Antofagasta Entering a High Volume Growth Phase
Jon H Bergtheil of Citigroup Global Markets maintains his “buy” rating on Antofagasta PLC (OTC: ANFGY). The target price is set to £9.90.
ANFGY reported its nine-month turnover of $2019 million and revenues, marginally ahead of the estimates. ANFGY’s EBITDA fell marginally short of the Citigroup Global Markets’ forecasts. ANFGY has robust balance sheet, with reported attributable cash holdings of $2,648.5 million and borrowings of $713.6 million, Citigroup Global Markets said. With the expansion of Los Pelambres complete, ANFGY is expected to focus its capex on Esperanza in 2010.
According to Citigroup Global Markets, Antofagasta is entering a high volume growth phase in which its production growth would substantially outpace that of its peers.
