EDISON EQUITY RESEARCH - ALMONTY INDUSTRIES
17 Settembre 2015 - 2:41PM
InvestorsHub NewsWire
EDISON EQUITY RESEARCH: ALMONTY INDUSTRIES - ROBUST Q315
RESULTS DESPITE WEAKER APT
Almonty reported solid Q315 financial results, with an adjusted
EBITDA loss narrowing to C$0.9m compared to C$1.0m in Q215 and
C$1.5m in Q115, against the backdrop of a falling APT price. The
results were supported by the continuing strong performance from
Los Santos, which benefited from improved plant recovery and higher
processed grade. Having incorporated Sangdong, the reported results
and updated tungsten price assumptions into our model, we revise
our valuation of Almonty from C$1.00/share to
C$1.26/share.
Almonty Industries is an independent tungsten producer, with two
operating mines – Los Santos in Spain and Wolfram Camp in Australia
– and the development-stage Valtreixal tungsten-tin project in
Spain. The company produced 90kmtu of contained WO3 in FY14 and we
expect it to deliver 136kmtu in FY15 as it fully consolidates
Woulfe Mining.
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