Morgans Blog | Morgans

All posts by Adrian Prendergast

Senior Analyst

Sectors Covered: Mining, Energy

Fortescue Metals Group: Fears over Iron Bridge ease

19 February 2021, 12:00 AM

With Fortescue Metal Group easing our fears over the Iron Bridge magnetite project and reporting a strong 1H21 result, we maintain a Hold rating.

Rio Tinto: Half a decade of bumper returns

By Adrian Prendergast

18 February 2021, 2:00 PM

Rio Tinto (RIO) reported a solid 2H20 result ahead of expectations. We see RIO in a strong position fundamentally, maintaining our Hold rating.

Woodside Petroleum: Preparing for next investment phase

By Adrian Prendergast

18 February 2021, 12:30 PM

Woodside Petroleum reported earnings well short of consensus expectations for 2H20. Growth projects remain reliant on Woodside’s ability to deal its equity in these projects.

Santos: Impressive FCF in tough half

By Adrian Prendergast

18 February 2021, 10:00 AM

Santos' second half result followed expectations. Unsurprisingly, the result focused on the FX-impacted cost guidance for 2021, in-line with pressure being felt across the resources industry.

Mining: Sun still shining on iron ore

By Adrian Prendergast

17 February 2021, 12:00 PM

We have upgraded our iron ore forecasts for the next three years. While trading near our revised targets, we see robust earnings and dividends as increasingly important in the current global climate.

BHP Group: Pumped about potash

By Adrian Prendergast

17 February 2021, 9:00 AM

BHP certainly had the ammunition for it, but we had not counted on the company paying out 85% of earnings for a record interim dividend in 1H21. Further, BHP has hoisted potash into its circle of most preferred “future facing” commodities, along with copper and nickel.

Fortescue Metals Group: Iron Bridge blowout flagged

By Adrian Prendergast

01 February 2021, 5:00 PM

Fortescue Metal Group posted a strong 2Q21 result, though it came with the warning that FMG was conducting a detailed review of the budget and schedule for its Iron Bridge magnetite project.

South32: Sale for SAEC’s sake

By Adrian Prendergast

22 January 2021, 1:00 PM

There was a mixed operational result from South32, although generally ahead of our estimates. Now trading in line with our target price we lower our rating to Hold.