ArgonautArgonautArgonautArgonaut
  • About Us
    • Business Model
    • Regulation
    • Community
    • Jason and the Argonauts
    • Disclaimer and Disclosure
    • COVID-19 Visitor Requirements
  • Corporate Finance
  • Stockbroking & Research
    • Stockbroking
    • Research
    • Best Execution Policy
    • Administration Forms
    • Open an Account
  • Special Situations
  • News
    • Latest News
    • Morning Notes
    • Latest Research
  • Contact
    • Careers
      • Advisers
      • Graduate Program
      • Internship Program

Fortescue Metals (FMG) – Dividend Surprise But For How Long

    Home Latest Research Fortescue Metals (FMG) – Dividend Surprise But For How Long
    NextPrevious

    Fortescue Metals (FMG) – Dividend Surprise But For How Long

    By admin | Latest Research | 0 comment | 22 February, 2019 | 0

    Fortescue Metals Logo

     

    Fortescue Metals (FMG) reported H1 FY19 results with revenue of US$3.5bn, EBITDA of US$1.6bn and a NPAT of US$644m (up 10%, 21% and 227% respectively on H2 FY18). The better result was driven by 18% higher iron ore price of US$47/dmt, but 4% higher C1 cash costs and a 3% reduction in sales. Cash and cash equivalents increased by 11% to $962m and gross debt remained unchanged HoH. The big surprise was the interim dividend hike to 19cps (from 11cps) representing a payout ratio of 65% and an additional special dividend of 11cps. We forecast an additional 30% upside in NPAT in the 2H as the effect of the spike in iron ore prices take effect. The market remains on a bullish iron ore, but bearish steel macro trend which should provide short term tail-winds for FMG, but longer term we continue to believe that iron ore prices will pull back.  

     To access our Fortescue Metals report please log in under the Client Area Log In at the bottom of this page.

    Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.

    If you would like to access our research please contact us to create an account.

    Perth:
    clientservices@argonaut.com
    +61 8 9224 6888

    Hong Kong:
    clientserviceshk@argonaut.com
    +852 3557 4888

     

    No tags.

    NextPrevious
    • About Us
      • Business Model
      • Regulation
      • Community
      • Jason and the Argonauts
      • Disclaimer and Disclosure
      • COVID-19 Visitor Requirements
    • Corporate Finance
    • Stockbroking & Research
      • Stockbroking
      • Research
      • Best Execution Policy
      • Administration Forms
      • Open an Account
    • Special Situations
    • News
      • Latest News
      • Morning Notes
      • Latest Research
    • Contact
      • Careers
        • Advisers
        • Graduate Program
        • Internship Program
    Argonaut

    Argonaut | The Natural Choice in Resources.
    © 2022 Argonaut.

    Corporate Finance
    Stockbroking & Research
    Contact Us

    Argonaut | Perth

    Level 30, Allendale Square, 77 St Georges Terrace Perth, WA, 6000 Australia

    clientservices@argonaut.com

    ABN 72 108 330 650

    Argonaut | Login

    Client Area Help
    Register for Access to Client Area
    Privacy Policy
    Financial Services Guide 
    Website Disclaimer

    Copyright 2021 | Website ⚡ by Start Digital