I’ve got to say that the excellence of Fortescue execution is now reaching such epic proportions that it is borderline miraculous. I’ll roundup some sell side takes today to give an idea of what I mean.
From Macquarie:
Headline earnings result was in line: FMG reported 1HFY16 underling Ebitda of US$1,301m and Ebit of US$674m, within 1% and 3% of our forecasts respectively. Reported profit of US$319m was 25% lower and included write downs relating to the Nullagine JV.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
