The African Surface business detracted from 1H21 Group results. It remains a key area of focus and could prove a significant performance swing factor if the strategic plans are successfully executed. Our forecasts are more conservative but still underpin a BUY call. To access the full report please log in under the Client Area atRead more
We look beyond a below par 1H21 result and recognise the opportunities for growth in future periods. With maintained underlying GP margins and overheads, plus a first-time contribution from Trivantage, full year revenue guidance signals much improved earnings in the 2H. A strong balance sheet further supports our BUY call and $0.82 valuation. To accessRead more
A solid 1H21 performance and strong cash conversion saw an attractive 5.0cps interim dividend declared. In coming periods, a wide range of pipeline opportunities could see GNG deliver significant revenues into FY23 if converted. BUY maintained on a $1.60 valuation (prior $1.50). To access the full report please log in under the Client Area atRead more
SRG delivered strong interim results, improved the balance sheet position (now net cash), and upgraded EBITDA guidance to $45-47M (from $42-45M). With $750M work won YTD across segments, sectors, and geographies, momentum is strong into this half and beyond. We increase our blended valuation to $0.58 (prior $0.52) and note the improving quality of earnings. Read more
The next six trading days will see most mining services companies report interim results. We expect positive commentary around pipeline opportunities, but wary investors will be focusing on costs and margins following NRW Holding’s (NWH, Not Covered) result yesterday. COVID was blamed for NWH’s margin squeeze and it is obvious competition for skills in aRead more
We had assumed a stimulus-induced much improved 1H21 but were cautious thereafter as economic reality took hold. However, mining-led WA State performance is trending positively, and the latest data shows this reflected in a very strongly recovering property market. We upgrade our valuation to $1.30 (prior $1.10) and our recommendation to BUY (prior HOLD), believingRead more
Consistent with our recent macro note highlighting strength across a broad base in the mining sector, our current forecasts indicate declining trading multiples and increasing dividend yields for mining exposed companies in the coming years. To access the full report please log in under the Client Area at the bottom of this page. Argonaut’s ClientRead more
While Apollo continues to de-risk the Lake Rebecca project, in the project’s current state Argonaut has put together a cashflow positive mining scenario. We believe that future risk remains to the upside. Argonaut maintains a speculative buy recommendation at a valuation of $0.50 per share. To access the full report please log in under theRead more
A period of share price underperformance and firm operating results put RMS in buy territory. To access the full report please log in under the Client Area at the bottom of this page. Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios andRead more
The mining sector has shown resilience through COVID and now strength across a broad base into 2021. The share prices of some mining service beneficiaries do not yet reflect the opportunity. This note highlights why we think they are in for a few good years. To access the full report please log in under theRead more
