Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ACACIA MINING PLC. We currently have 43 research reports from 5 professional analysts.
|14Feb17 09:39||PRN||Correction : Results for the 12 months ended 31.12.16|
|14Feb17 07:00||PRN||Results for the 12 months ended 31 December 2016|
|01Feb17 09:48||PRN||Total Voting Rights|
|19Jan17 07:00||PRN||Q4 Production Results|
|13Jan17 17:30||RNS||Response to Media Speculation|
|30Nov16 07:00||PRN||Exploration Roundtable|
|30Nov16 07:00||PRN||Exploration Roundtable|
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Research reports on
ACACIA MINING PLC
ACACIA MINING PLC
Forecasts updated: No rush.
17 Feb 17
We have undertaken a review of our estimates for Acacia Mining following the company’s FY2016 results. In this note we publish FY2019 estimates and update our relative valuation indicators. We maintain our Hold recommendation and reduce our target price marginally to 506p (509p).
SP Angel – Morning View
14 Feb 17
Acacia Mining (ACA LN) –Record 2016 gold output drives a more than doubling of dividend | BlueRock Diamonds* (BRD LN) – First blast kimberlite ore being processed | DiamondCorp (DCP LN) Suspended – Placing delayed till 28 February as AMCU union messes around with agreement | Georgian Mining* (GEO LN) STRONG BUY – New drilling shows massive intersection of higher grade copper | Hummingbird Resources (HUM LN) – Taurus Funds US$25m bridging loan now fully drawn | Mariana Resources (MARL LN) – Drilling underway at Ergama in Turkey | Mkango Resources* (MKA LN) – China importing significant tonnages of Rare Earths as the nation moves to control market | Solgold* (SOLG LN) – Drilling results from Cascabel
Gold: Quarterly Nugget - Financial insurance required as uncertainty spikes
26 Jan 17
The Economic Uncertainty Index (EUI) has now breached its historical maximum. This is a record dating back to 1935. This is set to be a key catalyst in moving the spot price for Gold higher and we upgrade our 2017 forecast to $1,300/oz. 2016 contained the big electoral decisions but 2017 will see the implications. Investors in gold should profit from the contagion risk associated with the UK’s exit from the EU, the impact of the Trumponomics on US inflation. While a more protectionist stance to multilateral trade deals from the US is set to hurt emerging economies. There is also the risk of further political upheaval during the upcoming European elections.
Panmure Morning Note 19-01-2017
19 Jan 17
Acacia Mining’s Q4/FY2016 production report confirmed our suspicions the company would again exceed market guidance and as such announced results largely in line with our expectations. Nevertheless this should not detract from the solid improvements management have made throughout the year. We maintain our Hold recommendation and 459p target price following the solid price performance of late.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Playing the long term, with short-term risks
16 Feb 17
After the publication of the annual results, we update our view and highlight the key points. Q4 16 key highlights As a reminder, the company reported results 30% below expectations at $400m for Q4 16. By division: 1) In upstream, underlying replacement costs profit came to $400m, vs. a loss a year earlier of $728m and a loss of $224m in Q3 16, reflecting the ongoing lower costs which have benefited from simplifications, efficiencies and lower exploration write-offs. In the US, the loss is still $147m. Production came in at 2.19mbpd, down 5.5% yoy due to disposals and up 1.8% on an underlying basis thanks to ramp-ups. One of the key events during the quarter was the renewal of BP’s onshore concession in the UAE with a 10% interest in the ADCO onshore oil concession. In terms of outlook, production should be higher in 2017 and will depend on the timing of project start-ups, acquisitions, divestments, and OPEC quota. Also the Abu Dhabi concession will be visible as from Q1 17. 2) In downstream, replacement costs profit came to $877m, down from $1.2bn a year ago and $1.4bn in Q3 16. The US division showed a loss of $371m vs a gain of $1.25bn. Non-US Fuel business earnings halved to $417m due to the weaker refining environment as well as the impact from the particularly large turnaround at the Whiting refinery. In lubricants, profit rose to $357m, reflecting the continued strong performance in its growth markets and premium brands as well as simplifications and greater efficiencies. The margin should remain unchanged for Q1 17. 3) Rosneft. Underlying replacement costs profit came to $135m, down from $235m a year ago, affected by the increased government take. Production was at 1.15mbpd, up from 1.03mbpd a year ago. This reflects the completion of the acquisition of Bashneft and Rosneft’s increased stake in the PetroMonagas venture. BP received a dividend of $322m after deduction of the withholding tax, in July 2016. On the Macondo oil spill, the charge taken for the Q4 16 pre-tax was $530m. This reflects BP’s latest estimates for claims including business economic loss. The pre-tax cash outflow on costs related to the oil spill for the full year 2016 was $7.1bn. Cash flow Excluding the Gulf of Mexico payment, the operating cash flow was $4.5bn. Underlying operating cash flow excluding the oil spill-related payment was $17.8bn for the full year. Proceeds during the year and the scrip dividend were not enough to cover capex and the cash dividend. Gearing at the end of the year increased to 27% ($35.5bn debt), in the high range of the group’s target of 20-30%. Organic capital was $16bn, below original guidance of $17bn to $19bn. Capex in 2017 should be close to $16-17bn. Divestment proceeds should be higher in 2017, close to $5bn and then reducing by $2-3bn per year after 2018. The total costs of the Deepwater payment should fall to $2bn in 2018 and then $1bn per year as from 2019. In 2017, this should be close to $5bn. All in all, including the latest acquisitions, cash flow break-even should be close to $60/bbl in 2017.
GMP FirstEnergy ― UK Energy morning research package
17 Feb 17
Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management