Gemfields Group - A new strategic shareholder
We believe the phased purchase of a 26.17% stake in Gemfields by mining holding company Assore International Holdings should be regarded as a vote of confidence in Gemfields’ value proposition. Despite recent share price appreciation, the current price remains more than 30% below our DCF sum-of-the-parts valuation of ZAR4.69/share. Strong results, including US$23.1m at the July/August commercial quality emerald auction, reflect a strong coloured gemstone market. H1 results saw EBITDA of US$43.5m from revenues of US$97.2m.
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