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CIBC Revises EPS Estimates On Inmet Mining Following Q1

 April 30, 2012 02:34 PM


(By Balachander) CIBC World Markets revised its EPS estimates on Inmet Mining Corp. (TSE:IMN), following the company's quarterly results. The brokerage gas a "Sector Performer" rating and price target of $84.00 on the stock. 

Inmet reported headline Q1 EPS of $1.38. Excluding an FX loss, CIBC estimated earnings from operations were about $1.51, well above its estimate of $1.17 and the consensus estimate of $1.24. Reported operating CFPS of $2.13 also beat CIBC estimate of $1.88 and consensus of $1.74.

The strong financial results were primarily driven by solid performance at Çayeli and higher-than-expected copper sales volumes. Modestly lower-than-expected operating costs and strong copper price realizations further contributed to the beat relative to our and the market expectations, CIBC noted.

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The brokerage raised its 2012 EPS estimate for the company to $6.02 from $5.41, while reducing 2013 EPS estimate to $5.64 from $5.66.

CIBC said production at Las Cruces missed its expectations, primarily as a result of stoppages caused by a planned maintenance shutdown and a national strike. Positively, the operations have been trouble -free since, and Inmet remains confident that LC can reach 90 percent of design capacity in 2012.

"The search for an operating partner at Cobre Panama may have slipped as IMN made no specific reference to the process in the release. Should IMN announce plans to go it alone, we expect a negative market response given the increased financial and operating risks to the company," the brokerage wrote in a note.

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On Monday, the stock fell 1.64 percent to trade at $54.10. Over the past year, shares have been trading in the range of $39.88 to $74.95.

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