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
4.4¢ |
Change
0.001(1.16%) |
Mkt cap ! $253.0M |
Open | High | Low | Value | Volume |
4.4¢ | 4.4¢ | 4.2¢ | $160.9K | 3.712M |
Buyers (Bids)
No. | Vol. | Price($) |
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8 | 2339256 | 4.3¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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4.4¢ | 7028776 | 14 |
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No. | Vol. | Price($) |
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8 | 2339256 | 0.043 |
12 | 1671901 | 0.042 |
21 | 15021233 | 0.041 |
27 | 8786547 | 0.040 |
17 | 2649735 | 0.039 |
Price($) | Vol. | No. |
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0.044 | 7028776 | 14 |
0.045 | 2087739 | 12 |
0.046 | 2305541 | 11 |
0.047 | 1617027 | 6 |
0.048 | 496558 | 4 |
Last trade - 14.54pm 28/05/2024 (20 minute delay) ? |
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Last
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Change
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Open | High | Low | Volume | ||
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Last updated 15.19pm 28/05/2024 ? |
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