ALMONTY INDUSTRIES INC. (FRA:CA020398) Original-Research: Almonty Industries Inc. (von Sphene Capital GmbH): Buy
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Original-Research: Almonty Industries Inc. - von Sphene Capital GmbH
Einstufung von Sphene Capital GmbH zu Almonty Industries Inc.
Unternehmen: Almonty Industries Inc.
ISIN: CA0203981034
Anlass der Studie: Update Report
Empfehlung: Buy
seit: 18.08.2023
Kursziel: CAD 1,59 (bisher CAD 1,69)
Kursziel auf Sicht von: 36 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler, CEFA
H1/2023 in-line with estimates – Los Santos about to reopen
With CAD 12.6mn and CAD -3.8mn, both sales (H1/2022 CAD 13.3mn) and pre-tax
loss (H1/2022: CAD -3.9mn), respectively, were in-line with our
expectations in H1/2023. 100% of revenues were generated by the Portuguese
Panasqueira mine, where ore mined and processed declined by 20.9% in
H1/2023. Free cash flow for the first six months was CAD -10.3mn (H1/2022:
CAD -5.8mn) which was financed by the issuance of shares (CAD 5.0mn) and
long-term debt (CAD 4.8mn, net of repayments).
We continue to value the shares of Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s producing assets (Sangdong, Los Santos, and Panasqueira) to which we have added the discounted value of the development project (Valtreixal). Given a higher number of shares outstanding, we adjust our target price to CAD 1.59 from CAD 1.69 per share. With an expected share price performance of 205.8%, we confirm our Buy rating for the shares of Almonty Industries.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27563.pdf
Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (152) 31764553
peter-thilo.hasler@sphene-capital.de
-------------------übermittelt durch die EQS Group AG.-------------------
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