SFR +3.79%: The Copper producer held across both our Active Growth and Emerging Companies Portfolios had a good December quarter operationally, with group copper (equiv) production up +5% to 32.4kt while they retained group costs and capex guidance for FY24. They said that underlying group Ebitda will be US$134m in 1H FY 2024 which compared well to the current consensus ($US130m). They also talked up their production profile over the next 2 years saying that it’s on track to increase by 50%.
- A good set of numbers today from SFR, and for those with a good memory, you’ll appreciate that hasn’t always been the case with this more problematic operator. They now have more robust future plans and importantly, they’re delivering on them consistently.
MM is bullish SFR ~$7, however it is nearing the top of its trading range
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