In today’s briefing:
- Fortescue Metals Group (FMG AU): FY24 Slightly Below Expectations, Focus on Iron Ore Price for FY25
Fortescue Metals Group (FMG AU): FY24 Slightly Below Expectations, Focus on Iron Ore Price for FY25
- Fortescue Metals (FMG AU) reported a revenue/profit number of 8%/15%, with profits 8% lower than our expectations because of higher depreciation.
- The company guided a mid-point iron ore shipment of 195 million tons (Vs. 192 in FY24) and a capex of 3.2 bn USD in metals/500 mn USD in Green Energy.
- Trading at 6.7x PE with a 10% dividend yield (trailing) with iron ore prices averaging 118 USD in FY24, the focus shifts to a scenario analysis for FY25.
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