Luke Neely
LukasNeely
Recent Articles by Luke Neely
Jan 22, 2016
by Luke Neely
Is Now the Time to Buy Freeport-McMoran?
Shares in this beaten-down copper miner are down more than 80% over the past 12 months. The company is cutting costs aggressively and is being pressured by activist Carl Icahn. Although the company is priced for failure, the FCX has guided for roughly $2.8 billion in free cash in 2016 after the massive drop in CapEx, which would have shares trading at a P/FCF of <2 at current levels. The stock trades at a P/TBV of 0.39.
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