Friday, 27 January 2023MIN - MINERAL RESOURCES LIMITED
Macquarie rates MIN as Outperform (1) - Mineral Resources' Dec quarter results were strong, highlighted by material beats for realised pricing in iron ore and Mt Marion spodumene (lithium) versus Macquarie's estimates.
The Mt Marion expansion was pushed back due to supply disruptions and labour shortages, but capex remains unchanged, the broker notes, as does Wodgina production guidance.
The next ket catalyst will be updates on the planned JV with Albermarle for the MARBL lithium project restructure, Macquarie suggests.
Target dips to $126 from $127, Outperform retained.
Target price is $126.00 Current Price is $94.20 Difference: $31.8 If MIN meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges). Current consensus price target is $91.28, suggesting downside of -3.1%(ex-dividends)The company's fiscal year ends in June.
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 470.00 cents and EPS of 989.00 cents . At the last closing share price the estimated dividend yield is 4.99%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.52. How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1125.0, implying annual growth of 508.5%. Current consensus DPS estimate is 509.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 8.4.
Forecast for FY24:
Macquarie forecasts a full year FY24 dividend of 976.00 cents and EPS of 2141.00 cents . At the last closing share price the estimated dividend yield is 10.36%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.40. How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1402.8, implying annual growth of 24.7%. Current consensus DPS estimate is 659.2, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 6.7.
Market Sentiment: 0.8All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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