Mineral Resources: Beats where it counts

About the author:

Adrian Prendergast
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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