2019 underlying net profit was in line with guidance and expectations. This includes the previously-announced loss related to the exit of the BICC business in the Middle East.
The final dividend was cancelled but dividends are expected to return to normal in 2020. Management would not comment on speculation regarding a potential mining asset sale.
Credit Suisse reiterates an Outperform rating and raises the target to $38.50 from $35.00.
Sector: Capital Goods.
Target price is $38.50.Current Price is $28.17. Difference: $10.33 – (brackets indicate current price is over target). If CIM meets the Credit Suisse target it will return approximately 27% (excluding dividends, fees and charges – negative figures indicate an expected loss).