reports
- Pedro Fonseca
Baker Steel Resources Trust - Interim revaluations bring H124 NAV TR t...
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 Investmen...
Edison issues review on Baker Steel Resources Trust (BSRT): Potential ...
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 ...
- Pedro Fonseca
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 cl...
Edison issues update on Baker Steel Resources Trust (BSRT): Strong rev...
Edison Investment Research Limited Edison issues update on Baker Steel Resources Trust (BSRT): Strong revaluation boost from Futura 23-Jan-2024 / 09:40 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 23 January 2024 Edison issues update on Baker Steel Resources Trust (BSRT): Strong revaluation boost from Futura Baker Steel Resources Trust (BSRT) has reported a strong 16.3% NAV increase in its end-December 2023 monthly update (reducing the FY23 NAV decline to 6.3%), following its year-end portfolio valuations update. The key drive...
- Pedro Fonseca
Baker Steel Resources Trust - Strong revaluation boost from Futura
Baker Steel Resources Trust (BSRT) has reported a strong 16.3% NAV increase in its end-December 2023 monthly update (reducing the FY23 NAV decline to 6.3%), following its year-end portfolio valuations update. The key driver was a c 47% revaluation of Futura Resources, BSRT’s largest holding, which owns two coking coal mines in Australia. This follows the successful financing in September 2023, which allowed Futura to advance its Wilton mine to production. At the last closing price, BSRT shares a...
- Pedro Fonseca
Baker Steel Resources Trust - Futura Resources financing is a major mi...
Baker Steel Resources Trust (BSRT) announced that Futura Resources (its second-largest holding, making up 25.3% of end-August 2023 NAV) closed a c A$26.2m funding round (A$21.2m convertible note and A$5m in-kind commitments from contractors and suppliers). This should fully fund the advancement of the Wilton coking coal mine to production. We see it as a major milestone and possibly also a considerable trigger for BSRT’s year-end NAV uplift. We note Futura’s high royalty and dividend income pote...
- Pedro Fonseca
Baker Steel Resources Trust - Valuation headwinds reflected in June 20...
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%) an...
- Pedro Fonseca
Baker Steel Resources Trust - Facing a challenging funding environment
Baker Steel Resources Trust (BSRT) has been affected by the challenging funding environment for mining development projects, especially for single-project junior mining companies. The funding environment led Tungsten West to carry out an interim fund-raising at a depressed valuation. BSRT’s key potential NAV trigger for this year remains a possible successful funding by Futura Resources to launch production at its two coking coal mines in Australia. While the fund-raising has again been delayed ...
- Pedro Fonseca
Baker Steel Resources Trust - Upside potential from successful project...
Baker Steel Resources Trust (BSRT) posted an NAV total return of -16.3% in FY22, which was mostly a result of the de-rating of recently floated holdings Tungsten West and First Tin and the impact of Western sanctions against Russia on Polar Acquisition (PAL) and Azarga Metals. However, BSRT also agreed to sell its equity stake in its largest holdings (Bilboes Gold, completed in January 2023) and saw progress across several projects. BSRT’s maturing portfolio offers the prospect of attractive inc...
Baker Steel Resources Trust Ltd: 1 director
A director at Baker Steel Resources Trust Ltd maiden bought 60,000 shares at 48p and the significance rating of the trade was 53/100. 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 las...
- Pedro Fonseca
Baker Steel Resources Trust - Adjusting to the new reality
Baker Steel Resources Trust (BSRT) recently faced headwinds from weaker equity and industrial/precious metals markets and the impact of cost inflation on the budgets of junior mining projects. BSRT’s NAV declined by c 18.5% ytd mostly due to a fall in the share price of recently floated holdings (Tungsten West, First Tin), lower share prices of listed peers (Cemos, Nussir), agreed sale price (Bilboes) and a 50% write-down of holdings with exposure to Russia (Polar Acquisition and Azarga Metals) ...
- Pedro Fonseca
Baker Steel Resources Trust - NAV broadly flat in FY21 after strong FY...
