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Mineral Resources Ltd MIN

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Stock XASX Rating as of
A$71.66 +0.15 (0.21%)
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Company Report

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

Mark Taylor

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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Price vs Fair Value

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MIN is trading at a 579% premium.
Price
A$71.66
Fair Value
A$77.00
Uncertainty
High
1-Star Price
A$766.36
5-Star Price
A$79.20
Economic Moat
Jrmg
Capital Allocation
Qypwlpm

Bulls Say, Bears Say

Bulls

Mineral Resources grew strongly since listing in 2006. The chair and managing director have been with the business for over a decade and have meaningful shareholdings.

Bears

Mineral Resources' profits are exposed to volatile iron ore price. We expect future iron ore prices to be much less favorable than the decadelong boom to 2014.

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Trading Information

Previous Close Price
A$71.51
Day Range
A$70.28–72.35
52-Week Range
A$52.52–79.76
Bid/Ask
A$71.50 / A$71.85
Market Cap
A$14.04 Bil
Volume/Avg
2.0 Mil / 797,205

Key Statistics

Price/Earnings (Normalized)
19.44
Price/Sales
2.84
Dividend Yield (Trailing)
1.26%
Dividend Yield (Forward)
1.26%
Total Yield
1.26%

Company Profile

Mineral Resources listed on the ASX in 2006 following the merger of three mining services businesses. The subsidiary companies were previously owned by managing director Chris Ellison, who remains a large shareholder despite selling down. Operations include iron ore and lithium mining, iron ore crushing and screening services for third parties, and engineering and construction for mining companies. Mining and contracting activity is focused in Western Australia.
Sector
Basic Materials
Industry
Other Industrial Metals & Mining
Stock Style Box
Large Core
Total Number of Employees
5,000
Website
https://www.mineralresources.com.au

Competitors

Valuation

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Metric
MIN
VALE
RIO
Price/Earnings (Normalized)
 19.446.3711.88
Price/Book Value
 3.521.382.61
Price/Sales
 2.841.252.58
Price/Cash Flow
 8.273.898.44
Price/Earnings
MIN
VALE
RIO

Financial Strength

Metric
MIN
VALE
RIO
Quick Ratio
 1.150.441.04
Current Ratio
 1.551.121.69
Interest Coverage
 0.888.778.04
Quick Ratio
MIN
VALE
RIO

Profitability

Metric
MIN
VALE
RIO
Return on Assets (Normalized)
 6.36%10.67%11.84%
Return on Equity (Normalized)
 16.08%25.34%22.48%
Return on Invested Capital (Normalized)
 7.52%18.70%19.38%
Return on Assets
MIN
VALE
RIO
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