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Tuesday, July 16, 2013

Hambledon Mining - Production Optimisation Delivering Results

Hambledon Mining

Production Optimisation Delivering Results

  • Hambledon Mining, the Kazakhstan-based gold miner, announced a Q1 2013 production update in April 2013 and FY2012 final results on 6th June 2013.
  • The new management team in place (post-African Resources’ partial tender offer) has pioneered numerous efficiency driven changes that were evident through, for example, the Q1 y-o-y gold and silver production increases of 4.4% and 28.2%, respectively.
  • Underground mining will also resume shortly and an entire strategic review of the group is underway, both of which augur well for future growth, we feel.
  • Our stance is Speculative Buy with a 4.4p target price.

Click to Download Full Report

Table: Financial overview
Year to 31st Dec.
2011A
2012A
2013E
2014E
Revenue ($m)
33.3
38.9
43.9
68.6
EBITDA ($m)
3.6*
(5.7)*
9.9
17.6
PBT ($m)
(2.8)*
(11.1)*
3.4.
10.2
EPS ($¢)
(1.37)
(11.1)
(0.49)
10.2
Dividend (p)
0.0
(2.36)
0.26
0.77

Source: GECR and company
Notes: * Adjusted for Tailings dam leak expenses

Speculative Buy
Key data
Share Price
1.575p
52 week high/low
2.625p / 1.075p
Primary exchange
AIM
EPIC
HMB
Shares in issue
979.72m
Market Cap
£15.43m
Sector
Mining
Valuation
2014E P/E*
3.3
NAV
£18.3m
TNAV £18.3m
 
*Translated at $1 = £0.625

Affiliations
: None.
 
 
Analyst details:
Andrew Noone
+44 (0)207 562 3361

andrew.noone@gecr.co.uk
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