Mineral Resources Limited (MinRes) is a diversified resources company, with extensive operations in lithium, iron ore, energy, and mining services across Western Australia.
“Mineral Resources (MIN) delivered a mixed P&L performance (underlying beat but it came with impairments) but impressed with its cash flow and dividend performance,” Raymond said.
“We had expected MIN to flex its final dividend given our confidence in the company’s balance sheet, but it trounced consensus dividend per share (DPS) estimates.
“Financial year 2024 is an important execution year in lithium and iron ore, but it will unlock years of bumper earnings beyond it.
“Believing MIN has suitable control over its projects and cash flow, we maintain our Add rating looking through financial year 2024 to the material growth beyond.
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