Raising our Oz Minerals FVE to AUD 7.80 per Share with Stronger Near-Term Copper Prices
We raise our fair value estimate for no-moat-rated Oz Minerals by 22% AUD 7.80 per share from AUD 6.40 per share. The increase largely reflects our higher forecast near-term copper prices, which account for two thirds of the uplift. We raise our copper price forecasts by 4% to USD 2.60 per pound in 2018 and by 9% to USD 2.40 per pound in 2019. Our long-term assumption remains USD 2.30 per pound from 2021. The remainder of the increase to our fair value estimate reflects the time value of money a...
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