Analyst Research Report Snapshot

Title:

ANTOFAGASTA - BROWNFIELD NOT GREENFIELD

Price:

$10.00

Provider:

Edison Investment Research

Date:

16 Oct 2013

Pages:

6

Type:

AcrobatPDF

Companies referenced:

ANTO.L

Available for Immediate Download
Summary:

Antofagasta’s new focus on brownfield development should lead to near-term incremental increases in production while large-scale expansions are deferred. We had attributed limited value to the major development projects due to their high capital intensity, so we consider this change in focus as valuation neutral. We expect lower mined ore grades in H213, translating into lower copper production and higher cash costs; however, we have upgraded our FY13 EPS forecast by 5% due to operational improvements. Our valuation has reduced 10% to 669p/share at a 10% discount rate and 753p/share at a 9% discount rate primarily due to cash payment of the FY12 final and special dividends and a weaker US$/£ rate.

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