Not so I think.
Poor end to last cal year, Q1 reflected that. Q2 should improve but still average I think,
Q3 much better, Q4 some real value reflected in the SP, onward 2024 a copper star. Those who did get those low 4's (other than me
) would have had the years low IMO, a stabilising Q2 should consolidate the SP higher.
May 23-Ord minute summed it up last month.
"Broker Ord Minnett has a Buy recommendation on diversified miner Aeris Resources (ASX:AIS), with a target price of 90c vs the current price of 48c.The broker says it continues to see upside in AIS despite the company revising to lower production.AIS had earlier released a softer Q3 result where it downgraded FY23 copper production (~6kt Cu), and EBITDA guidance (~$50-70m).The company said it was the victim of a rainy summer in northern Queensland after heavy rainfall in the normally termed Sunshine State.In March however, Aeris struck what looked to be a new massive sulphide lens at its Jaguar mine in WA.Acquired only last year in a $234 million deal to mop up the base metals assets of Washington H. Soul Pattinson, now Aeris’ top shareholder, the mine has regularly delivered new orebodies across several years of operations.To see this value unlocked, Ord Minnett says investors will need to see demonstrated delivery in Q4 and 1H24 to guidance and market expectations.“This, in our view, would improve the markets confidence in AIS’s ability to not only deliver on these longer-term organic growth value opportunities, but self-fund them as well through operating cash flows,” said the broker’s note.Ord Minnett has reduced its target price on AIS from 93c on 90c after the production downgrade.“Our target price falls 3% due to the lower forecast near term cash flow. However re retain our Buy recommendation with 89% TSR,” said Ord Minnett."
If I have cause to disagree on anything its the target, unless its and end 23 one, I am more $1.50 - $1.80. The consolidation of coppers in Australia is remarkable, I have not seen anything like it in many decades, the last one where OZL was gobbled by BHP was staggering really, what this and AIS's aggressive accumulation of (stellar) copper assets has done is cement AIS as a big pure copper player with lots of potential copper, just when the worlds copper needs are shooting up and actual mine grades all over the world are declining.
With a less poor Q coming, I would say .50 ish is still a fine buy.
Cheers
Phil.
(20min delay)