Edison Investment Research is terminating coverage on Avon Protection (AVON), Osirium Technologies (OSI), IQE (IQE), Kopy Goldfields (KOBY) and RhoVac (ROHVAC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Edison Investment Research Limited Edison Investment Research Limited: Kopy Goldfields (KOPY): Q3 production up 16% y-o-y, full year on track 06-Dec-2021 / 10:38 GMT/BST London, UK, 6 December 2021 Kopy Goldfields (KOPY): Q3 production up 16% y-o-y, full year on track Kopy Goldfields reported a strong set of Q3 figures with production up 16% year-on-year to 21.0koz and EBITDA up 14% year-on-year to US$15.4m. The company looks on track to meet full year (unchanged) production guidance of 56-59koz (our forecast remains at the lower end of that range), and growth projects, whic...
Kopy Goldfields reported a strong set of Q3 figures with production up 16% year-on-year to 21.0koz and EBITDA up 14% year-on-year to US$15.4m. The company looks on track to meet full year (unchanged) production guidance of 56–59koz (our forecast remains at the lower end of that range), and growth projects, which aim to lift production to more than 100koz by 2025, are progressing well.
Kopy Goldfields reported a strong set of Q3 figures with production up 16% year-on-year to 21.0koz and EBITDA up 14% year-on-year to US$15.4m. The company looks on track to meet full year (unchanged) production guidance of 56–59koz (our forecast remains at the lower end of that range), and growth projects, which aim to lift production to more than 100koz by 2025, are progressing well.
-Revenue in line with our estimates, while EBITDA visibly stands out on a TCC contraction qoq -Despite a higher-than-forecasted WC accumulation, the FCF surpassed our estimates by 74% -At the same time, a much lower-than-expected capex is just a re-distribution of investments
-Seasonal output hike at placers to set the tone for the strongest quarter of the year -Doubling top line and EBITDA qoq alongside net income turning black in Q3 2021e -Positive FCF despite a WC buildup and expected higher capex qoq at the end of the day
AT: Austria - Fitch affirmed Austria´s Long Term Foreign Currency Issuer Default Rating at AA+ AT: FACC - FACC benefits from large scale order for Embraer business jets (positive) AT: Kapsch TrafficCom - Formal exit of Kari Kapsch from Holding following restructuring of group structure(neutral) AT: Rosenbauer - Update on order intake for the RV (neutral) PL: CD Projekt - Purchase of US studio The Molasses Flood (positive) PL: PKN - Decided not to build underground gas storage in Lub...
Despite a challenging Q1 following a COVID-19 outbreak at Yubileyniy in December 2020, Kopy Goldfields reported a competent set of H1 results, with EBITDA of US$14.0m (H120: US$17.8m) giving an EBITDA margin of 38% despite production down 14% y-o-y. Costs were well contained at US$859/oz (H120: US$861/oz). Kopy expects higher H2 production driven by the ramp-up of heap leach and placer operations and commissioning of Yubileyniy expansion. FY21 production guidance remains 56–59koz.
Despite a challenging Q1 following a COVID-19 outbreak at Yubileyniy in December 2020, Kopy Goldfields reported a competent set of H1 results, with EBITDA of US$14.0m (H120: US$17.8m) giving an EBITDA margin of 38% despite production down 14% y-o-y. Costs were well contained at US$859/oz (H120: US$861/oz). Kopy expects higher H2 production driven by the ramp-up of heap leach and placer operations and commissioning of Yubileyniy expansion. FY21 production guidance remains 56–59koz.
-Silver sales pushing the top line and EBITDA beyond our estimates is at the core of the results -Negative net income was trimmed by non-cash hedge revaluation and stockpile write-down -Lower-than-expected WC buildup and capex are temporary effects vanishing in H2 2021e -Overall, the results are treated positively in light of the extensive sales of silver in Q2 2021
-Recovered yet unsold ounces of GE should lead to a lower top line and EBITDA qoq -However, the resulting WC buildup in Q2 2021e may be reversed already in Q3 2021e -Broadly stable average realised gold price and profitability in terms of EBITDA/oz qoq -Higher capex qoq in Q2 2021e is forecasted to sustain the FCF in the negative zone
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....
AT: Andritz - Andritz to supply flue gas despulphurisation plant to India (neutral) AT: BAWAG Group - Acquisition of Hello bank! Austria from BNP Paribas (positive) AT: Lenzing - Lenzing awarded prestigious Ecovadis Platinum status for sustainability (neutral) AT: Wienerberger - Sale of up to 2.5 mn treasury shares could start on August 9 (neutral) CZ: CEZ - Updated 2030 Strategy puts financial targets in spotlight (positive) RU: Kopy Goldfields - Q2 2021 operating results leave FY g...
AT: Wienerberger - Wienerberger broadens its position as a full-range system provider in the UK and Ireland (positive) BH: Macro - GDP bounces back better than expected in Q1 DE: Encavis - Ecavis Asset Management buys 74.5 MW French wind farm bundle for fund (neutral) HU: Macro - Inflation surprises on the upside PL: Cyfrowy Polsat - Close of Cellnex infrastructure deal (neutral) PL: PKN - PKN is targeting an increase of sales of petchem products to China (neutral) RU: Petropavlovs...
Hard rock processing up from 0.3 mtpa in 2021e to 2.0 mtpa in 2025e As a result, GE production to hike from 58 koz in 2021e to 98 koz in 2025e This pushes EBITDA from USD 42 mn in 2021e to USD 100 mn in 2025e Expected capex shrinkage from USD 56 mn in 2021e to USD 5 mn in 2025e Solid FCF yield of 3.9%, 20.7% and 30.2% in 2023e, 2024e and 2025e 45% discount on LOM-adjusted EV/EBITDA 2022e vs. Polyus and Polymetal
Edison Investment Research Limited Kopy Goldfields (KOPY): Solid 2020 results with funding in place for growth 06-Apr-2021 / 08:52 GMT/BST London, UK, 6 April 2021 Kopy Goldfields (KOPY): Solid 2020 results with funding in place for growth Kopy Goldfields has reported its first full year results as a Russian gold producer following the Amur Zoloto reverse acquisition (the comparative 2019 results are for Amur Zoloto only). The company saw revenue rise 41% to US$98.8m and EBITDA rise 67% to US$45.6m. Having secured a US$42.3m debt facility maturing in September 2023, Kopy is ...
Kopy Goldfields has reported its first full year results as a Russian gold producer following the Amur Zoloto reverse acquisition (the comparative 2019 results are for Amur Zoloto only). The company saw revenue rise 41% to US$98.8m and EBITDA rise 67% to US$45.6m. Having secured a US$42.3m debt facility maturing in September 2023, Kopy is fully funded to support its growth profile and we expect the company to end 2021 with net debt of US$61.8m and US$13.7m in cash and undrawn debt facilities.
Edison Investment Research Limited Edison Investment Research Limited: Kopy Goldfields (KOPY): Initiation - Organic growth to more than 100koz in Russia 26-Jan-2021 / 08:00 GMT/BST London, UK, 26 January 2021 Kopy Goldfields (KOPY): Initiation - Organic growth to more than 100koz in Russia Kopy Goldfields produced 53koz of gold equivalent in FY20 following the reverse takeover by Amur Zoloto and plans to grow organically to 100koz within five years. This does not include the substantial potential of the 1.8Moz Krasny project, where Kopy retains 49% ownership. Kopy Goldfields...
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