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Investing.com - JPMorgan downgraded Deterra Royalties Ltd (ASX:DRR) stock rating from Overweight to Neutral while maintaining a price target of AUD4.60.
The rating change follows Deterra’s fiscal year 2025 results, which showed net profit after tax (NPAT) of $160 million, exceeding JPMorgan’s estimates by 12% due to higher capacity payments from the Mining Area C (MAC) royalty.
Deterra declared a final dividend of 13 cents per share, higher than JPMorgan’s expected 11 cents per share, which had been based on a projected 75% payout ratio.
The company ended the period with a net debt balance of $271 million, lower than JPMorgan’s forecast of $282 million, indicating stronger cash management than anticipated.
JPMorgan reduced its FY26 NPAT estimate by 2% due to expected lower MAC capacity payments, and with Deterra trading at a price-to-NPV ratio of 0.97x, the firm determined the stock is now fairly valued at its current price.
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