Sales volumes were softer in the March quarter. Saleable production of 5mt was affected by rail availability in Queensland and poor mine conditions at Buchanan that affected yields.
2019 guidance is unchanged and Buchanan production has already lifted since the rock intrusion was encountered. Realised pricing and cash generation continues to be strong, Credit Suisse observes. The broker retains an Outperform rating and $3.80 target.
Sector: Materials.
Target price is $3.80.Current Price is $2.87. Difference: $0.93 – (brackets indicate current price is over target). If CRN meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges – negative figures indicate an expected loss).
