Edison Investment Research - Almonty Industries (AII) Almonty Industries - Termination of coverage

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Edison Investment Research

Almonty Industries - Termination of coverage

Edison Investment Research is terminating coverage on Almonty Industries (All). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

12/11/2017 1 EN

Underlying

Almonty Industries

Almonty Industries is engaged in mining, processing and shipping of tungsten concentrate from its tungsten mine at the Los Santos Project.

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CA0203981034 Toronto Stock Exchange Canada

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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We continue to value the shares of Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s producing assets (Sangdong, Los Santos, and Panasqueira) to which we have added the discounted value of the development project (Valtreixal). Given a lower number of shares outstanding and lower capex from re-operationalising the Spanish Los Santos mine than previously anticipated, we adjust our target price to CAD 1.69 from CAD 1.59 per share. With an expected share price performance of 181.7%, we confirm our Buy rating for the shares of Almonty Industries. In the first quart...

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We value Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s producing assets (Sangdong, Los Santos, and Panasqueira) to which we have added the discounted value of the development project (Valtreixal). Reflecting the higher number of shares outstanding, our fully diluted price target slightly declines to CAD 1.59 from CAD 1.66 per share. Given a 144.6% upside from the current share price of CAD 0.65 we are reiterating our Buy rating for the shares of Almonty Industries. In the 2022 fiscal year, Almonty generated revenues of CAD 24.8mn (2021: CAD 20.8mn, +18.9% ...

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Almonty Industries - Termination of coverage

H1/2023 in-line with estimates – Los Santos about to reopen

Reopening Los Santos mine utilizing proprietary technology

Sangdong on track for commissioning in 2024e

Norcros - Sale of Johnson Tiles UK agreed

Henderson Far East Income - Repositioning to raise total returns

Freelancer - AI to drive return to growth

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