Mineral Resources: Beats where it counts

About the author:

Author name:

By Adrian Prendergast

Job title:

Senior Analyst

Date posted:

30 August 2023, 7:00 AM

Sectors Covered:

Mining, Energy

• Mineral Resources (ASX:MIN) delivered a mixed P&L performance (underlying beat but it came with impairments), but impressed with its cash flow and dividend performance.
• We had expected MIN to flex its final dividend given our confidence in the company’s balance sheet, but it trounced consensus DPS estimates.
• FY24 is an important execution year in lithium and iron ore, but it will unlock years of bumper earnings beyond it.
• Believing MIN has suitable control over its projects and cash flow, we maintain our Add rating looking through FY24 to the material growth beyond.

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