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....
We reiterate our BUY and NOK40 target price as: 1) silicone prices in China are now above our 2019e estimate; 2) medium-term supply overhang is abating due to projects being scaled back; and 3) significant demand potential for electric vehicles longer-term on sharp growth and as silicone content is c4x higher. We forecast Q1 EBITDA of NOK815m, slightly below consensus, but we remain above for 2019e).
Q4 was in line with market expectations, and guided volume growth and cost savings in our view makes 2019e consensus EBITDA appear quite conservative. We have made limited estimate changes and remain 14% above consensus. As the stock is trading at a low 4x EBITDA, we believe the stock should continue to rerate and reiterate our BUY and NOK40 target price.
Globe Specialty Metals, Inc. - Strategy, SWOT and Corporate Finance Report Summary Globe Specialty Metals, Inc. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360Ëš view of the company. Key Highlights Globe Specialty Metals, Inc. (GSM) is a subsidiary of Ferroglobe PLC. GSM is a leading specialty metal...
Silicone prices in China continue to slide ahead of Chinese New Year on lower raw material costs, but we expect a moderate pick-up in 2019 on very limited supply growth. We have cut our 2019–2020e EBITDA by 5–7% owing to lower volumes, but we reiterate our BUY and NOK40 target price based on an appealing valuation with a 2018e DPS yield of 10%. The Q4 results are due out at 07:00 CET on 12 February.
Q3 provided a bearish outlook and Q4 is likely to be slightly or significantly weaker. After today’s sell-off, we believe the shares are reflecting DMC prices at RMB10,000/mt. We have cut our 2019e and 2020e EBITDA by 17% and 4%, assuming DMC at RMB22,500/mt and RMB24,000/mt, respectively, but believe the shares more than reflect this. We reiterate our BUY with a new target price of NOK40 (50).
We consider the current consensus (EBITDA down 12% YOY in 2019e) conservative as it does not seem to reflect the strong upside potential in specialty silicones or limited capacity expansion in the next two years. We are also slightly ahead of consensus in Q3 (due at 7:00 CET on 24 October). With 15% FCF yield and strong dividend potential, we reiterate our BUY recommendation and our NOK50 target price.
Following the Q2 results and our management roadshow, we believe silicone prices are likely to be higher for longer and have raised our 2018–2020e EBITDA by 19–23%. Elkem is trading at a 2019e P/E of 6x, which we find much too low given the increasing visibility on silicones in 2019e. We reiterate our BUY and have raised our target price to NOK50 (43).
Elk Petroleum (ELK) has completed a period of material inorganic growth with the acquisition of equity in the Madden gas field and assumption of operatorship at the Aneth CO2 enhanced oil recovery (EOR) project. ELK’s engineering review of Aneth has uncovered numerous near-term development opportunities that offer IRRs ranging from 22% to 87% at US$60/bbl WTI, at an average cost of US$6.8/boe. Projects are low technical risk asset enhancements, however, contingent on ELK’s re-financing expec...
Elkem has already said its Q2 results would likely be stronger than Q1, so we expect focus to be on the outlook for H2 and 2019 (results due at 07:00 CET on 17 August). We have lifted our 2018–2019e EBITDA by 4–5% on Silicones, but we expect slightly lower earnings upstream due to lower Si prices. Trading at 9x our 2019e earnings, we reiterate our BUY and NOK43 target price.
Elk Petroleum’s (ELK) acquisition of a 63.7% operated interest in the Aneth Rocky Mountain CO2 EOR project from Resolute Energy transforms the company into one of the largest producers on the ASX. Management forecasts 2018 net production of 11mboe/d. At US$160m, the deal is priced at a discount to our 1P estimate of proven developed reserve value of US$178m (excluding US$23m, which ELK retains in escrow to cover abandonment costs). The Aneth transaction was funded through new equity and debt, ...
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