Update: Site visit confirms establishment of 25 Level
Having indicated to the market that H115 EPS would be between 0.16p and 0.35p, Pan African duly announced profits that were towards the top of the potential range and 13.5% better than our expectations for the period, helped by a decline in the depreciation charge and royalty costs and the reversal of other expenses into other income. From 5.5g/t in H215, the underground head grade at Evander is expected to increase to in excess of 7.0g/t in FY16 and beyond driving a doubling in EPS compared to FY15 (Edison estimate), which becomes a near tripling in the event that other factors, such as the ETRP and gold price strength, contribute as well. At present, therefore, Edison’s FY16 EPS forecast of 3.02p is more than double consensus.
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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