Fortescue bonds have experienced impressive capital price growth since January lows and are now trading at a premium to par, offering significant returns for investors
![Outback in South Australia Outback in South Australia](https://thewire.blob.core.windows.net/web/images/default-source/default-album/outback.png?sfvrsn=3f0cb75a_0)
Fortescue surprised the market yesterday with a 212% increase in net profit after tax of US$985m, up from US$316m. In response to declining iron ore prices, the company has massively reduced costs and increased efficiencies so that it’s EBITDA margin is now at 45% and better than BHP’s at 41%. In depth analysis of financial results can be found at the end of the note.
Both Fortescue bonds have experienced impressive capital price growth since the lows in January and are now trading at a premium to par.
![](data:image/png;base64,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)
Source: FIIG Securities
If you invested in FMG bonds earlier this year, you would be sitting on significant returns.
FMG USD Senior Unsecured 2022 summary
Date | Description | $ (USD) |
21/01/2016 | Purchase | -$5,419.62 |
01/04/2016 | Coupon | $343.75 |
23/08/2016 | Sale | $10,500.00 |
Net increase in cash | $5,424.13 |
Holding period return | 100.08% |
Annualised holding period return | 169.91% |
FMG USD Senior Unsecured 2022 summary (adjusted for FX at spot rates shown)
Date | Description | AUD/USD | $ (USD) |
21/01/2016 | Purchase | 0.7015 | -$7,725.76 |
01/04/2016 | Coupon | 0.767 | $448.17 |
23/08/2016 | Sale | 0.763 | $13,761.47 |
Net increase in cash | $6,483.88 |
Holding period return | 83.93% |
Annualised holding period return | 142.48% |
FMG USD Senior Secured 2022 summary
Date | Description | $ (USD) |
21/01/2016 | Purchase | -$8,643.00 |
01/03/2016 | Coupon | $487.50 |
23/08/2016 | Sale | $11,946.30 |
Net increase in cash | $3,790.80 |
Holding period return | 43.86% |
Annualised holding period return | 74.46% |
FMG USD Senior Secured 2022 summary (adjusted for FX at spot rates shown)
Date | Description | AUD/USD | $ (USD) |
21/01/2016 | Purchase | 0.7015 | -$12,320.74 |
01/03/2016 | Coupon | 0.718 | $678.97 |
23/08/2016 | Sale | 0.763 | $15,657.01 |
Net increase in cash | $4,015.24 |
Holding period return | 32.59% |
Annualised holding period return | 55.33% |
Note: Prices accurate as at 23 August 2016 but subject to change. With the improving credit profile and further debt reduction targeted, we believe there is a strong chance the bonds will be called at the first opportunity and now may be a good opportunity for holders sitting on capital gains to take profit in what is currently a supportive commodity price environment.
The Fortescue bonds are offered at the following indicative yields to worst (YTW).
- Secured 2022 bond (rated BB+/Ba2): trading in an indicative range of 5.24% to 6.16% per annum (yield to 1 March 2018 call date at a call price of US$109.75), with current prices trading higher than the call price
- Unsecured 2022 bond (rated B+/B2): trading in an indicative range of 5.78% to 6.24% p.a. (yield to 1 April 2020 call date at a call price of US$100), compared to a current price of just under par.
Prices of both the secured March 2022 and unsecured April 2022 bonds are trading close to the call date prices, leaving little further upside. If you are interested in taking profit, some possible US dollar switch targets are:
- AusDrill November 2019 (YTW 7.4% pa.)
- IAMGOLD October 2020 (YTW 6.85% pa.)
- TransAlta November 2022 (YTW 4.41% pa.)
- Virgin November 2019 (YTW 6.62% pa.)
Note: Fortescue’s bond ratings differ to its corporate credit rating (BB negative outlook/Ba3 stable outlook) due to their respective rankings in the capital structure. For each rating agency, the secured bond rating ranks three notches above of the unsecured bond rating, reflecting its stronger position in the capital structure.
Fortescue full year 2016 results
The result is highlighted by a 27% growth in EBITDA despite 17% lower revenues during the year, a reflection of the significant progress the company made on cost reduction. As a comparison, Fortescue’s underlying EBITDA margin of 45% was better than BHP’s margin of 41%.
The company’s significant improvement in rating profile over the past year makes it a candidate for a credit rating upgrade. At the same time, Fortescue bonds have experienced impressive capital price growth in 2016, following the recovery in iron ore prices. With the company moving from a pure focus on debt reduction towards increasing dividends to shareholders, now may present an opportunity for existing holders to take profit.
The table below summarises the full year financial performance:
Source: Fortescue
Fortescue delivered healthy cashflow generation across all measures, with the majority of cashflows applied to reduce debt and gearing levels as reflected in the figures below:
Source: Fortescue
Net debt reduced by US$2bn over the year to US$5.2bn, and the company is targeting gross gearing levels of less than 40% (currently 45%). Further debt reduction is anticipated but will likely at be a slower rate than recent years. Fortescue’s cash balance at 30 June 2016 was US$1.6bn and the company has targeted liquidity of US$1 to 1.5bn, so up to US$600m is available from existing cash for further debt repayment. That figure excludes future free cashflow generation which is expected from the business.
However, we also note that Fortescue delivered a sixfold increase to the final dividend, from 2c per share at FY15 to 12c per share at FY16, so the company has transitioned from being purely focused on debt reduction to now being a meaningful dividend payer. While increased dividends to shareholders in itself is not credit positive, we believe Fortescue has weathered the resources storm and is now well positioned to manage its future debt maturity profile. We expect it to maintain a healthier balance sheet than previous years, and it is reasonable to expect an improved level of dividends as long as earnings and cashflow generation remain solid.
Being a single commodity producer tied to the production of steel, the continued risk for the business remains a downturn in iron ore prices or a slowing of demand from China for its product. While these are difficult risks to quantify, we note that the company’s cashflow breakeven price of around US$28 per dry metric tonne (dmt) is less than 50% of spot iron ore prices, so Fortescue has created a significant operating buffer to manage any future deterioration in price.
It is also important to note that the rating agencies are using relatively conservative iron ore price assumptions in the determination of their ratings. For example, S&P is currently assuming average benchmark iron ore prices trending to US$40/dmt for the rest of calendar years 2016, US$40/dmt in 2017, and US$45/dmt in 2018, with Moody’s adopting similar forecasts. These assumptions are well below current spot iron ore prices of around US$60 per tonne, and if the rating agencies were to revise their assumptions upward we would likely see an upgrade to Fortescue’s credit rating depending on the extent of the price assumption uplift. If Fortescue were to be upgraded to investment grade, for example, its ability and cost of obtaining new debt finance would improve materially and we would expect the company raise new debt to refinance and call the existing bonds early.
A link to the announcement is available here.![External link - opens in a new window External link - opens in a new window](https://thewire.blob.core.windows.net/web/images/default-source/default-album/external_link.jpg?sfvrsn=97adb45a_6)
Please contact your FIIG representative for further information on the Fortescue US dollar bonds. Available to wholesale investors at a minimum face value of USD10,000.