Strong 1H Sandfire Result, Raising our FVE to AUD 5.50 per share
We raise our fair value estimate for no-moat-rated Sandfire Resources to AUD 5.50 per share from AUD 4.90 due to higher short-term copper price forecasts, an uplift in the value of 78%-owned Sandfire Resources America, and a strong first-half fiscal 2018 profit. Our 2018 forecast copper price lifts by 4% to USD 2.60 per pound and 2019 by 9% to USD 2.40. The buoyant first-half profit and higher copper price assumptions see our adjusted earnings per share forecasts rise 23% to AUD 0.61 in fiscal 2...
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