Hier auch noch mal herzlichen Dank an Schnucksche. So, jetzt aber Euch noch ne gute Nacht, lesen uns morgen weiter.
The following table compares Blue Pearl on the basis of market capitalization and
enterprise value to the handful of other publicly traded companies that are essentially
devoted to mining or developing molybdenum projects. Of these companies, Blue Pearl is
the only one with substantial molybdenum production. Idaho General Mines intends to
develop the Mount Hope deposit in Nevada into a substantial supplier of the molybdenum;
however, the details of the proposed development are not fixed and so it has yet to be
financed. Once the Mount Hope Project clears the permitting stage of the planned
development (expected in H2/07) Idaho General could become a potential acquisition
target for Blue Pearl. Comparative Analysis: Molybdenum Plays
9-Feb-07 Shares Market Cap EV
Issuers1 Ticker Exchange Price 2 O/S (mm) (US$ mm) (US$ mm)3
Blue Pearl Mining BLE TSX C$7.50 103.3 $666 $1,087
Idaho General Mines GMO AMEX $2.76 41.5 $114 $95
Roca Mines Inc ROK TSXV C$1.37 62.3 $73 $74
Adanac Moly Corp. AUA TSXV C$1.05 71.9 $65 $63
Moly Mines Limited MOL ASX A$1.30 35.1 $35 $44
International Molybdenum IMY AIM £ 0.065 140.2 $18 $7
Eureka Mining Plc* EKA AIM $24 $24
US$ / C$ 1.1628
Stirling / US$ 1.9485
US$/A$ 1.2882
*Acquired by Celtic Resources
Source: GMP.
RISKS: BLUE PEARL HIGHLY LEVERAGED, WHICH WE BELIEVE
WILL CHANGE
Blue Pearl has a significant amount of indebtedness and significant debt service
obligations. We estimate that, following the Thompson Creek acquisition and the
associated financings, the company has outstanding indebtedness of $402 million and a
ratio of debt to total capitalization of approximately 0.38 to 1. This degree of leverage
could adversely affect the corporation in a number of ways, including limiting its flexibility
to react to changes in market conditions, limiting its ability to obtain additional financing
and limiting access to cash flow from operations for Future acquisitions. These factors
could place Blue Pearl at a disadvantage compared to competitors that have a lower
degree of leverage. However, based on our molybdenum price forecasts, we believe Blue
Pearl will quickly overcome these financial risks. Restrictive covenants in the loan facilities may prevent the company from pursuing
business activities that could otherwise improve its results of operations. The terms of the
loan facilities will limit the corporation’s ability to, among other things:
• Incur additional indebtedness or contingent obligations,
• Enter into sale and leaseback transactions,
• Make investments,
Debt to total capitalization is
38%
LG, Harley
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