Solid result for DRR.
- Total royalties of $53.9m on 25.3 m DMT across H1 (this includes periods owned by Iluka)
- Underlying EBITDA approx $48m
- South Flank on track to produce from mid CY-21
This means...
- After adjusting for one-off costs/benefits and FX, an implied sales price of ore price of ~ A$125/dmt (FOB) could see the underlying business generating >$200m pa EBIT within 12 months (plus capacity payments).
- Mid-term upside from from Eneabba, Wonnerup and St Ives, plus finance facility to grow/diversify portfolio.
- Business also benefits somewhat from countercylical FX impacts, as large scale decline in ore prices are likely to weaken $AUD.
- In the absence of a replacement to iron ore, expect long term prices to provide a reasonable hedge against price inflation.
- Expect the recently announced 2.45 cps (ff) dividend to grow to increase more than 5-fold to >$0.25 pa (ff) within 12 months -- approx. 8.2% gross yield on current share price.
Solid result for DRR.- Total royalties of $53.9m on 25.3 m DMT...
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Last
$4.79 |
Change
0.010(0.21%) |
Mkt cap ! $2.532B | |||
| Open | High | Low | Value | Volume |
| $4.75 | $4.81 | $4.71 | $4.521M | 945.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 22584 | $4.78 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.80 | 14020 | 3 |
View Market Depth
| Last trade - 16.10pm 24/05/2024 (20 minute delay) ? |
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Last
$4.80 |
Change
0.010 ( 0.25 %) |
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| Open | High | Low | Volume | ||
| $4.75 | $4.81 | $4.72 | 367782 | ||
| Last updated 15.59pm 24/05/2024 ? | |||||
| DRR (ASX) Chart |