Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PETROPAVLOVSK PLC. We currently have 25 research reports from 3 professional analysts.
|05Dec16 07:09||RNS||Amur Zoloto Transaction Update|
|02Dec16 02:23||RNS||Notice of IRC Announcement|
|01Dec16 10:13||RNS||Notice of IRC Announcement|
|30Nov16 07:04||RNS||Refinancing Approval|
|29Nov16 11:16||RNS||Management Changes|
|28Nov16 07:00||RNS||Impact Assessment of Adverse Weather|
|22Nov16 02:18||RNS||Notice of IRC Announcement|
Frequency of research reports
Research reports on
SP Angel – Morning View
05 Dec 16
Edenville Energy (EDL LN) - Initial bulk test results confirm coal suitability for power generation | Horizonte Minerals (HZM LN) – Completion of fundraising | Petropavlovsk* (POG LN) – Amur Zoloto acquisition update | Sula Iron & Gold (SULA LN) – Drilling to start at flagship Ferensola gold project in January | Tertiary Minerals* (TYM LN) – Disposal of non-core gold exploration assets
SP Angel – Morning View
30 Nov 16
Anglo Asian Mining* (AAZ LN) – Gedabek mine linked to grid power | Bushveld Minerals (BMN LN) – South African competition commission approves acquisition | Kodal Minerals* (KOD LN) – Drilling starts at Bougouni lithium project | Metminco* (MNC LN) –Miraflores feasibility study underway | Nyota Minerals (NYO LN) – Going for a new type of gold mine | Petropavlovsk (POG LN) – Mine stability problems at Andreevskaya and refinancing | Strategic Minerals* (SML LN) – Presentation by Cornwall Resources | Trans-Siberian Gold (TSG LN) – Announcement of special dividend
05 Oct 16
Estimated Net Debt by YE16 at $517m, compared to $570m Company target, takes into account higher gold price assumptions (spot of $1,300/oz through H2/16 v $1,200/oz for POG) and lower capex spend given the agreement with GMD Gold for the JV partner to cover remainder POX related costs once the deal is approved.
19 Jul 16
Updated earnings and valuation take into account latest quarterly production report and adjustments to gold prices and USDRUB exchange rate; 2016 gold production revised to 437koz v 463koz estimated previously on weaker than expected H1/16 (240.2koz reported v 213.3koz estimated) driven by a shortfall in Pioneer production (67.7koz reported v 90.3 estimated) on weaker grades and heavy rains affecting mining operations; TCC raised to $751/oz v $715/oz estimated previously and $700/oz guided by the Company on weaker production and a less aggressive depreciation in the USDRUB; On AISC basis which include changes in capitalised deferred stripping costs, operations are forecast to average $843/oz v $795/oz generating $195m in EBITDA (2015: $173m) and $79m in FCF (excl $20m in disposal proceeds) (2015: $78m). Net Debt to come down to $511m by YE16 v $535m guided by the Company (assuming $35m in POX capex covered by GMD Gold) with the difference partly attributed to a higher gold price assumed ($1,240/oz v $,1200/oz assumed by Co); We bring a recovery in gold price forecasts forwards on increased demand for safe haven asset amid rising financial and geopolitical risks and downward pressures in other assets classes yields (2016/17: $1,262/1,300 v $1,196/1250 forecast before); A revised valuation of 7.3p per share, up from 6.7p, reflects an increase in gold price assumptions as well as gains in market value of 36% interest in IRC softening the effects of a fall in production and a stronger USDRUB.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
GMP FirstEnergy ― UK Energy morning research package
30 Nov 16
Gran Tierra (GTE CN)1, 6; BUY, C$5.50: Equity financing and acquisition of two blocks from Ecopetrol | Northern Petroleum (NOP LN)1; SPECUATIVE BUY, £0.15: Farm out and equity issue | President Energy (PPC LN) (not covered): IFC Equity Subscription | Primeline Energy (PEH CN) (not covered): 2Q16 Results ended 30 September 2016 | Faroe Petroleum (FPM LN)6 ; BUY, £1.20: Oda update in Norway | Jersey Oil & Gas (JOG LN)1 ; Under Review: Placing | SacOil (SAC LN/SCL SJ)1 : SPECULATIVE BUY, £0.016, Trading Update
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
Operating profits and net cash position – restored; market outlook – precarious
01 Dec 16
The turnaround was noticeable Lonmin’s full-year (September-ending) results were ahead of consensus and AV’s estimates. Sales came in at $1.1bn (-14% yoy) as the average realised (USD-denominated) PGM prices and sales volumes were down yoy 12% and 2%, respectively. However, platinum sales (736koz) were much ahead of earlier guidance (700koz) – thanks to certain smelting/processing efficiencies, which helped more than offset the impact of reorganisation-related disruptions. After two consecutive years (FY14-15) of hefty operating losses, Lonmin finally reported an adjusted operating profit (even though feeble) of $7m. This was facilitated by the record weakness in the South African rand (down from ZAR12/$ in FY15 to ZAR14.77/$ in FY16) and ZAR1.3bn of cost savings – 86% higher than the earlier target. Disappointingly, Lonmin recognised $335m of asset impairments (vs. $1.8bn in FY2015), which resulted in a full-year net loss of $400m. But the turnaround in reported OCFs – inflow of $58m vs. an outflow of $12m – was a much-needed improvement, which, along with conservative capex (-35% yoy) of $87m, resulted in a net cash position of $173m (with no short-term repayments) vs. a net debt position of $185m (at end-FY15). But the guidance spells caution For FY17, management targets conservative platinum sales of 650-680koz, while unit costs are expected to remain under pressure – ZAR10,800-11,300/oz vs. ZAR10,748/oz achieved in FY16. On the other hand, capex plans would be aggressive – ZAR1.8bn (which includes ZAR400m for the tailings project – already delayed by almost two years) vs. ZAR1.3bn spent in FY16.
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.