Q: What is your current view on IVN. Copper price has been firm but IVN shares have had a tough few months.
5i Research Answer:
There has been some rebel activity in the DRC. IVN says nothing has been impacted, but the activity highlights the regional risk to investors. Q4 revenue rose 37%, but it did miss earnings estimates. IVN has also released expansion studies, which we view as generally positive. Other than that, there has not been a lot of recent news. Of course, the market has gone into 'risk off' mode and there are concerns that the trade wars will bring many economies to a halt, which of course could impact both copper and valuations.