Edison Investment Research - Baker Steel Resources Trust (BSRT) Baker Steel Resources Trust - Valuation headwinds reflected in June 2023 NAV

Report

Edison Investment Research

Pedro Fonseca

Baker Steel Resources Trust - Valuation headwinds reflected in June 2023 NAV

Baker Steel Resources Trust’s (BSRT’s) recently published June 2023 NAV, reflecting the usual half yearly review of portfolio valuations, resulted in a 5.2% NAV decline versus end-May 2023 (bringing the year-to-date fall to c 18%). This fall was mainly the result of lower listed peer multiples and updated royalty models, with key individual drivers being Futura Resources (fair value down c 17% in sterling terms during June 2023), Kanga Potash (down 21%), Caledonia Mining Corporation (down 6%) and Nussir (down 11%). A major positive contributor was Cemos (revalued upwards by 9%). BSRT is trading at a 38% discount to last reported NAV.

17/07/2023 1 EN

Underlying

Baker Steel Resources Trust

Baker Steel Resources Trust is an investment company. Co. invests in the equities, loans or related instruments, of natural resources companies. Co. invests predominantly in unlisted companies but also in listed securities. Co.'s portfolio is concentrated on the liquid markets of silver, gold, oil shale, chrome, iron ore, coal, copper, and platinum. Co.'s projects are located in Canada, China, Democratic Republic of Congo, Indonesia, Madagascar, Mongolia, Morocco, Norway, the Philippines, Republic of Congo, Russia, South Africa, Vietnam and Zimbabwe. Co.'s portfolio is managed by Baker Steel Capital Managers (Cayman) Limited. As of Dec 31 2016, Co.'s investment portfolio was £55.7 million.

See profile

GG00B6686L20 London Stock Exchange Guernsey

Provider

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.

See profile

Analysts

Pedro Fonseca

Other Reports on these Companies

Edison Investment Research

Baker Steel Resources Trust - Interim revaluations bring H124 NAV TR to c 5%

Baker Steel Resources Trust (BSRT) has released its end-June 2024 NAV (following the usual half-year valuation review of its unlisted holdings), posting a 1.8% NAV increase versus end-May 2024, which resulted in an H124 NAV total return (TR) of 4.9%. Major positive drivers included Cemos, a Morocco-based cement producer, and BSRT’s royalty over the Bilboes gold project in Zimbabwe (owned by Caledonia Mining Corporation, CMCL). This was partly offset by the fair value reduction of Kanga Investments and share price declines of some listed holdings. Importantly, BSRT’s half year revaluations did ...

July 18, 2024 July 18, 2024 1 EN

EQS Group AG

Edison issues review on Baker Steel Resources Trust (BSRT): Potential to generate a 20%+ yield

Edison Investment Research Limited Edison issues review on Baker Steel Resources Trust (BSRT): Potential to generate a 20%+ yield 14-May-2024 / 13:49 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 14 Mai 2024 Edison issues review on Baker Steel Resources Trust (BSRT): Potential to generate a 20%+ yield Baker Steel Resources Trust (BSRT) offers the potential for regular dividend and royalty income, as well as realisation proceeds, from its maturing portfolio of natural resources companies. Despite the multiple headwinds recently ...

May 14, 2024 May 14, 2024 1 EN

Edison Investment Research

Baker Steel Resources Trust - Potential to generate a 20%+ yield

Baker Steel Resources Trust (BSRT) offers the potential for regular dividend and royalty income, as well as realisation proceeds, from its maturing portfolio of natural resources companies. Despite the multiple headwinds recently affecting junior mining projects, its largest holding (Futura Resources) was able to successfully close a financing round in September and advance one of its coking coal mines to production. Moreover, Cemos Group is eyeing the deployment of a second grinding line and clinker plant to significantly increase its earnings. Despite the recent share price rally, BSRT’s sha...

May 14, 2024 May 14, 2024 1 EN

Basilea Pharmaceutica - Milestone march continues for Cresemba

Basilea Pharmaceutica has reported another US$1.25m milestone payment from its partner Pfizer in Asia-Pacific and China, triggered by Cresemba sales in this region crossing a pre-defined threshold. This is the fourth milestone payment for Cresemba from the region this year, adding to the already strong H2 results (c CHF33m/US$38.5m milestone payments recorded in H224 so far; CHF35m in 2024 to date). The Asia-Pacific region, particularly China (which accounts for c 20% of the market potential for Cresemba), is of key importance to Basilea, as its lead product approaches maturity in the US and E...

1h / 2m 1h / 2m 1 EN

Sean Conroy

Sean Conroy

Sareum Holdings - New funding extends runway to Phase II

Sareum Holdings has announced the completion of a £2.4m private placement and receipt of another A$1.9m (c £1m) in R&D tax credits from Australian authorities, related to the Phase I clinical trial for its lead asset SDC-1801, a next-generation TYK2/JAK1 kinase inhibitor. Management expects the combined funds to support preparatory activities, including longer-term toxicology studies, as the candidate advances towards Phase II trials in psoriasis patients. As a reminder, the company had presented encouraging Phase I top-line data for SDC-1801 in July 2024, and has now reported further positive...

1h / 26m 1h / 26m 1 EN

Pedro Fonseca

Pedro Fonseca

Ocean Wilsons Holdings - Confirmation of interest in Wilson Sons holding

Ocean Wilsons Holdings’ (OCN’s) H124 results showed good growth, reflecting a strong performance from Wilson Sons and a positive performance from the investment portfolio (OWIL). While the strategic review remains ongoing, in August the company announced that it is in discussions with I Squared that may or may not lead to an offer for its holding in Wilson Sons (BOVESPA: PORT3). Despite the review and the potential for value realisation, OCN still trades at a c 40% discount to our valuation of 2,275p/share.

5h / 54m 5h / 54m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Baker Steel Resources Trust - Valuation headwinds reflected in June 2023 NAV

Baker Steel Resources Trust - Interim revaluations bring H124 NAV TR to c 5%

Edison issues review on Baker Steel Resources Trust (BSRT): Potential to generate a 20%+ yield

Baker Steel Resources Trust - Potential to generate a 20%+ yield

Basilea Pharmaceutica - Milestone march continues for Cresemba

Sareum Holdings - New funding extends runway to Phase II

Ocean Wilsons Holdings - Confirmation of interest in Wilson Sons holding

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe