CIMB securities rates FMG as Add
Wednesday, June 18, 2014 - 12:01
June 18, 2014
Using a 62% iron ore benchmark price of US$90/t CFR China, CIMB estimates Fortescue's cash margins are reduced to around US$13/t and the company is sailing close to the wind if prices fall further.
CIMB calculates the company will be very unlikely to pay dividends in the near term. In order to maintain a reduction in gearing dividends would have to be curtailed. The broker retains an Add rating and lowers the target to $4.35 from $5.60.
Target price is $4.35 Current Price is $3.94 Difference: $0.41
If FMG meets the CIMB Securities target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June. CIMB Securities forecasts a full year FY14 dividend of 23.97 cents and EPS of 112.20 cents. At the last closing share price the estimated dividend yield is 6.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.51.This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values
CIMB securities rates FMG as Add Wednesday, June 18, 2014 -...
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Last
$20.35 |
Change
0.210(1.04%) |
Mkt cap ! $62.65B | |||
| Open | High | Low | Value | Volume |
| $20.41 | $20.76 | $20.26 | $183.4M | 8.943M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 2123 | $20.34 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $20.36 | 4581 | 2 |
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| Last trade - 16.10pm 26/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |