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Tiger Resources - target price more than doubled
Written by Björn Junker • July 3, 2015 • Printer-friendly version
Analysts at Canaccord Genuity assess the recent news from the Tiger Resources (WKN A0CAJF / ASX TGS) very positive. You see in the refinancing of short-term liabilities of the copper producers a crucial risk reduction that take a lot of pressure from the companies. For this reason also raises the price target for Canaccord Tiger from 0.11 to 0.25 AUD and affirms the rating "buy speculative".
In addition, the experts go on to say that measures to expand production at the SXEW (Solvent Extraction Electro Winning) would bring Tiger a low-risk opportunity for high capital appreciation with it. Canaccord also points to recent comments of management regarding strategic alternatives to refinance, including transactions on corporate level. Given Tiger Resources office now a significantly reduced financing risk - and, according to the analysts, the company makes more attractive for a potential acquirers.
Tigers have now reported that long-awaited refinancing its short-term debt, as it had been agreed with Taurus Mining Finance Fund on the conditions for detaching facility of $ 137.5 million. This new loan has a maturity of 6.25 years and takes the pressure off the company to repay the existing $ 100 million credit for Taurus, who would have been due in January 2016 and the remaining 37.5 million USD a loan from Gerald to settle Metals, which would have become due in June 2016. The loan, a fixed coupon of 9.25% on that there is no penalty on premature detachment and no cockpit to hedge, so Canaccord.
As explained in an update of May, Tiger Resources has identified a number of cost-effective measures aimed at the copper cathode production of the plant can be increased to the Kipoi mining to December 2016 by 30%, the report said. The cost of this is estimated at USD 25 million, to be financed by a second tranche of financing of USD 25 million, which will run until 2023. Canaccord considers this a low risk way to increase the company's value, the capital-labor ratio also around 30% below that of the planned second phase of expansion (construction of a second SXEW) lie at Kipoi.
According to experts, the refinancing and the expected increase in production lead to a "more robust cash flow profile" and a stronger balance sheet. The second expansion phase was to "copy" the existing SXEW circuit and so interpret the potential on an output of up to 65 tonnes of copper cathodes per year. Canaccord believes, however, that Tiger need higher copper prices in order to pursue these plans with realistic prospect of success. Nevertheless, the analysts acknowledge that a possible further expansion substantial, potential value representing.
Canaccord has the evaluation of NAV (Net Asset Value) of Tiger revised and incorporated new production and cost forecasts and new refinancing assumptions. This resulted in a significant increase in the price target from 0.11 to 0.25 AUD. "Speculative buy" rating retain the analysts.