Image source: Company website.
Investment Thesis
A major portion of underperformance of KAZ Minerals (KZMYF) (KZMYY) has been attributed to a mix of scant tangible immediate catalysts and lack of investor excitement. Astonishingly, KAZ Minerals remains buy-rated with most analysts on account of better copper prices and volume growth. Following a strong rally in 2016, the company yielded mildly disappointing earnings in the fourth quarter of 2017 and weak guidance for 2018.
2018 Production Guidance
Source: Company data.
The ramp-up of new operations followed by improved prices of commodities has positively transformed earnings