according to Fosters...
Today’s Top Picks.
Paladin Energy (PDN. ASX; $0.80/sh; Mkt Cap $686m) – Oversold on strategic sale delay. TRADING BUY
•Two weeks ago we highlighted the likelihood of a delay to the strategic initiatives underway to strengthen the balance sheet (debt currently ~US$740m) and view the stock as now oversold in recent days. While the market often punishes a stock for not meeting timetables for key milestones we believe it is better to extend for another 2-3mths into the September Qtr and secure the best outcome for shareholders vs getting a deal for the sake of simply meeting the market’s expectation.
•Various brokers have indicated a sale of up 15-20% stake in Langer Heinrich could realise up ~$200m based on NPV asset valuations or using historical EV/Resource metrics. Such a transaction would reduce net debt to ~$540 and gearing to ~40%, a far more palatable level should the 12-24mths not see any recover in the uranium price.
•We view PDN as oversold and likely to re-rate back above the 90c level leading into July when further clarity could follow on the process underway with the preferred party. Management have stated they are ‘confident’ of a deal being finalised by August. We note the stock was trading at 98c a week ago with the expectation of a delay likely.
•We view PDN as our top TRADING BUY in the resources sector
http://www.fostock.com.au/announcements/paladin-energy-pdn-asx-iron-ore-holdings-ioh-asx
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Last
$11.55 |
Change
-0.190(1.62%) |
Mkt cap ! $3.454B |
Open | High | Low | Value | Volume |
$11.94 | $11.94 | $11.32 | $50.18M | 4.349M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 337 | $11.53 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$11.57 | 45691 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1741 | 11.470 |
2 | 5080 | 11.400 |
1 | 87 | 11.390 |
1 | 60417 | 11.370 |
2 | 1901 | 11.360 |
Price($) | Vol. | No. |
---|---|---|
11.570 | 10688 | 1 |
11.600 | 1700 | 1 |
11.610 | 10688 | 1 |
11.620 | 1250 | 1 |
11.660 | 68 | 1 |
Last trade - 16.10pm 30/09/2024 (20 minute delay) ? |
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PDN (ASX) Chart |