Mineral Resources Ltd

MIN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$48.00	Hdnzq	Glyxrxwk

Mineral Resources: Softer Earnings on Lithium Pricing and Stubborn Costs Before Onslow's Ramp

Mark Taylor

May 29, 2024

We sharply lower our fiscal 2024 and fiscal 2025 earnings per share forecasts for no-moat iron ore and lithium miner Mineral Resources by 73% and 38% to AUD 0.67 and AUD 3.61, respectively. The drivers are short-term in nature and our AUD 67 fair value estimate stands. The shares are up more than 30% against February lows and at AUD 75 somewhat overvalued in 3-star territory. Early first iron ore deliveries from the Onslow iron ore project have buoyed the share price, even in the face of low lithium prices.

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