SFR’s 1HFY24 underlying cash result was in line with our forecasts, with revenue, Ebitda and net debt within 2% of our estimates. The underlying and reported earnings losses were wider than we had expected due to higher non-cash finance and tax charges. Key production and AISC guidance ranges for FY24 remain unchanged for both MATSA and Motheo. Securing a new US$200m corporate revolver facility should improve financial flexibility for SFR. The stock is trading in line with our price target, and we reiterate our HOLD rating.
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