly better than expected. Adjusted earnings rose 16% to AUD 0.68 per share. The improvement versus fiscal 2016 reflected hi...Newcrest Mining is engaged in the exploration, mine development, mine operations and the sale of gold and gold/copper concentrate. As of June 30 2016, Co.'s reportable operating segments were: Cadia, Australia; Telfer, Australia; Lihir, Papua New Guinea (PNG); Gosowong, Indonesia; Hidden Valley Joint Venture (JV) (50% interest), PNG; Bonikro, COte d'Ivoire; and Exploration and Other, which mainly comprises projects in the exploration, evaluation and feasibility phase and includes Wafi-Golpu JV (50% interest) in PNG, Namosi JV (70.67% interest) in Fiji, O'Callaghans in Australia and Co.'s global greenfields exploration portfolio.
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