RIO $117.48: First half numbers for RIO today were broadly in line with expectations, showing its operational strength amidst some challenging conditions. RIO report in $US.
- Underlying revenue $26.8bn vs consensus of $25.9bn
- Underlying EBITDA $12.1bn vs consensus $12.1bn
- Underlying NPAT $5.8bn vs consensus $5.7bn
- Basic EPS of 358cps vs consensus of 355cps
- Dividend of 177cps vs consensus of 179cps
They maintained cost and production guidance for the year ahead, while capex also remained unchanged. Net debt was slightly better, coming in at $5.1bn vs $6.0bn expected. Nothing to change the dial here for RIO, with the stock at the mercy of commodity prices, primarily Iron Ore.
We think RIO is a buy ~$110, however we are likely to keep our focus on BHP
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