FMG: Strong Balance Sheet Provides Flexibility for Capital Returns; Stock Mispriced
Fortescue Metals Group Ltd (FMG AU) has been reducing its net debt position thus providing flexibility for the management to pursue expansion, new...
358 Views
FXPO: Geopolitical & Balance Sheet Risks Overblown; Deep Discount Provides Buying Opportunity
Initiating coverage of Ferrexpo Plc (FXPO LN) with a target of £2.10/sh. Markets are unduly concerned about the geopolitical risks and balance...
450 Views
Fortescue Makes Hay While Sun Shines, but Excess Returns Unlikely to Sustain
Our fair value estimate for Fortescue remains AUD 2.80 per share, with the first-half fiscal 2017 result as expected. Excluding a USD 49 million...
313 Views
Solid Second Quarter for Fortescue; AUD 2.80 Fair Value Maintained
Fortescue’s fiscal 2017 second-quarter iron ore shipments of 42.2 million tonnes were broadly in line with recent periods and our expectation. We...
233 Views
What's Priced In? Sensitivity of the Major Iron Ore Miners to Higher Prices
The iron ore price has remained resilient at around USD 55 per tonne, higher than many anticipated. While we still hold to our long-term target of...
366 Views