NST’s 1HFY24 earnings result was solid with Ebitda, Ebit and earnings within 2% of our forecasts. The interim dividend was a record for the company and 74% higher than we had forecast. Key production and AISC guidance ranges for FY24 remain unchanged, with NST indicating that production will be weighted to the first half, due to planned mill maintenance at several operations. Construction of the KCGM mill expansion has commenced and underpins NST’s strong medium-term production growth profile. We reiterate our BUY rating and A$17.00 price target.
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