Upside From Lihir and Cadia Continues; Increasing FVE to AUD 23 Per Share
We raise our fair value estimate for no-moat rated Newcrest Mining by 7% to AUD 23 per share. Approximately half of the uplift reflects higher earnings forecasts and the rest is due to the time value of money. We lift our 2018 forecast for copper by 4% to USD 2.60 per pound and in 2019 by 9% to USD 2.40 per pound. Favourable realised copper and gold prices in the December quarter plus the higher copper forecast sees our fiscal 2018 adjusted earnings forecast maintained at AUD 0.57 per share desp...Newcrest Mining is engaged in the exploration, mine development, mine operations and the sale of gold and gold/copper concentrate. As of June 30 2016, Co.'s reportable operating segments were: Cadia, Australia; Telfer, Australia; Lihir, Papua New Guinea (PNG); Gosowong, Indonesia; Hidden Valley Joint Venture (JV) (50% interest), PNG; Bonikro, COte d'Ivoire; and Exploration and Other, which mainly comprises projects in the exploration, evaluation and feasibility phase and includes Wafi-Golpu JV (50% interest) in PNG, Namosi JV (70.67% interest) in Fiji, O'Callaghans in Australia and Co.'s global greenfields exploration portfolio.
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