NCM – Macquarie rates the stock as Outperform

Pre-feasibility studies have been provided on Lihir, Havieron and Red Chris. Macquarie finds further clarity on production and capital costs and the new FY22-30 base case is broadly in line with estimates.

The main variance to prior estimates includes further upside to the outlook through depth extensions at Havieron and the east ridge zone of Red Chris. Management expects first production from Red Chris block cave in FY27. Outperform rating and $30 target retained.

Sector: Materials.


Target price is $30.00.Current Price is $24.14. Difference: $5.86 – (brackets indicate current price is over target). If NCM meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).



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