My figures below are likely to be partly or entirely incorrect. So go do your own research and modelling or go get your own advice or both. This here is not ADVICE. Views here are my own and partly based on others NPAT predictions.
DML - today very roughly: Market Cap $272,719,440 Assets book $494,029,000 Loan Debt $188,000,000 Loan Debt to Equity market ~68.94% Loan Debt to Equity book ~38.05% Shares 486,999,000 SP $0.56
Cash Cash on hand $48,386,000 Trade creditors $36,629,000 Net cash $11,757,000
Capital Commitments Required 2013 Boseto operation capital commitment $5,000,000 Mobile mining fleet acquisition $4,600,000 Coal fire power station $800,000 Zeta underground $600,000 Diesel power station $400,000 Total $11,400,000
Assume Cash burn of $14,000,000 until say 30 June 2013 So excluding residual net cash as above baed on $14,000,000 DML needs around $25,400,000 (plus probably a bit more) But neverthelss assume draw down of $25,400,000 on existing facility/new debt/bonds whatever Assume annual interest @ 6.5% on $25,400,000 = $1,651,000 PA
2 Forecasts on NPAT FY13 FY14 Forecast 1 $134,200,000 $205,500,000 Forecast 2 $117,000,000 $209,000,000 Average $125,600,000 $207,250,000
Reduce average of NPAT forecasts by 50% FY13 NPAT = $62,800,000 FY14 NPAT = $103,625,000
Less annual interest as above FY13 NPAT = $61,149,000 FY14 NPAT = $101,974,000
FY13 = EPS $0.13 FY14 = EPS $0.21
FY 13 Model says SP @ PE 8 = $1.00 FY 13 Model says SP @ PE 10 = $1.26
FY14 Model says SP @ PE 8 = $1.68 FY14 Model says SP @ PE 10 = $2.09
Current PE assuming projected EPS of 13 cents = 4.46
So go suck on that but DO NOT rely on anything I might have said!
DML Price at posting:
56.5¢ Sentiment: None Disclosure: Held