|
|
|
|
February 4, 2010 Dear Friend,
We had a request last night
to run our DCF valuations of FCX at “current spot copper
prices,” which were $2.968 yesterday and $2.88 per lb at the
February 4th close. We estimate the DCF value at a
12.03% average discount rate at $135 per share at $3.50 per lb
long-term copper and $5 per lb in 2012-14 estimated peaks. We
estimate a $93 per share NPV at $2.88 and $97 at $2.968 per lb.
We estimate our the FCX shares anticipate nearer to $2.40 to
$2.50 per lb long-term copper prices.
We cut our IP price target to
$21 from $25 as we cut our earnings estimates.
Pls market your calendars
for our March 24-25 program, and let us know if you wish any
one-on-one meetings with speakers. Larger companies include
Allegheny Technologies, Agnico-Eagle Mines, Goldcorp, FNX Mining
and others.
Faithfully,
John C. Tumazos
|
Copyright © 2008 John Tumazos Very Independent Research,
LLC
|
