Edison Investment Research - Mwana Africa (MWA) Update: Refurbishments set up stronger H2

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Edison Investment Research

Update: Refurbishments set up stronger H2

Notwithstanding the immediate share price reaction, overall Q1 operating performance at Trojan was generally better than our expectations (eg grade and cash costs). We have adjusted our FY15 estimates and although forecast EPS has declined by 0.77c, the decline can be primarily attributed to a reduction in the forecast gold price from US$1,457/oz for CY14 to US$1,300/oz for the balance of the year and a fall in the nickel price from US$19,350/t to US$18,505/t.

26/08/2014 3 EN

Underlying

Mwana Africa

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United Kingdom

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.

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Other Reports on these Companies

Edison Investment Research

Update: Board recommends rejection of EGM resolutions

Mwana has called an EGM for 9 June 2015 in response to a requisition by shareholders representing 5% of the share capital of the company. Inter alia, the requisition seeks to remove Ngoni Kudenga, Herbert Mashanyare, Stuart Morris and Johan Botha as directors of Mwana and to replace them with Scott Morrison, Mark Wellesley-Wood, Olivier Barbeau and Anne-Marie Chidzero. None of the proposed directors have been subject to due diligence by Peel Hunt, and such a peremptory change could, in our view, result in its concluding that its position as Nomad is untenable.

May 27, 2015 May 27, 2015 3 EN

Edison Investment Research

Update: Q415 update

Production and (implied) revenues for Q415 were greater than our expectations at both Freda-Rebecca (FRGM) and Trojan. In addition, Trojan costs were lower, as a result of the effective conclusion of the mobile equipment refurbishment plan, with the result that we have increased our FY15 earnings estimate by 30% from US$3.4m to US$4.4m.

April 23, 2015 April 23, 2015 8 EN

Edison Investment Research

Update: Q3 update and US$20m bond closure

Q315 operations were affected by a combination of exogenous (eg weather, holidays and metal prices) and endogenous (eg reagent quality and equipment availability) factors. As a result, both grade and metallurgical recoveries came under pressure at Freda-Rebecca and Trojan, causing us to revise our FY15 estimates. Mill throughput at FRGM increased to a post-restart record however. In addition, last week, Mwana successfully closed its fully subscribed US$20m bond offer to fund the Bindura smelter restart.

March 4, 2015 March 4, 2015 8 EN

Manx Financial Group - Termination of coverage

Edison Investment Research is terminating coverage on Manx Financial Group (MFX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 10, 2025 March 10, 2025 1 EN

Kate Heseltine

Kate Heseltine

musicMagpie - Termination of coverage

Edison Investment Research is terminating coverage on musicMagpie (MMAG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 5, 2025 March 5, 2025 1 EN

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Topps Tiles - Accelerating growth through Q125

Topps Tiles (TPT) is enjoying a return to revenue growth following a very challenging FY24 due to wider macroeconomic weakness. The company’s recovery is clearly being boosted by new revenue streams from its self-help initiatives, notably from trade and online customers across all of its brands. While the macroeconomic environment remains uncertain, it is pleasing that the strategy is supporting growth. The valuation continues to look compelling, even with limited macroeconomic recovery included in management’s long-term financial goals. With the Q125 trading update, the CEO has announced his ...

January 10, 2025 January 10, 2025 1 EN

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Update: Refurbishments set up stronger H2

Update: Board recommends rejection of EGM resolutions

Update: Q415 update

Update: Q3 update and US$20m bond closure

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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