Stock: MHM
Business: Aluminium, Silica, Gold and Base Metals
Shares: 87.5M shares, 27.5M 20c options (approx 115M total)
Share Price: 29c (Fully Diluted cap $33m).
Current share price driver: Aluminium Plant upgrade and US Expansion.
Brief Overview of AL: MHM have a 60% share of a Victorian AL recyling plant that treats the waste from all the Aluminium produced in Australia. Contracts with SIMs and Alcoa. MHM have the rights to buy the other 40%. MHM treat the waste at $300 a tonne. MHM own 100% of the outside Australia rights.
The plant is currently being upgraded to include the MHM technology, and expected to generate $8m profit per annum with completion for Oct 2010. US Plants with 20 - 40 times the volume (20 - 40 times the profit).
Projected profit: $8m when Australian plant is completed ($2.5m before completion).
Fair Value of Australian Plant at PE of 10 = $80m market cap (70c a share).
Fair Value of US Plants (based on 20x volume and $160m profit) at PE of 10 = $1,600 market cap ($14 a share).
Additional Upside: Plants in additional countries. Silica Offtake.
Price Target: $3.50 (70c + 20% of US Fair Value).
Timeframe: 3 - 12 months.
Rerating Factors: Completion of Aus Plant. Deal on US Plants. Silica Offtake.
#Note# The above is purely MY musings, and what I based MY holdings on. Do your own research.
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36.5¢ |
Change
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Mkt cap ! $152.7M |
Open | High | Low | Value | Volume |
37.0¢ | 37.0¢ | 36.0¢ | $74.22K | 202.1K |
Buyers (Bids)
No. | Vol. | Price($) |
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2 | 24135 | 36.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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36.5¢ | 6023 | 1 |
View Market Depth
No. | Vol. | Price($) |
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2 | 24135 | 0.360 |
1 | 1424 | 0.355 |
1 | 5000 | 0.340 |
1 | 1516 | 0.330 |
3 | 46700 | 0.320 |
Price($) | Vol. | No. |
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0.365 | 6023 | 1 |
0.370 | 115000 | 2 |
0.375 | 50000 | 1 |
0.385 | 30000 | 1 |
0.390 | 65332 | 3 |
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