nice work brighter spark. I note all your numbers are in USD - no conversion to AUD!! which is always going to be the contentious number into the future. Clever way around it! :)
FYI - they get a 4 year tax holiday.
- the SG&A is way too heavy - the BFS had included Admin in the operating costs. This is a company that has been parsimonious for many years - i would slash it and even it out over the years.
- they can easily add another year at the very least with existing resource using lower cut-off.
My NPV model come out at 27c, using POG1300 flat over 11 years, and at 10% disc. But now they have the mine nearly running its time to reduce the discount rate.
The Petra Capital 16/6 NPV is 27c
The Casimir capital NAV, is 17c using POG 4US950 and 5% and they have a 27c target.
As I have commented before these NPVs on their own don't give a true picture of the value of the assets.I like the mix of methodolgies as per Casimir or even that of Fat Prophets (buy at 15c 13 Oct'10) which have a open view on targets and look for fundamental and technical value.
I look at it from the viewpoint of NBV -the Net Book V.is $139m (1H10) - so the market is only valuing the gold at $30m +. I would argue that steady ongoing annual decline in gold production and gold grades will cause investors in existing producers to re-rate the value upwards. I have read commentary on the fact that the average gold producer will in future need to see sustainable POG 1400+ in the face of increased cost pressures.
Remember folks every $100POG is worth approx. 1.5-2c on RED SP.
And we have had plenty of these increments since BFS and the 17c cap raise
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Last
34.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $2.346B |
Open | High | Low | Value | Volume |
34.5¢ | 35.5¢ | 34.0¢ | $4.566M | 13.13M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
20 | 513095 | 34.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
34.5¢ | 90200 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
19 | 437925 | 0.340 |
21 | 1169245 | 0.335 |
13 | 1306537 | 0.330 |
9 | 821638 | 0.325 |
22 | 1032839 | 0.320 |
Price($) | Vol. | No. |
---|---|---|
0.345 | 90200 | 4 |
0.350 | 1062361 | 19 |
0.355 | 1488685 | 17 |
0.360 | 1096349 | 26 |
0.365 | 1259971 | 17 |
Last trade - 16.10pm 15/10/2024 (20 minute delay) ? |
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