I don't think a dividend will be forthcoming until the 2026 results (so declaration and payment in Feb/Mar 2027 given the calendar year reporting). This year using their current run rate, I expect circa 4.8m tonnes then moving to 7m tonnes in 2025. With a bit of luck cashflow per tonne will be a bit more than $10 given favourable unit economics and a strengthening bauxite price environment. THis would have debt repaid during 2025 and 2026 and MMI in a strong position with their capex cycle behind them.
I think the price target of about 8 cents is not unreasonable in the next 2 years. That would be a market cap of about $350m or 5 times a sustainable $70m NPAT.
I'll have another look when we get the half year results, that will give the D&A expenses plus G&A expenses. They did a big write off in the last few years so depreciation will certainly be less than it would have been otherwise. They also have tax losses to utilise which also have a reasonable value.
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Last
4.7¢ |
Change
0.001(2.17%) |
Mkt cap ! $279.1M |
Open | High | Low | Value | Volume |
4.7¢ | 4.8¢ | 4.6¢ | $522.7K | 11.18M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
5 | 3640922 | 4.6¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
4.8¢ | 2972414 | 9 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 3597444 | 0.046 |
2 | 363636 | 0.045 |
6 | 1727999 | 0.044 |
9 | 1842209 | 0.043 |
13 | 2755022 | 0.042 |
Price($) | Vol. | No. |
---|---|---|
0.048 | 2406713 | 7 |
0.049 | 1335500 | 6 |
0.050 | 4442300 | 15 |
0.051 | 2434227 | 6 |
0.052 | 2023695 | 7 |
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