NCM 0.00% $30.17 newcrest mining limited

broker upgrade to $17

  1. 1,035 Posts.


    Broker: CSFB

    Earnings: Cut FY04 net profit forecast by 1 per cent to $102 million. Raised FY05 net profit estimate by 9 per cent to $350 million and FY06 net profit estimate by 13 per cent to $292 million.

    Price: Upgraded to $17 from $14.

    Comments: "NCM has restructured its hedgebook, eliminating contingent gold calls and its FX hedging. This substantially 'de-risks' the company, both in terms of earnings certainty and in the eyes of a potential buyer."

    Broker: Goldman Sachs JBWere

    Earnings: Cut net profit forecast for 2005 by 4 per cent, for 2006 by 1.4 per cent and for 2007 by 4.7 per cent

    Comments: "While there is a significant improvement in earnings certainty there is now less leverage to the copper price. As we have a favourable outlook for the copper price over the coming years this results in a decrease to our earnings profile."

    "We believe the reduction in the complexity of the hedgebook makes NCM more appealing to predators. On our analysis we feel that a predator (for example Newmont) could pay up to $26.50/share for Newcrest before it is EPS dilutive and $30-$34/share before it is NPV dilutive."

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Mkt cap ! $23.19B
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0.0¢ 0.0¢ 0.0¢ $0 0

Buyers (Bids)

No. Vol. Price($)
1 142 $35.00

Sellers (Offers)

Price($) Vol. No.
$27.16 2810 1
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Last trade - 10.02am 25/02/2020 (20 minute delay) ?
0.000 ( 0.98 %)
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$30.88 $30.95 $30.40 74274
Last updated 10.23am 25/02/2020 (live) ?
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