A quick update here on the vital statistics of Fortescue and Big Fortescue (that is, RIO). After recent downgrades to the iron ore price, the sell side has reduced its outlook for RIO profits:
However, as you can see, consensus remains miles behind reality, even of current spot prices, let alone what’s coming.
Meanwhile, FMG’s bond prices have briefly breached 15% on the 2019 maturity:
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