While interim results showed Ramelius Resources preserved most of its margin, Morgans points out margins were propped-up by an asset sale. Rail driver shortages impacted with net mine cash flow falling by -46% versus the previuous corresponding period.

The imminent end of WA's hard border will likely alleviate the situation though the broker notes lost 1H production is unlikely to be made-up. Nonetheless, the Add rating and $1.91 target are retained.

Sector: Materials.

Target price is $1.91.Current Price is $1.49. Difference: $0.42 - (brackets indicate current price is over target). If RMS meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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