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$16820.9m
Last closeHK$3.18
High / Low (52 weeks)HK$3.4 / HK$1.9
Stock market listingHK
Forecast net debt (US$m)9.7
Forecast gearing ratio (%)329
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(1.5)41.354.4
Relative *0.730.623.0

* % Relative to local index

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Company news

China's MMG Ltd to spend $3 billion to complete Peru mine

Thu, 16 Oct 2014 06:00:28 GMT

Paul B. Farrell

Tue, 19 Oct 2010 08:18:08 GMT

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

MMG see sharp 2015 output drop at ageing Century zinc mine

Thu, 15 Jan 2015 03:11:15 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2013A 2.5 0.8 0.1 2.0 20.0 3180.6
2014A 2.5 0.8 0.1 2.0 20.0 2779.4
2015E 2.2 0.7 0.0 (0.6) N/A 2929.5
2016E 3.7 2.2 0.4 4.9 8.2 1123.3

Last updated on 13/05/2015

Investment summary

Having incorporated Q115 production results, slightly updated commodity price assumptions and the impact from additional ore processing at Century, we increase our valuation of MMG to HK$3.35/share. Despite the limited near-term upside risks to copper, we believe that investors should focus on the execution of the Las Bambas project, which could further drive the re-rating of the stock. MMG continues to trade at an attractive 2017e EV/EBITDA of 3.7x.

Last updated on 13/05/2015

Industry outlook

The copper price has seen a gradual recovery on the back of the improved seasonal activity, currently trading at US$6,050/t.

Last updated on 06/05/2015

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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