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: 11.05.2023 Kursziel: CAD 1,59 (bisher CAD 1,66) Kursziel auf Sicht von: 36 Monate Letzte Ratingänderung: - Analyst: Peter Thilo Hasler, CEFA
Sangdong on track for commissioning in 2024e We value 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). Reflecting the higher number of shares outstanding, our fully diluted price target slightly declines to CAD 1.59 from CAD 1.66 per share. Given a 144.6% upside from the current share price of CAD 0.65 we are reiterating our Buy rating for the shares of Almonty Industries.
In the 2022 fiscal year, Almonty generated revenues of CAD 24.8mn (2021: CAD 20.8mn, +18.9% YoY). As in 2021, revenues in 2022 were generated exclusively at the Couto da Panasqueira mine in central Portugal, a polymetallic wolframite deposit, that has been in operation more or less continuously since the first mining permit was granted in 1886. With a tungsten content of up to 3% tungsten trioxide (WO3), Panasqueira’s current estimates of reserves (proven & probable) are 3,928 tonnes (392,800 MTU) of WO3. Total earnings from mining operations were CAD 2.5mn in 2022, down from CAD 2.8mn in 2021, which had been positively impacted by a CAD 4.1mn impairment reversal. Operating cashflow was CAD -5.6mn, compared to CAD -8.4mn due to a strong improvement in group profitability.
Construction work on the South Korean Sangdong Tungsten Mine is progressing according to plan, as the company says. Total drawdown under the KfW Project Finance Facility (total financing amount USD 75.1mn) is USD 32.3mn.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26979.pdf
Kontakt für Rückfragen Peter Thilo Hasler, CEFA +49 (152) 31764553 peter-thilo.hasler@sphene-capital.de
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