BGC Partners - KOZA ALTIN (Company Update - BUY (maintained), 28% upside)
We increased our TP for Koza Altin by 11% to TL81.6/share, updating with 2Q19 figures and latest macro assumptions, and elevating our LT gold price assumption to US$1,350/oz from US$1,300/oz. Upside risks could emerge due to a) higher gold prices, b) better than expected gold output, c) lower cash costs (we conservatively estimate US$550/oz in 2020 and onwards, which is unchanged vs. 2Q19’s US$416/oz). In addition, a solution on the Sogut field with Gubre Fabrikalari , and/or the finalization of the on-going court case on the former owners may be other positive catalysts.Koza Altin Isletmeleri AS. Koza Altin Isletmeleri AS is a Turkey-based company established to explore and operate gold mines in Turkey. The Company had a gold production of approximately 338,182 ounces in the 12 months of 2012. As at 31 December 2012, it had 53 operating licenses and 406 exploration licenses throughout Turkey in the Aegean and Marmara regions, the Black Sea region and Central and Eastern Anatolia. The Company owns four operating mines: an underground mine at Ovacik, a mine at Mastra & Cukuralan where it utilizes both underground and open pit mining methods, a mine in Cukuralan where it utilizes both underground and open pit mining methods and an open pit mine at Kaymaz.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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