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) – The Vale Effect

    Home Latest Research Fortescue Metals (FMG) – The Vale Effect
    NextPrevious

    Fortescue Metals (FMG) – The Vale Effect

    By admin | Latest Research | 0 comment | 31 January, 2019 | 0

    Fortescue metals Logo

     

    Fortescue Metals (FMG) reported Sept Q results with 42.5Mt shipped at a C1 cost of US$13.02/wmt (+6% on production, -1% on costs QoQ). Strip ratios decreased to 1.5:1 (from 1.6:1) as overburden removal decreased -15% after an inventory increase in Q1 which saw higher stripping. Gross debt remained at US$4.0bn (unch) and cash was largely unchanged at US$962m. The average received price of US$48/dmt implied a price realisation gap to the Platts 62 CFR of 33% (unch QoQ). Shipments of the first West Pilbara Fines commenced in December and the share buyback has completed ~28% of its total target. The advent of shipping higher-grade West Pilbara ores against the backdrop of perceived supply disruption from Vale will be a net positive for FMG near term but longer-term macro headwinds continue to prevail. HOLD maintained and target price of $4.92ps.  

    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 2022 | Website ⚡ by Start Digital