Red Rock Resources - Initiation of Coverage
Red Rock Resources joined AIM in 2005 to advance iron ore and manganese projects in Australia. An early deal with ASX-listed Jupiter Mines paved the way for a lot of future success which propelled the shares from 1p to 20p. Today, the company is still headed by founder Andrew Bell and continues to pursue a strategy based on a combination of corporate deal making alongside exploration.
Red Rock’s stake in Jupiter Mines, assuming an upcoming IPO valuation of A$1 billion (£574 million), is worth more than the company’s current market cap. In addition, our conservative valuation also demonstrates that the stock is highly under-priced ex this stake. We initiate coverage of Red Rock Resources with a target price of 2.89p and a Conviction Buy stance.
Align Research is a commissioned research company founded in November 2015 in order to provide the under-served smaller company space with high quality analysis. We have an initial focus on the natural resources sector, in which we see significant opportunities given the current once in a generation bear market, however all undervalued small caps (sub £100m) are considered by our team. Align was founded by industry professionals with decades of experience in the stock markets, headed up by highly qualified individuals from both fund management and analytical backgrounds.
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