In FY21, Baker Steel Resources Trust (BSRT) reported a modest unaudited NAV total return (TR) of 1.2% (after the strong 31.5% posted in FY20), below the c 11.0% TR recorded by the EMIX Global Mining Index. The positive revaluation of several industrial commodity projects (see chart below), supported by higher price projections and/or development progress, was mostly offset by writing down its precious metals mining investments, which now make up c 25% of BSRT’s portfolio vs c 35% at end 2020. We...
- Pedro Fonseca
Baker Steel Resources Trust - NAV broadly flat in FY21 after strong FY...
In FY21, Baker Steel Resources Trust (BSRT) reported a modest unaudited NAV total return (TR) of 1.2% (after the strong 31.5% posted in FY20), below the c 11.0% TR recorded by the EMIX Global Mining Index. The positive revaluation of several industrial commodity projects (see chart below), supported by higher price projections and/or development progress, was mostly offset by writing down its precious metals mining investments, which now make up c 25% of BSRT’s portfolio vs c 35% at end 2020. We...
- Pedro Fonseca
Baker Steel Resources Trust - Several IPOs of portfolio projects on th...
Baker Steel Resources Trust (BSRT) posted a solid 29.2% NAV total return over the 12 months to end-June 2021, primarily supported by revaluations at end-2020 and new funding rounds at project level (eg Tungsten West and First Tin). BSRT’s portfolio is maturing with several projects nearing construction or production stage (eg Bilboes, Futura Resources and Tungsten West, representing c 51% of the NAV), making them ripe for an exit or monetisation. Meanwhile, BSRT has not invested in any new proje...
- Pedro Fonseca
Baker Steel Resources Trust - Several IPOs of portfolio projects on th...
Baker Steel Resources Trust (BSRT) posted a solid 29.2% NAV total return over the 12 months to end-June 2021, primarily supported by revaluations at end-2020 and new funding rounds at project level (eg Tungsten West and First Tin). BSRT’s portfolio is maturing with several projects nearing construction or production stage (eg Bilboes, Futura Resources and Tungsten West, representing c 51% of the NAV), making them ripe for an exit or monetisation. Meanwhile, BSRT has not invested in any new proje...
- Pedro Fonseca
Baker Steel Resources Trust - Annual review results in a strong NAV up...
Baker Steel Resources Trust (BSRT) reported an impressive NAV total return (TR) of 29.2% for 2020, visibly ahead of the EMIX Global Mining Index (22.2% TR in sterling). This largely resulted from a yearend valuation review of unlisted portfolio holdings and was driven by a combination of projects moving up the development curve, the rebound in commodity prices (CRB Commodity Index up by 21% in H220) and higher market multiples of listed peers (vs end-June). Key contributors include Cemos reachin...
- Pedro Fonseca
Baker Steel Resources Trust - NAV yet to reflect latest project develo...
Baker Steel Resources Trust (BSRT) recorded a solid 10.8% NAV total return in the 12 months ended 30 October 2020, assisted by the progress of several projects and its precious metals exposure. Looking ahead, potential positive NAV triggers for Q420 and Q121 relate in particular to BSRT’s three major projects (Bilboes, Tungsten West and Futura), which made up 45% of its NAV at end October 2020. On the other hand, the recently published pre-feasibility study (PFS) on the Prognoz mine assumes lowe...
- Pedro Fonseca
Baker Steel Resources Trust - Business as usual despite pandemic outb...
Baker Steel Resources Trust (BSRT) carried out an additional review of its unlisted holdings as at end-March 2020 to better reflect the impact of the COVID-19 crisis on its portfolio valuation. By the regular interim review at end-June 2020, however, the pandemic-related NAV declines had been fully offset. Consequently, the year to date NAV total return (as at 31 July) sits at 2.2%, which already reflects the subsequent equity markets rebound, which started in April. Moreover, we note that with ...
- Pedro Fonseca
Baker Steel Resources Trust - Several potential NAV triggers ahead
Baker Steel Resources Trust (BSRT) offers a unique approach to investment in the natural resources sector, with early-stage (pre-IPO) engagement and specialist listed opportunities. In FY19, BSRT posted a solid NAV return of c 30%, driven by the revaluations of unlisted holdings and Polymetal’s share price increase. It reduced its Polymetal position to finance a share tender offer and a £5m investment in Tungsten West. Management aims to maintain this momentum in FY20 with handful of potentia...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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