Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ALMONTY INDUSTRIES INC. We currently have 6 research reports from 2 professional analysts.
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ALMONTY INDUSTRIES INC
ALMONTY INDUSTRIES INC
Tough as tungsten
16 Aug 16
Operating against persistently low tungsten prices, Almonty has continued to grow its business and has raised two-thirds of the capex required, as debt, for its flagship South Korean Sangdong project, with the remainder likely via equity-linked instruments. We consider development of Sangdong as key to the company managing its gearing levels and the current low tungsten price environment. Aside from growing its production capabilities, Almonty plans to take over Vietnamese ferro-tungsten producer ATC Alloys, thereby diversifying into downstream processing.
APT price rebound key, finances bolstered
11 Mar 16
The present weakness in tungsten (APT) prices continues to be reflected in Almonty’s financial results, against a backdrop of steady production, improving costs and corporate efforts to strengthen its balance sheet. Alongside its corporate activity, Almonty is progressing optimisation of its Wolfram Camp Mine (WCM) to bring costs in line with Los Santos’s, as well as progressing development of its Sangdong asset (commissioning is expected in 2017). With APT prices at 10-year lows, it is clear a rebound in prices is the key for Almonty emerging as the pre-eminent global tungsten producer and maintaining itself as a going concern.
Robust Q315 results despite weaker APT
17 Sep 15
Almonty reported solid Q315 financial results, with an adjusted EBITDA loss narrowing to C$0.9m compared to C$1.0m in Q215 and C$1.5m in Q115, against the backdrop of a falling APT price. The results were supported by the continuing strong performance from Los Santos, which benefited from improved plant recovery and higher processed grade. Having incorporated Sangdong, the reported results and updated tungsten price assumptions into our model, we revise our valuation of Almonty from C$1.00/share to C$1.26/share.
Woulfe transaction implications
31 Jul 15
Following the recent transaction to acquire Woulfe Mining’s equity and debt, Almonty has proposed a merger of the companies, which would give Woulfe shareholders c 40% share in the combined entity. Woulfe’s main asset is the past-producing Sangdong tungsten project, which boasts low opex, capital intensity and a relatively short lead time. We have attempted a preliminary valuation of the project, estimating its NPV10 at C$0.7 per Almonty share on a funded and fully diluted basis, using a US$300/mtu APT price and assuming the IMC JV goes ahead.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
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.
Panmure Morning Note 22-03-2017
22 Mar 17
Acacia Mining and Endeavour Mining confirmed merger talks have now ended with Endeavour claiming an inability to “create adequate value for Endeavour shareholders”, most likely, we believe, given the disappointing ruling from the Tanzanian government on copper-gold concentrate sales. We were positive on the merger and believed a credible London listed Pan-African producer capable of challenging Randgold, would have been established. We make no change to our Hold recommendation today, and expect the shares to be marked lower in early trade.