From BoA
BofA raise iron ore price forecasts by 10% to an average $188/t for 2021 and 15% to $165/t for 2022.
EBITDA estimates for the Australian Miners raised by an average 17% in FY21 and 25% in FY22.
Price objectives for Buy-rated BHP, Rio Tinto and Fortescue lifted by 4% with the stocks now offering an attractive 44% potential return.
Our FY22 EBITDA forecasts are 35% ahead of consensus for FMG, 48% ahead of BHO, and 61% above for RIO.
We expect BHP, RIO and FMG to declare record dividends next month.
BHP, RIO and FMG have fortress balance sheets, offer an attractive 18% FCF yield in FY22 (vs sector average of 8.5%) and a solid 13% dividend yield in FY22 (vs sector average of 5%).
Iron ore price, page-33867
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Last
$21.86 |
Change
0.040(0.18%) |
Mkt cap ! $67.30B | |||
| Open | High | Low | Value | Volume |
| $22.18 | $22.18 | $21.69 | $119.2M | 5.445M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 14450 | $21.85 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.87 | 152 | 1 |
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| Last trade - 16.10pm 09/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |