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Research Alert: CFRA Maintains Buy Opinion On Adss Of Rio Tinto Group
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Research Alert: CFRA Maintains Buy Opinion On Adss Of Rio Tinto Group
Apr 19, 2024 9:03 AM

11:40 AM EDT, 04/19/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We decrease our 12-month target by $3 to $73, using an EV/EBITDA of 5.0x our 2024 EBITDA estimate, above RIO's three-year average forward EV/EBITDA of 4.3x, but below peers, trading at an average forward EV/EBITDA of 5.3x. We lower our 2024 earnings per ADS estimate by $0.65 to $7.45 and 2025's by $0.40 to $7.32. RIO posted its Q1 production results and reiterated its 2024 guidance. Iron ore production in Q1 totaled 77.9 million metric tons (Mt), down 2% Y/Y, while iron ore shipments during Q1 totaled 78.0 Mt, down 5% Y/Y. The production decline was driven by planned ore depletion (mostly at Yandicoogina), partially offset by productivity improvement at other operations. Q1 bauxite production increased 11% Y/Y to 13.4 Mt (with better operations at Weipa and Gove) and aluminum production was up 5% Y/Y to 826 thousand metric tons (kt), as Kitimat is now running at full capacity. Titanium dioxide slag output fell 11% Y/Y during Q1 to 254 kt and iron ore pellets and concentrate production was up 3% Y/Y to 2.6 Mt.

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