2023年5月3日

图片来源:盖蒂图片社你阅读免费的意见可能不同于条傻瓜式的优质投资服务。成为一个傻瓜式成员今天得到即时访问我们的高级分析师建议,深入研究,投资资源,等等。了解更多Fortescue Metals Group Ltd .) (ASX:消费品)股价周三再次面临压力。矿业巨头的股价下跌4%,至19.99美元。这意味着Fortescue目前股价下跌超过14% 2月份创下的23.33美元的52周高点。是Fortescue股价足够便宜了吗?不幸的是,代理社会仍然相信Fortescue股价被高估,即使最近的弱点。事实上,我不知道一个经纪人,现在对其股票买入评级。最积极的经纪人可以说是摩根,相当于出售股票评级,目标股价18.20美元。这意味着潜在的缺点从目前水平的9%。 Whereas analysts at Bell Potter, Goldman Sachs , and Morgan Stanley all see scope for the iron ore giant’s shares to crash over 20% from here. They each have sell ratings on its shares with price targets of $14.45, $15.80, and $14.10, respectively. What is being said about the miner? Last week, Goldman Sachs revealed why it is so bearish on the Fortescue share price. One reason is its valuation, the other is its dire free cash flow outlook. In respect to its valuation, the broker highlights that its shares trade at a significant (undeserved) premium to peers. It explained: [T]he stock is trading at a premium to RIO & BHP on our estimates; 1.4x NAV vs. BHP at c. 0.95x NAV and RIO at 0.9x NAV, c. 5.5x NTM EV/EBITDA (vs. BHP/RIO on c. 5x/3.5x), and FY24 FCF of c. 4% vs. BHP/RIO on c. 7/10%. As for its free cash flow, the broker believes its material capital expenditure will mean its dividends come under pressure. It adds: Uncertainties around Fortescue Future Industries (FFI) diversification and Pilbara decarbonisation and impact on dividend and balance sheet. The 2022 FMG site trip to the Pilbara highlighted ongoing elevated spend to maintain hematite group shipments at ~190Mtpa going forward. Combined with the ~US$7-8bn decarb program, we forecast FMG’s capex to increase from ~US$3.3bn in FY23 to US$3.8bn by FY25. We continue to think FMG is at an inflection point on capital allocation, and to fund the ambitious strategy, we assume the company raises ~US$5.5bn of new debt, reduces the dividend payout ratio from the current ~65% in 1H FY23 to ~50% from FY24 onwards (bottom end of the 50-80% guidance range), and increases gross gearing to ~30% by FY26 (in-line with the company’s target of 30-40%). Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. More on Materials Shares