The recent dip might be a good buying opportunity, and yes forward numbers do look good still
Earnings and Dividends Forecast (cents per share)
2007 2008 2009 2010
EPS -2.6 -3.4 30.7 72.0
DPS 0.0 0.0 0.0 0.0
Quote:
Date: 14/3/2008
Author: Kevin Andrusiak
Source: The Australian --- Page: 24
Australian-listed iron ore hopeful Fortescue Metals Group (FMG) plans to deliverits first shipment from Western Australia in May 2008. Construction of arailroad linking the mine to the coast is about 90% complete, as is the terminalfacility at Port Anderson. However, FMG has called for an independentengineering firm to give it a final appraisal of the shiploader built in Chinato Australian specifications. The previous certifier was seen by the mininggroup as not sufficiently at arm's length from manufacturer ThyssenKrupp.On 13 March 2008 FMG stock closed $A0.24 lower at $A7.41
why do you buy a stock based on P/E - i think its entirely up to you but personally its bs..
u said TMR had a low P/E ,,, meaning a good buy right? yet its going down??
fundamentals for the win..
once that first shipment is made FMG officially becomes a producer!
hows that sounds skeptics? (cough cough prawn_86)
I've heard people say that if they don't meet the target delivery date the SP will be hammered by the market....will it really?........is the whole market so fixated on the short term?
Umm... PEs are fundamentals, not sure what you think they are.
Perhaps you should do some more research with regards to them.
I do not buy soley based on PEs, but they aid a decision.
If you actually read some posts objectively instead of just trying to have a crack at me the whole time you will notice that in my last post the figures i was posting were assuming that it is a producer and its projected figures would be met. IE - no commisioning or mining problems.
From now on i will only respond to intellectual posts, instead of those targeting my opinion.
prawn_86 - your opinion is not warranted especially seeing though you have not been following the stock for as many years as i have mate.
not to mention you'd probably have more capital if you backed the right stocks
Excuse my ignorance but are people being a little too fixated about the "shipping date" in May?
It just seems to me that haggling over a day, week or even a month in relation "kick off" when a company and its administration has already achieved what they have done to date in the timeframe allotted, together with the huge amounts of resources it holds, seems somewhat petty and shortsighted.
In some ways it seems that a delay will give people a "victory" of sorts. But in the whole scheme of things - who cares? I've heard people say that if they don't meet the target delivery date the SP will be hammered by the market....will it really?........is the whole market so fixated on the short term?
The Yanks landed on the moon sightly after they anticipated they would......but who remembers that now? Only the glory remains.
Am I being too naive?
Duckman
Fortescue Metals does not intent to raise additional equity to fund itsexpansion, according to CFO Chris Catlow. Speaking at the Euromoney AustraliaMarkets Financial Innovation Congress on 27 March 2008, Catlow said the companywas "most reluctant" to raise additional equity. The metals groupplans to ship the first production from its Pilbara iron ore project by May 2008and hopes to expand production to 200 million tonnes per year in the long term
Fortescue paper not in plan for expansion
Email Print Normal font Large font AdvertisementJamie Freed
March 28, 2008
FORTESCUE Metals has no plans to raise additional equity to help fund a costly expansion to 110 million tonnes of iron ore production a year.
The aspiring Pilbara miner will not ship the first production from its $3billion-plus iron ore project for another six weeks, but is focusing on plans to expand beyond the initial 45 million tonne production rate.
"We are most reluctant to issue new paper in the form of equity," Fortescue's chief financial officer, Chris Catlow, said during a presentation to the Euromoney Australian Markets Financial Innovation Congress in Sydney yesterday.
Fortescue, which was a junior explorer when the chief executive Andrew Forrest joined the company in 2003, has evolved into the country's third largest mining stock with a market value of $19 billion, on the back of a boom in demand for iron ore.
"We really picked up the ball and ran with it," Mr Catlow said. "We moved at lightning speed."
He said demand for steel - and therefore its main ingredient, iron ore - would remain incredibly strong through the next decade because of the rapid growth of infrastructure construction in emerging economies such as China, India, Brazil and Russia.
Mr Catlow said the Chinese economy was unlikely to suffer as a result of a recession in the US. "It's completely decoupled, in our view," he said, adding that record prices meant Fortescue would receive a margin of at least $US50 a tonne on its 50 million tonnes of production next year.
Fortescue is working to expand to 110 million tonnes of annual production capacity - and later 200 million tonnes - as quickly as possible. Mr Catlow said the plans were "very clearly defined" but the company was so far unwilling to "put a cross on its forehead" and name the date the expansions would be completed.
Fortescue was "very keen" to invoke a dividend policy of "modest proportion" as soon as possible despite its expansion plan. He noted many executives - including Mr Forrest - had received small salaries in return for large shareholdings and therefore hoped to be rewarded through dividend payments.
Haha had to laugh at that.
I'd say thats good thinking by someone at FMG.
Probably started out on the tools:>
I work in the Alumina industry building valves etc for refineries, and if you saw some of the crap that comes out of India and China...well lets just say its more than substandard.Hence the reason Alcans recent expansion of Gove has blown out significantly
FOOT is on time- significant milestone achieved. Notional but very pertinent.
See attached report.
What was reported in ASX AS WELL in West Australian today that between Graeme Rowly and Herbert Elliot Opes saga has wiped out $25 M of their shares.
Watch FMG price today and onwards now.
Cheers
See Images posted today
http://www.fmgl.com.au/IRM/content/project_imagegallery.htm
On April 6th 2008, Fortescue celebrated a landmark moment when it transported its first load of Cloudbreak ore to Port Hedland. The train, newly named the Alannah MacTiernan Express, carried the first ore 185km from the Hunter Siding to the ore car dumper where it was automatically unloaded and conveyed to the stockpile yards at the Fortescue Herb Elliott Port.
LOL = Fortescue Herb Elliott Port ļ, he now wants it back to re-coup funds
To all you doubters, knockers etc please check out the pics at link provided and enjoy.
Regards
Frank
Mr Andrew Forrest CEO of Fortescue Metals Group reconfirmed at Boao Forum for Asia held in Hainan that Fortescue Metals Group would begin exporting 20 million tonnes to 30 million tons of iron ore to China this year, approximately 95% of its total output to China's Baosteel Group in May.
Mr Forrest said the ongoing iron ore benchmark price negotiation would not influence the shipments. He said that "We do not fix prices. Our task is to sell as many iron ore as possible since our customers are anxious for sufficient supply."
The data show that so far the Australian miner has inked ten-year-plus supply contracts with 35 large and medium domestic steelmakers with total export volume coming near 100 million tonnes per annum.
It is learned that FMG did not launch actual shipments in 2007, hence it did not join the benchmark price negotiation this year, but it may participate in the negotiation next year as its capacity is released.
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