2018 results were in line with expectations. Morgans observes the company continues to prudently manage its growth options. The focus is on re-affirming the construction schedule and budget for Carrapateena.
Upside to the broker’s valuation has been reduced following a strong run up in the share price and the rating is downgraded to Hold from Add.
Upon the full de-risking of Carrapateena the stock offers upside to valuation, the broker assesses. The target is raised to $11.40 from $10.75.
Sector: Materials.
Target price is $11.40.Current Price is $10.36. Difference: $1.04 – (brackets indicate current price is over target). If OZL meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
