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Gold/Mining/Energy : Copper - analysis
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To: Stephen O who wrote (1171)4/14/2005 11:17:26 AM
From: Stephen O  Read Replies (1) of 2131
 
Deutsche Bank - Equity Research

Antofagasta {Ticker : ANTO.L, Closing Price: GBp 1225, Target Price: GBp 1200, Recommendation: Hold }

In our current review, earnings and valuation increase by around 20% in the 2005-2007E period due to a stronger copper price profile, Antofagasta 's single largest exposure. On our revised forecasts we do not see the copper price falling below USc120/lb on an annual average basis until 2010. As a result of the DCF upgrade and recent share price weakness, we lift our rating to Hold from Sell with a target of 1200p, reflecting a 0% premium to NPV (from +10% previously).
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