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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