FY18 results were largely in line with estimates. Citi downgrades FY19 forecasts because of changes to the product mix and increased strip ratios. The broker believes the product suite will not change materially until FY21 when Eliwana is commissioned.
Neutral maintained. Target is reduced to $4.30 from $4.70.
Target price is $4.30.Current Price is $4.26. Difference: $0.04 – (brackets indicate current price is over target). If FMG meets the Citi target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).