Australia's largest stock trading and investment forum Australia's #1 stock forum

MIN

Click for more information

0.83%

$51.61 mineral resources limited

Ann: Application for quotation of securities - MIN, page-10

First 10 Last

Share
Profile

Follow
preay003

671 Posts.

104

02/07/24

17:48

Post #: 74573129
Share

Originally posted by scrabble1: ↑

the min pres says net debt/ebitda ratio is 2.4 (pg 16)

I have massive issues with this calc. They say ebitda is calculated on rolling 12 month basis.

ebitda was $675m for Dec 23 hy. Obviously if you include a period from the previous fin year where lithium prices were substantially higher, the ratio is going to be much lower.

another issue is that sustaining capital is much higher than depreciation. It was $258m for hy Dec 2023 but sustaining inv for same period was $367m (pg 12)

also it should be ebitda less sustaining cap less interest less tax.

if you extrapolate Dec 2023 figures over FY (which is closer to the mark than using a period which is so out of whack with the current market) then you have

$675m less $367m less $126m (interest) less $71m (tax) = $111m for HY (or $222m for FY)

this gives you net debt ($3.5b) to adj profit of $222m which is ratio of 15

And if you are to recalculate it based on likely profit for June hy and the current net debt levels (look at cap ex spend for June 2024 hy in pres)

wow! If this is worth $54, then BHP should be $300…..

Expand

Debt is meant to peak later this year....

Research note I read has interest at 347 000 000 per annum.

And yep thats post haul road sale.

MIN Price at posting: $53.66 Sentiment: None Disclosure: Not Held
Upvote

0 Great analysis

Reply

Top Stories

Failure to report prompts ASX to impose multiple company suspensions

ACW

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

IRE

Iress runs 'hot' for Wealth Within's stock tips

COD

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

LU7

Strong PFS numbers solidify Lithium Universe's big plans for Québec

There are more pages in this discussion • 6 more messages in this thread...

First 10 Last

Add MIN (ASX) to my watchlist

(20min delay)
Last $51.61		Change -0.430(0.83%)		Mkt cap ! $10.14B

Open	High	Low	Value	Volume
$50.18	$52.17	$50.13	$127.7M	2.480M

Buyers (Bids)

No.	Vol.	Price($)
2	1019	$51.60

Sellers (Offers)

Price($)	Vol.	No.
$51.69	130	2

View Market Depth

No.	Vol.	Price($)
2	1019	51.600
1	13	51.510
2	832	51.500
3	26434	51.490
1	562	51.450

Price($)	Vol.	No.
51.690	130	2
51.710	2000	1
51.750	95	1
51.820	947	1
51.850	525	2

Last trade - 16.10pm 01/10/2024 (20 minute delay)

MIN (ASX) Chart

SPONSORED BY