Research, Charts & Company Announcements
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|16Feb17 02:18||MKW||Dundee Precious Metals Announces 2016 Fourth Quarter and Annual Results and 2017 Guidance|
|15Feb17 21:45||MKW||Dundee Precious Metals Announces Appointment of Juanita Montalvo to its Board of Directors|
|24Jan17 21:30||MKW||Dundee Precious Metals Announces Closing of C$43.7 Million Strategic Equity Investment By The European Bank for Reconstruction and Development|
|11Jan17 12:52||MKW||Dundee Precious Metals Achieves 2016 Production Guidance and Provides Notice of Fourth Quarter and Full Year 2016 Financial Results|
|01Mar16 22:11||MKW||Dundee Precious Metals Announces Sale of Kapan for US$25 Million and a 2% Net Smelter Return Royalty|
|10Feb16 01:17||MKW||Dundee Precious Metals Announces 2015 Fourth Quarter and Annual Results and 2016 Guidance|
|12Jan16 22:25||MKW||Dundee Precious Metals Achieves 2015 Production Guidance and Provides Notice of Fourth Quarter and Full Year 2015 Financial Results|
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DUNDEE PRECIOUS METALS INC
DUNDEE PRECIOUS METALS INC
Panmure Research - Investment Funds 02-11-15
02 Nov 15
In our opinion, North American Energy Infrastructure (NAEI) can be viewed as either a high yield equity income growth or infrastructure subsector of the North American equity marketsNAEI vehicles offer steady, unexciting, prospects (c3-10% growth) that aren't naturally hot. In compensation, they distribute 60% plus of their earnings giving rise to 3-7% dividend yields (the higher the coupon the lower the dividend growth) as a way of attracting investor interest and new capital (debt/equity) to finance growth. Over the last decade the Alerian index (an imperfect proxy for NAEI vehicles) has delivered dividend growth of by c4.9%pa and a TSR of 8.2%pa. During this period, the index's yield widened from 6.0% to 8.3% and during 2015 the index has under gone a sharp correctionThe NAEI subsector comprises the provision of non-cyclical utility type economically critical infrastructure (Oil, Gas, and Electric) to commercial customers within a regulatory framework.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
South Disouq spuds
20 Mar 17
SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.