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RIO - RIO TINTO LIMITED
Citi rates RIO as Buy (1) - Following recent iron ore related falls in Rio's share price, the broker suggests the stock's dividend yield is looking better than it has done for a decade and is defendable down to an iron ore price of US$70/t.
With yield now a feature for Rio, market support will affect a disconnect from short term iron ore price movements, the broker believes. Buy and $71 target retained.
Target price is $71.00 Current Price is $59.44 Difference: $11.56 If RIO meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in December. Citi forecasts a full year FY14 dividend of 239.52 cents and EPS of 600.87 cents . At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.89.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values. Market Sentiment: 0.9
How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 574.3, implying annual growth of 3.8%.Current consensus DPS estimate is 223.5, implying a prospective dividend yield of 3.8%.Current consensus price target is $ 77.96, suggesting upside of 31.2%(ex-dividends).Current consensus EPS estimate suggests the PER is 10.3.