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Analyst Actions: New Millennium Iron Keeps Neutral Rating, $1.85 Target at Credit Suisse

Credit Suisse says: "2013 is shaping up to be the most important year in NML's history. A number of 2013 milestones have the potential to be company makers or breakers, in our view.

"This report includes industry analysis which will be of interest to a much broader audience than NML investors alone. We review a) the Global Pellet / Pellet Feed market, and b) Lab Trough cost inflation trends.

"NML's most important catalysts for 2013 are 1) Commissioning of the DSO/hematite project: Part of our investment thesis on NML has been, and remains, that NML has done a far more thorough job of project engineering than most (if not all) of their smaller-cap peers. So far the 'NML/Tata approach' has cost the project an extended construction timeline and higher capital costs, but in 2013 we hope to start seeing the benefits of this approach; being a smoother commissioning process and lower operating costs. 2) Completion of the KeMag/LabMag feasibility study: We have used comparable project analysis to re-base the 2006/09 cost estimates for this project, and also outline our case as to why market conditions will make it difficult for Tata Steel to commit to this project in 2013 as the existing agreement suggests. We offer our thoughts on a number of alternative outcomes; being dilute, delay or downsize.

"News flow on the DSO/hematite project should be a positive share price driver in 2013, but news flow on the KeMag/Labmag project is likely to be less positive."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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