Raising Our Fortescue FVE to AUD 3.70 per Share on Higher Near-Term Iron Ore Prices
We raise our fair value estimate for no-moat-rated Fortescue Metals to AUD 3.70 per share from AUD 3.20 previously. We lift our forecasts for 2018 iron ore by 9% to USD 56 per tonne and for 2019 by 22% to USD 47 per tonne. Our long-term assumption of USD 40 per tonne by 2023 is unchanged. The primary driver of the uplift is increased earnings from fiscal 2019 and 2020, due to higher price forecasts. The time value of money accounts for about 20% of the rise. While near-term commodity prices have...
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