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Halyk Finance: Kazakhmys - A bird in the hand is worth two in the bush - July 4, 2013




Halyk Finance


04 Jul 2013





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Kazakhmys’ Board chose to back the low-ball offer from the consortium of bidders in the absence of other feasible alternatives to realize the value of the ENRC investment. Although disappointed, we have to agree with the Board’s arguments and we expect Kazakhmys shareholders to approve the sale. We have revised our valuation to include the sale of the ENRC stake and have lowered our commodity price forecasts. We lower our 12-month target price to 315GBp and upgrade the stock to a ‘Hold’. The main short-term share price catalyst is the approval of the ENRC offer by Kazakhmys shareholders, while the downside risks are the rejection of the offer, further decline of copper price, and eruption of a social conflict in Zhezkazgan.

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