Financials Mineral Resources Limited

Equities

MIN

AU000000MIN4

Diversified Mining

Market Closed - Australian S.E. Other stock markets 02:10:52 2024-05-31 am EDT			5-day change	1st Jan Change
71.66 ^AUD	+0.21%		-4.83%	+2.37%

May. 22	BHP-Anglo prospects flag more M&A ahead for miners	RE
May. 21	Mineral Resources' Onslow Iron Project Delivers First Ore on Ship to China Baowu Steel Group Ahead of Schedule	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,807	3,976	10,135	9,081	13,786	13,978	-	-
Enterprise Value (EV) ¹	3,704	3,745	9,855	9,779	15,641	18,691	18,630	18,061
P/E ratio	17.2 x	3.97 x	7.98 x	26.1 x	56.6 x	32.2 x	24 x	14 x
Yield	2.94%	4.72%	5.12%	2.07%	2.66%	0.43%	1.2%	2.79%
Capitalization / Revenue	1.86 x	1.87 x	2.71 x	2.66 x	2.88 x	2.97 x	2.37 x	2.2 x
EV / Revenue	2.45 x	1.76 x	2.64 x	2.86 x	3.27 x	3.97 x	3.16 x	2.85 x
EV / EBITDA	8.55 x	4.9 x	5.18 x	9.55 x	8.92 x	16.5 x	10.6 x	7.02 x
EV / FCF	-6.33 x	2.6 x	20 x	-26.1 x	-28.5 x	-7.12 x	44.8 x	15.1 x
FCF Yield	-15.8%	38.4%	5.01%	-3.83%	-3.5%	-14%	2.23%	6.62%
Price to Book	2.06 x	1.76 x	3.16 x	2.83 x	3.97 x	3.55 x	3.2 x	2.76 x
Nbr of stocks (in thousands)	187,383	187,803	188,624	188,138	192,996	195,060	-	-
Reference price ²	14.98	21.17	53.73	48.27	71.43	71.66	71.66	71.66
Announcement Date	8/21/19	8/18/20	8/10/21	8/28/22	8/28/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,512	2,125	3,734	3,418	4,779	4,713	5,887	6,344
EBITDA ¹	433	765	1,901	1,024	1,754	1,130	1,753	2,573
EBIT ¹	324	571.4	1,643	671.5	1,304	572	1,075	1,870
Operating Margin	21.43%	26.89%	44%	19.65%	27.29%	12.14%	18.26%	29.48%
Earnings before Tax (EBT) ¹	237	1,436	1,793	489.1	360.4	289.5	865.6	1,372
Net income ¹	165	1,002	1,270	349.2	243.3	418.8	586.9	952.2
Net margin	10.91%	47.17%	34.01%	10.22%	5.09%	8.89%	9.97%	15.01%
EPS ²	0.8700	5.330	6.732	1.849	1.262	2.225	2.991	5.109
Free Cash Flow ¹	-585.4	1,439	493.4	-374.5	-548.1	-2,623	415.8	1,195
FCF margin	-38.72%	67.71%	13.22%	-10.96%	-11.47%	-55.66%	7.06%	18.84%
FCF Conversion (EBITDA)	-	188.07%	25.96%	-	-	-	23.72%	46.45%
FCF Conversion (Net income)	-	143.55%	38.86%	-	-	-	70.84%	125.52%
Dividend per Share ²	0.4400	1.000	2.750	1.000	1.900	0.3082	0.8625	2.000
Announcement Date	8/21/19	8/18/20	8/10/21	8/28/22	8/28/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 S2	2026 S1	2026 S2
Net sales ¹	-	-	1,530	2,203	-	2,064	2,350	2,429	2,515	1,152	1,152	2,276	1,383	1,383	2,766	1,868	3,736	-	-
EBITDA	330	435	763	1,138	155.6	868.1	939	815	675	-	-	335	-	-	619.5	-	755.5	-	-
EBIT	-	-	-	983.3	-6.6	678.1	680.9	623	421	-	-	109.4	-	-	307.6	-	438.7	-	-
Operating Margin	-	-	-	44.63%	-	32.85%	28.97%	25.65%	16.74%	-	-	4.81%	-	-	11.12%	-	11.74%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	461.8	566.1	-205.7	474.1	-	-	-82	-	-	255	-	282	-	-
Net income ¹	-	-	519.3	-	-	330	388.6	-145.3	518	-58.3	-34.2	-75.2	105	93.2	188.6	253.9	198	-	-
Net margin	-	-	33.93%	-	-	15.98%	16.54%	-5.98%	20.6%	-5.06%	-2.97%	-3.3%	7.59%	6.74%	6.82%	13.59%	5.3%	-	-
EPS ²	4.701	-	-	-	-	1.747	2.022	-0.7843	2.724	-0.2980	-0.1740	-0.3840	0.5360	0.4750	0.9635	1.296	1.012	-	-
Dividend per Share ²	-	-	-	-	-	1.000	1.000	0.7000	0.2000	-	-	-	0.1610	0.1430	0.3365	0.9070	0.4000	0.7800	0.9300
Announcement Date	2/11/20	8/18/20	2/9/21	8/10/21	2/8/22	8/28/22	2/23/23	8/28/23	2/21/24	-	-	-	-	-	-	-	-	-	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	897	-	-	698	1,855	4,713	4,652	4,083
Net Cash position ¹	-	231	280	-	-	-	-	-
Leverage (Debt/EBITDA)	2.072 x	-	-	0.6814 x	1.058 x	4.171 x	2.654 x	1.587 x
Free Cash Flow ¹	-585	1,439	493	-375	-548	-2,623	416	1,195
ROE (net income / shareholders' equity)	12.5%	18.4%	46.4%	12.4%	7.28%	6.23%	13.6%	18.7%
ROA (Net income/ Total Assets)	6.29%	8.57%	24.2%	5.9%	3.05%	5.27%	8%	12.6%
Assets ¹	2,623	11,690	5,242	5,916	7,975	7,943	7,338	7,572
Book Value Per Share ²	7.270	12.10	17.00	17.10	18.00	20.20	22.40	26.00
Cash Flow per Share ²	0.9900	3.160	6.940	1.480	7.020	4.500	5.830	9.840
Capex ¹	772	348	692	729	1,818	3,321	1,099	993
Capex / Sales	51.03%	16.36%	18.53%	21.32%	38.04%	70.45%	18.66%	15.66%
Announcement Date	8/21/19	8/18/20	8/10/21	8/28/22	8/28/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Mineral Resources Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

71.66 AUD

Average target price

71.99 AUD

Spread / Average Target

+0.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Mining

	1st Jan change	Capi.
MINERAL RESOURCES LIMITED	+2.37%	9.28B
BHP GROUP LIMITED	-11.70%	150B
RIO TINTO PLC	-6.26%	119B
GLENCORE PLC	+1.83%	74.34B
GRUPO MÉXICO, S.A.B. DE C.V.	+11.36%	48.2B
SAUDI ARABIAN MINING COMPANY (MA'ADEN)	-4.84%	45.45B
ANGLO AMERICAN PLC	+27.55%	38.79B
HINDUSTAN ZINC LIMITED	+116.04%	34.78B
TECK RESOURCES LIMITED	+26.57%	26.97B
VEDANTA LIMITED	+74.05%	20.02B

Integrated Mining