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: Diesels 45% Ascent From June Lows And China's Strong Imports

Fenix Resources Ltd (FEX AU): Updates Post The FY26 Result

Iron Ore Prices: Small Bounce From 90 USD/Ton, Cost Pressures Still Negative For Equities

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

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

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

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

Iron Ore: All Eyes On CMRG Negotiation, China Imports And Restocking Strong: Negative Long-Term

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

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 Record June quarter: 1,299k wmt shipped, up 33% sequentially, driving FY26 shipments of 4.4Mt, up 83% and inside guidance of 4.2Mt to 4.8Mt.</li>
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Unit economics deteriorated: Implied margin fell to A$17/t from A$41.5/t as freight rose to A$31.7/dmt and C1 costs to A$79.9/wmt.</li>
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 Valuation undemanding: FY26e P/E 9.2x, EV/EBITDA 2.1x, P/B 1.1x, 3.3% yield, on FY26 operating cash flow of A$135.9m for FY26 (60% OCF yield). </li>
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 Record June quarter: 1,299k wmt shipped, up 33% sequentially, driving FY26 shipments of 4.4Mt, up 83% and inside guidance of 4.2Mt to 4.8Mt.

Unit economics deteriorated: Implied margin fell to A$17/t from A$41.5/t as freight rose to A$31.7/dmt and C1 costs to A$79.9/wmt.

 Valuation undemanding: FY26e P/E 9.2x, EV/EBITDA 2.1x, P/B 1.1x, 3.3% yield, on FY26 operating cash flow of A$135.9m for FY26 (60% OCF yield). 


Fenix Resources Ltd (FEX AU) Q4 FY26 Concall Update: Record Volumes, Sharp Margin Compression