Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Iron Ore: Stockpiling In Chinese Ports Continues, Over 45 Days Of Inventory Just At The Ports

Fortescue Metals (FMG AU): Strong H1, Pre-2030 Earnings Bump From Decarbonization + Iron Bridge

Iron Ore Q3FY26 Operational Reports: Are The Miners Going To Find Diesel Supply/Price Challenging?

Fenix Resources (FEX AU): Scoping Study Findings/Record December Quarterly/34% OCF Yield

Iron Ore: Hanging By A Thread At 100 USD/Ton, When Will Massive Restock At Ports Reverse?

Fenix Resources (FEX AU) Q2FY26 Concall: Record Production Quarterly, 49% OCF Yield Annualized

Iron Ore Hanging In 105 USD/Ton: Decent Cash Flows For Miners, China Steel Production a Worry

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fenix-resources-ltd" target="_blank" data-smartkarma-citation="entities:7405:1" rel="noopener">Fenix Resources (FEX AU)</a> presented at the <a href="https://wcsecure.weblink.com.au/pdf/FEX/03055162.pdf" target="_blank" rel="noopener">Bell-Potter Conference</a>. The summary we believe is perfectly captured in their pre-tax NPV of 3 bn AUD at a price of 107 USD/ton. </li>
<li>The current iron ore price is 100 USD/ton. In the base case with an 85 USD/ton price, pre-tax NPV is 1.1 bn AUD (Vs. Current market cap 300 mn AUD). </li>
<li>With a current <a href="https://www.smartkarma.com/insights/fenix-resources-fex-au-q2fy26-concall-record-production-quarterly-49-ocf-yield-annualized" target="_blank" rel="noopener">OCF yield</a><a href="https://www.smartkarma.com/insights/fenix-resources-fex-au-q2fy26-concall-record-production-quarterly-49-ocf-yield-annualized" target="_blank" rel="noopener"> &gt;40%</a> and net cash of &gt;70 mn AUD (23% of mkt cap), there is a huge buffer and a reason to like the name.  </li>
</ul>



Fenix Resources (FEX AU) presented at the Bell-Potter Conference. The summary we believe is perfectly captured in their pre-tax NPV of 3 bn AUD at a price of 107 USD/ton. 
The current iron ore price is 100 USD/ton. In the base case with an 85 USD/ton price, pre-tax NPV is 1.1 bn AUD (Vs. Current market cap 300 mn AUD). 
With a current OCF yield &gt;40% and net cash of &gt;70 mn AUD (23% of mkt cap), there is a huge buffer and a reason to like the name.  


Fenix Resources (FEX AU): Base-Case NPV 1.1 Bn AUD Vs Current Mkt Cap 300 Mn AUD, Bull at 3 Bn AUD