Rio Tinto’s 1Q Broadly in Line
We maintain our AUD 48 per share fair value estimate for no-moat-rated Rio Tinto. First-quarter production was largely as expected and sees the company generally on track to meet 2018 production guidance. Titanium dioxide is the exception though, with output interrupted by strikes at Richards Bay in South Africa. Titanium dioxide guidance is lowered by about 8% to 1.1 to 1.3 million tonnes; however, the impact on near-term earnings is relatively small and could possibly be made up through higher...
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