TBR 0.00% $3.40 tribune resources limited

Worth $8/share +

  1. 103 Posts.
    lightbulb Created with Sketch. 29
    Asset Valuation Book Value (2020)Adjusted Value
    Total Assets$304.4 $474.3
    Cash And Equivalents$14.0 $14.0
    Inventory$169.9 $339.7 *At cost value, so applying 40% margin is very reasonable
    Trade and other receivables$2.1 $2.1
    Property Plant And Equipment$48.1 $48.1 *Seems very conservative
    Right of use Assets$9.7 $9.7
    Exploration and evaluation$4.1 $4.1 *At cost? Value could be higher?
    Mine development$47.8 $47.8 *At cost, but reasonable, someone would pay for min?
    Deferred Tax$8.8 $8.8 Orginal cost above is $214m is replacement cost




    Total Liabilities$39.0 $35.9
    Accounts Payable12.234$12.2
    Current Portion of Capital Lease Obligations4.465$4.5
    Other Current Liabilities5.837$5.8
    Capital Leases3.095$-
    Other Non-current Liabilities13.4$13.4




    Net Asset Value$438.4
    NAV/share - conversative estimate $8.35 **




    $0.65
    NAV/share (face value)$5.04*This is extremely conservative, as gold is held at cost
    NAV/share (adjusted 1)$8.35 *This assume gold is sold at 40% GP margin
    NAV/share (adjusted 2)$12.66 *This assume gold is sold at 60% margin
    NAV/share (adjusted 3)$16.20 *This assume most aggressive accounting adjustments





    https://hotcopper.com.au/data/attachments/3017/3017371-8a8f56f96c76f19d62e15f5ff08fca60.jpg
    24-Dec-20BuyAU$331,815Anthony BillisIndividualAU$5.53
    Earnings Power Valuation


    Normalised 2021 Revenue$180m
    Normalised 2021 EBIT Margin40%

    Shares Oustanding52.5m
    Normalised NOPAT$50

    Normalised Adjusted EPS$0.96





    x7 multiple$6.72/sPlus excess cash$19.38/share
    x10 multiple$9.60/sPlus excess cash$22.26/share
    Perhaps the market will start to understand the opportunity here?
 
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