Mesabi Yield Could Hit 15% But Fair Value May Be Approaching [Seeking Alpha]
Cleveland-Cliffs Inc. (CLF)
Last cleveland-cliffs inc. earnings: 2/20 07:00 am
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Source: Seeking Alpha
Mesabi Yield Could Hit 15% But Fair Value May Be Approaching Summary Mesabi collects mineral royalties on iron ore pellets produced by a subsidiary of Cleveland-Cliffs (Northshore Mining Co) in Minnesota. With increases in iron ore pellet pricing, plus a $90M mine investment, Mesabi Trust's earnings may improve 30% y-o-y 2019, suggesting a yield of 15% on the current stock price. However, iron producers trade at low multiples, capacity is being added, and futures prices all suggest pricing may moderate. Investors should not confuse potentially peak earnings with an ongoing dividend payout, as MSB pays out virtually all earnings, rather than maintaining a stable dividend. Though 2019 looks to be a great year for Mesabi, a normalised valuation suggests paying more than $32 for the stock, with high optimism on long-term pellet pricing. Mesabi Trust (NYSE: Source: Cleveland-Cliffs 2018 Annual Report The Importance Of The Pellet Premium The threshold price for the agreement can be found he
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CLF
Earnings
- 1/29/24 - Beat
CLF
Sec Filings
- 4/5/24 - Form 8-K
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- CLF's page on the SEC website