Newcrest Mining's First-Half 2018 Results Meet Expectations; Shares Fairly Valued
We maintain our AUD 23 per share fair value estimate for no-moat rated Newcrest Mining. The first-half result was broadly in line with our expectations. Operating profit declined 51% to USD 226 million compared with a year ago but was close to our USD 222 million forecast. The decline reflected reduced production and higher cash costs at Lihir and the seismic event at Cadia, which restricted output from Newcrest’s most profitable and lowest cost mine. Group gold and copper production declined 7%...
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