Gemfields recently released results for the year to June 2016. Numbers were generally in line with our forecasts apart from bottom-line earnings, which came in above the top of the range because of a substantial tax credit (US$8.9m) resulting from a change in the tax regime in Zambia right at the end of the period. We raise our price target from 85p to 100p, almost entirely because we have changed our GBP/USD rate from 1.50 to 1.30.
06 Oct 2016
Update following annual results
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Update following annual results
Gemfields Group Limited (GEM:LON) | 11.4 0 0.0% | Mkt Cap: 132.7m
- Published:
06 Oct 2016 -
Author:
Cavendish Research -
Pages:
12
Gemfields recently released results for the year to June 2016. Numbers were generally in line with our forecasts apart from bottom-line earnings, which came in above the top of the range because of a substantial tax credit (US$8.9m) resulting from a change in the tax regime in Zambia right at the end of the period. We raise our price target from 85p to 100p, almost entirely because we have changed our GBP/USD rate from 1.50 to 1.30.