FMG +2.13%: delivered a beat in terms of profit and dividend today with underlying NPAT 3% above consensus driven by lower than expected shipping costs. The interim dividend of $1.08ps mirrored the beat on a payout ratio of 65%, in line with expectations. They retained FY24 guidance which is for:
- 192 – 197Mt of iron ore shipments
- C1 costs of US$18.00 – 19.00/wmt.
MM likes FMG into weakness
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