MMG (1208)

Business description

MMG is a mid-tier global resources company that explores, develops and mines base metal deposits around the world. Its headquarters are in Melbourne, Australia, and it is listed on the Hong Kong Stock Exchange.

Share price chart

Share chart

Stock data

Market cap.HK$13065.3m
Last closeHK$2.47
High / Low (52 weeks)HK$3.2 / HK$1.6
Stock market listingHK
Forecast net debt (US$m)1385
Forecast gearing ratio (%)47
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual10.31.659.4
Relative *12.1(3.1)42.4

* % Relative to local index

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Company news

Mining Explorers 2014: MMG Ltd.

Fri, 31 Oct 2014 14:49:47 GMT

MMG Ltd. looking for growth in Canada with Izok Corridor, acquisitions

Mon, 04 Mar 2013 21:19:38 GMT

China's MMG open to working with partners on acquisitions

Thu, 29 Aug 2013 04:47:13 GMT

Swick Mining Services wins contracts for MMG Limited's Golden Grove and ...

Fri, 13 Dec 2013 00:20:18 GMT

Glencore reaps $7 billion from Las Bambas mine sale to China's MMG

Fri, 01 Aug 2014 01:30:00 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2012A 2499.0 738.0 234.0 4.0 8.0 2.5
2013A 2470.0 751.0 123.0 2.0 15.9 2.5
2014E 2413.0 748.0 138.0 2.2 14.5 2.2
2015E 2166.0 720.0 139.0 2.2 14.5 2.2

Last updated on 25/02/2015

Investment summary

MMG reported positive FY14 financial results, with EBITDA rising 4.0% against the backdrop of mixed commodity price performance. While 2015 will be a transitional year for the company, the key investor focus should remain on 2016, which will see the commissioning and ramp-up of the Las Bambas project. We revise our valuation of MMG from US$2.62/share to US$3.0/share. Based on our updated earnings forecasts, the stock trades at an attractive 2017e EV/EBITDA of 3.6x.

Last updated on 23/03/2015

Industry outlook

We expect the copper price to gradually recover following the end of the Chinese New Year holiday, as seasonal market activity improves.

Last updated on 02/03/2015

Key management

Jiao Jian, Chairman
Andrew Michelmore, CEO
David Lamont, CFO
Colette Campbell , Head of IR
Maggie Qin, Head of Corporate Affairs
Marcelo Bastos, COO

Company address

Level 23
28 Freshwater Place
Southbank
VIC 3006
Australia
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