2022 results were in line with expectations. While no final dividend was declared, Morgan Stanley notes OZ Minerals' intention to declare a fully franked special of $1.75/share on the scheme with BHP Group ((BHP)) becoming effective.

Production and operating costs guidance has been maintained. Capital expenditure guidance for West Musgrave in 2023 has been raised to $625-725m, reflecting the timing of expected expenditure.

Morgan Stanley maintains an Equal-weight rating with a $25.30 target and an Attractive industry view.

Sector: Materials.

Target price is $25.30.Current Price is $28.00. Difference: ($2.70) - (brackets indicate current price is over target). If OZL meets the Morgan Stanley target it will return approximately -11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2023 Acquisdata Pty Ltd., source FN Arena