OZL – Credit Suisse rates the stock as Underperform

Credit Suisse points out management is confident regarding achieving December quarter production at Carrapateena but the timetable may be at risk, given time-consuming plant completion is still required.

Slippage of production into next year would have negligible impact on valuation, the broker adds. The greater driver of value is the caving performance which will not be known for some time. Underperform rating and $9.50 target.

Sector: Materials.

Target price is $9.50.Current Price is $10.21. Difference: ($0.71) – (brackets indicate current price is over target). If OZL meets the Credit Suisse target it will return approximately -7% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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