I'm not an analyst but I'll throw in what I think is true and am happy to be corrected.
Results
sales down 220kt
Stockpiles up 220kt - so seems operations are ok
Cash - no change between quarters at $175m
So it seems just a timing issue on shipping the product.
If the extra stockpiled pellets were shipped, then it would have resulted in 220kt @ $170/t = $37.4 mil straight to the bottom line. Annualised that is $150 mil.Approx $45m tak payable = $105 mil PAT.
EV
The MC is $277m
Take away $175m in cash = $102m
So if my calculations are correct it trades on approx 1 times earnings, or to put it another way, if the market and production hold up for the next 12 months, the cash at bank will be equal to the MC and the reserves, resources, permits, equipment etc are all free carry.
Ann: GRR - Quarterly Report for 3 months ended 30 Sept 2020, page-6
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