AJM - Macquarie rates the stock as Underperform
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First half results revealed a larger loss than Macquarie estimated. The broker considers earnings at this stage are largely irrelevant, given the sole activity is the development of the Altura project (formerly Pilgangoora).
The company expects commissioning of the crushing circuit to commence in March. Stage 2 expansion remains on track and is expected to be completed by April. Macquarie does not yet factor in an expansion case for the stock. Underperform rating and $0.25 target maintained.
Target price is $0.25.Current Price is $0.37. Difference: ($0.12) - (brackets indicate current price is over target). If AJM meets the Macquarie target it will return approximately -48% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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