A director at Koza Altin Isletmeleri As bought 200,000 shares at 28.620TRY and the significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
Including Akbank to our model portfolio, while removing Koza Gold: We are including Akbank to our model portfolio, while excluding Koza Gold. Akbank underperformed BIST banking index by 9% ytd and was the worst performing large cap private bank. We believe this underperformance is not justified. The bank has one of the highest amount of CPI linkers in comparison to its equity (83%) among private banks, which is offering a protection against the inflation. We expect nominal profits to continue ri...
We revise our estimates, which incorporate a weaker TL and margin gains, due to currency mismatches regarding revenues (100% in USD) and costs (60% in TL), and slightly higher gold reserves. Hence, we maintain BUY ratings and raise target prices for Koza Gold, to TL226 (vs TL171), and Koza Anadolu, to TL36 (from TL28.3) per share. With the approval of the bill authorizing the SDIF regarding asset sales and dividend distributions for Koza-Ipek Holding assets, we expect to see developments become ...
The general evaluation of KOZA ALTIN ISLETMELERI (TR), a company active in the Gold Mining industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date March 4, 2022, the closing price was TRY 128.70 and...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Koza Gold’s profitability was hurt by increases both in royalty costs and opex in 4Q20, resulting in 28% y/y net profit decline. Higher royalty costs-to-revenues of 13.75% in 2021E based on USD1,800/oz gold price looks poised to pressure margins in 2021 as well. We estimate almost flattish volumes, having incorporated the 20k oz additional production from Karapinar mine in 2H21. We include USD120m value derived from the reserves at Mollakara mine in Agri, while any further value creation should ...
Koza Gold posted net income of TRY584m in 3Q20, broadly in-line with our estimate of TRY561m and Research Turkey consensus of TRY620m. Operationally, 3Q20 EBITDA of TRY620m came in 15% higher than our estimate of TRY541m (vs RT consensus of TRY640m), driven by higher than expected average selling price (ASP). Average selling price was higher by 39% y-y to USD2,057/oz, while the average gold price stood at USD1,911/oz in 3Q20. We make minor changes to our TPs for Koza Gold and Koza Metal, based ...
Koza Gold’s 2Q20 net income of TRY470mn slightly beat our estimate of TRY443m and Research Turkey consensus of TRY422m due to better operating profitability - EBITDA of TRY477m beat our estimate of TRY416m (vs. RT consensus of TRY449m), driven by lower than expected cash costs. Despite lower gold production q-q, cash cost/oz was down by 7% q-q to USD587/oz (vs USD420/oz in 2Q19) driven by lower than expected R&D expenses and 11% TRY depreciation against the USD. Based on updated forecasts for m...
Koza Gold reported TL470m net earnings (+13% y/y), thanks to higher-than-forecast gold production at 61k oz (-23% y/y) in 2q20. Lower grades attained at the mines and reduced ore extraction during Covid-19 were the main culprits behind production decline y/y. While we keep our production estimate of 280K oz for 2020, we adjust estimates for higher gold price (+32% y/y for 2h20). Accordingly, we expect a 16% net earnings growth in 2h20. We also increase TP to TL114 per share (TL104 earlier) for K...
Broadly in-line results in 1Q20 Koza Gold posted net income of TRY394m in 1Q20, slightly lower than our estimate of TRY436m and Research Turkey (RT) consensus of TRY437m. The deviation at the bottom line emanated from a higher-than-expected effective tax rate of 27% (vs BNPPe: 22%). EBITDA of TRY417m came in line with our estimate of TRY397m (vs RT consensus of TRY425m). In 1Q20, gold production was up by 5.4% y-y to 72k oz (vs 109k oz in 4Q19). This is 11% higher than our estimate of 65k oz, ...
We include Koza Gold in our Top picks list. We believe the recent uptrend in gold price and easing cycle in FED rates should also support Koza Gold’s potential outperformance in the medium term. Koza Gold has underperformed gold price by 9% YTD in USD terms, due to the recent sell-off in shares post the weak reserve announcement and revocation of the mining license in Sogut mine. Our 2020 estimates have already factored in a decline in production and depletion of the reserve base. Therefore, w...
Koza Gold posted net income of TRY507m in 4Q19, slightly lower than BNPPe of TRY550m and RT consensus of TRY564m. The deviation at the bottom-line came from higher than expected amortization charges. On the operational front, 4Q19 EBITDA of TRY556m came in-line with BNPPe of TRY562m (vs RT consensus of TRYT602m), despite gold production beating our expectations by 12% due to one-off expense of TRY74m, related to feasibility expenses on the disputed Sogut mine. The total reserves of Koza Gold dec...
Koza Altin reported TL507.0mn net income in 4Q19 (3Q19: TL526.3mn, 4Q18: TL191.0mn), lower (BGC: TL556mn, consensus: TL564mn) due mainly to TL74mn one-off expense… The company sold a robust 109.9k oz gold in 4Q19 (3Q19: 97.9k oz, 4Q18: 74.3k oz), above our 95k oz estimate, closing the year with 353k oz at the upper end of the revised guidance of 330-355k oz (from 300-320k oz after 3Q19 results).
Koza Altin announces mineral resource estimate report at its Karapinar project, sl positive… The Karapinar Project (appx. 1,881 ha) is located 18 km southeast of Canakkale, immediately north of the Karapinar Village. The Karapinar project area was previously studied by foreign exploration companies. Koza acquired the Karapinar license at auction in 2007; the license is valid through May 7, 2022. Koza started its diamond drilling program at the project in 2018 and completed the first stage in ...
According to the news in Anadolu Agency, the final verdict is to come on 9 January; when the defendants' final remarks will be made. There are a total of 20 defendants including former Koza Holding executive Hamdi Akin Ipek, his brother Cafer Tekin Ipek and his mother Melek Ipek
Koza Gold’s 3Q19 net income significantly beat the RT consensus and our estimates. Operationally, 3Q19 EBITDA beat our estimates by 22% backed by a significant increase in gold production and a drop in cash costs. Based on higher gold production, cash cost per oz fell by 18% y-y in 3Q19. It also raised its 2019 gold production guidance to 330k-355k oz from 300-320k oz. Despite assuming higher revenue and lower cash costs for 2019 and 2020, our TPs for Koza Gold and Koza Metal inched down by 1%,...
ZALANDO - BUY | EUR47 vs. EUR43 (+19%) Attractive entry points to play a rare growth story in the retail universe With such strong Q3 figures, the absence of guidance upgrade disappointed the market Undemanding guidance for 2019, but 2020-21 looks brighter Buy confirmed with a new FV of EUR47
ZALANDO - BUY vs. NEUTRAL | Under Review Continued impressive capacity to execute above market expectations Q3 net sales growth topped expectations Q3 EBIT even beat the highest estimate 2019 guidance maintained but looks increasingly shy No change to our estimates prior to the conference call
The uncertainty regarding ownership and legal disputes has overshadowed the operational aspects of Koza Gold since 2015. We believe reducing event risk via the resolution of the ownership issue and any settlement between the parties regarding the Sogut mine should serve as key drivers for further rerating going forward. Operationally, we are positive about the rising margins, thanks to the uptrend in the gold price and the decline in cash costs and improving production figures. We initiate cover...
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