2 best valued ASX shares near 52-week lows to buy today: FMG, MFG

Fortescue reported quarterly production results and maintained FY27 guidance, while Magellan announced its new name, merger progress, financial performance and future growth plans.

Fortescue Ltd (ASX: FMG), in its September 2026 Quarterly Production Report announced on 22 October 2026, reported iron ore shipments of 46.8 million tonnes (Mt) in Q1 FY27 including 44.3Mt of Hematite and 2.5Mt of Iron Bridge Concentrate. Total shipments fell 6% YoY, while ore mined reached 62.7Mt, up 4%, and ore processed was 48.8Mt, down 4%. Iron ore sales stood at 42.9Mt, 3.9Mt below shipments, due to ongoing negotiations with China Mineral Resources Group. Inventory may rise by another 4–5Mt in October. Hematite C1 unit cost was US$21.98/wmt, 13% above the previous quarter with higher diesel prices adding around US$1.40/wmt compared with Q1 FY26.

FMG also reported cash of US$3.2 billion and net debt of US$2.8 billion at 30 September 2026, following a US$1.0 billion final dividend payment and US$916 million in quarterly capital expenditure. The Blacksmith Project Mineral Resource increased 153% to 615Mt, with a maiden Ore Reserve of 196Mt at 58.0% average iron grade. First hot metal was produced at the Christmas Creek Green Metal Project. The 133MW Nullagine Wind Project received its first turbine components. More than 40 tonnes of copper concentrate treated using the Toowong Process were sold in October.

FY27 guidance remained unchanged, subject to CMRG negotiations: shipments of 197–207Mt including 11–14Mt from Iron Bridge; Hematite C1 costs of US$20.50–US$21.75/wmt; metals capital expenditure of US$3.7–US$4.7 billion; and energy capital expenditure of about US$150 million with net operating expenditure near US$300 million.

Also Read | Best ASX Minning Stocks for 2026

Magellan Financial Group Ltd (ASX: MFG), on 26 October 2026, announced its name change to Barrenjoey Group Limited following shareholder approval on 22 October 2026. The Australian Securities and Investments Commission registered the change. The company’s ASX ticker will change from MFG to BJY from 2 November 2026. On 1 July 2026, the company completed its merger with Barrenjoey Capital Partners, bringing together financial markets, corporate finance and investment management businesses.

For FY26, the combined group reported pro forma revenue of $778 million. The operating profit after tax of $215 million and statutory net profit after tax of $146 million. All three divisions contributed broadly equal revenue. MFG declared a fully franked second-half dividend of 25.5 cents per share and taking the full year dividend to 65 cents. The payout ratio was 80%. Going forward, the company aims to distribute 60% to 90% of operating profit after tax as dividends. The merger combines Barrenjoey’s growing financial services business with an investment management business with nearly 20 years of experience.

For FY27, the company plans to complete integration, expand overseas, develop private capital and listed equities and establish Barrenjoey New Zealand. In the first quarter, Financial Markets revenue was materially lower than the previous first half run rate. The Investment Management assets under management fell 8% to $38 billion due to higher bond yields affecting infrastructure valuations and outflows. Corporate Finance activity remained strong. Central support functions are expected to be integrated by November, ahead of schedule. Expected annual savings from the merger increased from $6 million to $15 million with full benefits expected in FY28. New Zealand operations are planned to start in 2028 with benefits expected from 2029.

Also Read | Best ASX Bank Stocks

(source : company reports)