Freeport-McMoRan Inc.


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SKU: FCX Category:


This is our first report on mining giant, Freeport-McMoRan. The company is having a dream run off-late with the bull run in copper prices and saw significant volume and margin growth in its recent financial results, which resulted in strong cash flows and significant cash returns to shareholders. The company’s copper and gold sales increased by 24% and 59%, respectively, compared to the previous quarter. Copper sales were 6% higher than expected at the start of the year. During the quarter, they benefited from strong U.S. demand, which allowed them to reduce inventories. Their gold sales were also 8% higher than anticipated. Freeport has also developed several new leaching technologies to extract low concentrations of copper from waste rock. Its mining rates were constrained early in the quarter due to an increase in Covid-19 cases, resulting in a reduction in annual production compared to the management’s previous expectations. We remain optimistic about their future growth and initiate coverage with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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