Analyst Research Report Snapshot

Title:

ANTOFAGASTA - DEVELOPMENT PROJECT VALUATIONS REVISED

Price:

$10.00

Provider:

Edison Investment Research

Date:

30 Oct 2013

Pages:

6

Type:

AcrobatPDF

Companies referenced:

ANTO.L

Available for Immediate Download
Summary:

We review the valuation impact of Antofagasta’s focus on smaller-scale brownfield expansions as opposed to larger-scale greenfield projects. We consider the Twin Metals greenfield project, with an estimated 23% IRR, ranks favourably against the brownfield expansions and we believe it should remain unaffected by the change in focus. We estimate that the majority of value reduction through deferral of greenfield projects is replaced by value creation from brownfield expansions. Our valuation has marginally declined to 659p/share at a 10% discount rate and 718p/share at a 9% discount rate.

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