Strong revenue and an in-line EBITDA margin were offset by higher D&A leaving interim EBIT(A) of $97M slightly below forecast. Cash flow and the closing balance sheet position were solid in the light of the $113M owing by OneSteel. Our valuation drops 6% to $3.70, but the share price has fallen 16% since our last note and we upgrade to BUY (prior HOLD).
To access the full report please log in under the Research Portal at the bottom of this page.
Argonaut’s Research Portal allows you to access Argonaut’s wealth of Research, as well as view descriptions of the Morning Note, Companies covered and the Team.
If you would like to access our research please contact us to create an account.
