Corporate Results Monitor
FNArena's All-Year Round Australian Corporate Results Monitor.
Currently monitoring Post-February 2018.
Figures shown as at 19 March 2018
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Previous Corporate Results Updates
|Company||Result||Upgrades||Downgrades||Buy/Hold/Sell||Prev Target||New Target||Brokers||Commentary|
|AJM - ALTURA MINING||MISS||0||0||0/0/1||0.25||0.25||1||
Altura Mining's result revealed a larger loss than Macquarie estimated. The broker considers earnings at this stage are largely irrelevant, given the sole activity is the development of the Altura project (formerly Pilgangoora). The company expects commissioning of the crushing circuit to commence in March. Stage 2 expansion remains on track and is expected to be completed by April. Macquarie does not yet factor in an expansion case for the stock. Underperform retained.
|ANG - AUSTIN ENG||BEAT||0||0||0/1/0||0.27||0.26||1||
Austin Engineering's first half earnings slightly exceeded forecasts. Morgans observes tender activity is at record levels and supports the revenue and margin growth that is incorporated into forecasts. The broker remains cautious about the trajectory, nonetheless, given the lumpiness of activity in some geographies and flat pricing. Morgans believes the bulk of the recovery post repairs to the balance sheet has been realised. Medium-term upside is linked to growth in market share and corporate appeal.
|MDL - MINERAL DEPOSITS||MISS||1||0||1/0/0||1.18||1.51||1||
The good news for Mineral Deposits is the Grande Cote mineral sands operation in Senegal, 90% owned by TiZir, which is 50% owned by Mineral Deposits, ramped up production at a time titanium and zircon prices were firming. The bad news is operational problems at the company's smelter in Norway halted production. The cost turned out to be greater than Morgans had forecast and hence Mineral Deposits' earnings result was a disappointment. However the smelter has now ramped up to a greater efficiency level than first modelled. Revised production and cost projections lead the broker to increase its target and upgrade to Add.
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