Antofagasta reported ‘extraordinary’ H1 results, thanks to the prevalent copper market euphoria. This also translated into >280% yoy interim dividend growth. However, dividend extravagance – unlike peers – was avoided. Besides maintaining the higher unit cost guidance for 2021, management has also acknowledged output risks. Add on the top the growing vulnerability in commodity markets, and we believe that the downside risks for Antofagasta are on the rise. Hence, our cautious recommendation shou ....
19 Aug 2021
Impressive results blotted by restrained dividends and output caution
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Impressive results blotted by restrained dividends and output caution
Antofagasta plc (ANTO:LON) | 2,244 -314.2 (-0.6%) | Mkt Cap: 22,123m
- Published:
19 Aug 2021 -
Author:
Varun Sikka -
Pages:
4
Antofagasta reported ‘extraordinary’ H1 results, thanks to the prevalent copper market euphoria. This also translated into >280% yoy interim dividend growth. However, dividend extravagance – unlike peers – was avoided. Besides maintaining the higher unit cost guidance for 2021, management has also acknowledged output risks. Add on the top the growing vulnerability in commodity markets, and we believe that the downside risks for Antofagasta are on the rise. Hence, our cautious recommendation shou ....