Analyst Views | What did you make of Kazakhmys' results?

LOUISE COLLINGE INVESTEC
“The ENRC impairment looks unflattering but should have been expected. The lack of interim dividend is the right decision by the company for cash conservation but may disappoint the market. While costs came in below expectations for the first half, they look set to rise in the second half.

PETER MALLIN-JONES CANACCORD GENUITY
“The rising net debt as the [new] Bozshakol and Aktogay developments progress is the reason we turned lukewarm on the stock. Longer term we can see value, but the rising multiple as net debt grows will make the shares look increasingly expensive relative to other copper producers in our view.

CAILEY BARKER NUMIS
“Revenue was in line with expectations at $1.57bn (£1bn) and core earnings were three per cent lower than consensus at $440m but down 32 per cent year-on-year, with higher revenues offset by increased costs. Adjusted earnings per share came in at 21 cents versus consensus estimates of 18.5 cents.