Silver Standard Resources - Weiter auf dem Weg nach oben! (Seite 51)
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Antwort auf Beitrag Nr.: 45.249.455 von pw1961 am 14.08.13 15:43:32
http://www.tradesignalonline.com/ext/edt.ashx/wo/003be260-cb…
http://www.tradesignalonline.com/ext/edt.ashx/wo/003be262-cb…
Antwort auf Beitrag Nr.: 45.217.897 von Tschonko am 09.08.13 15:38:44
http://www.tradesignalonline.com/ext/edt.ashx/wo/003be153-cb…
http://www.tradesignalonline.com/ext/edt.ashx/wo/003be154-cb…
Antwort auf Beitrag Nr.: 45.210.393 von Tschonko am 08.08.13 17:48:28Fasst die Lage gut zusammen!
http://seekingalpha.com/article/1622542-silver-standard-the-…
Silver Standard: The Good, Bad, And Ugly
Aug 9 2013, 08:43
Disclosure: I am long SSRI. (More...)
By Ivan Y.
Silver Standard's (SSRI) earnings report provided both positive and negative news for investors. The company had already released operational results a few weeks earlier, so there were no surprises concerning production at the Pirquitas mine in Argentina.
1,733 people received this article by email alert
Add your email to get alerts on SSRI too:
Get email alerts on SSRI »
The Good
It's good to see that the company has reacted quickly to a significantly lower price of silver. About 25% of their office employees have been let go, as well as 7% of their employees in Argentina. The company has also cut back on exploration expenses for the rest of the year and will focus exploration spending only on Mexico for the rest of the year.
Cash cost to produce silver at Pirquitas was lower than expected this quarter. More importantly, the cash cost for the rest of the year was lowered significantly from between $17 and $18.50 to between $14 and $15. This was a pleasant surprise and something I had not expected.
After an analyst brought up the subject, management acknowledged the possibility that capex for developing Pitarrilla could be reduced. Currently, the company is expecting to spend $741 million for development.
The Bad & Ugly
The company recorded negative operating income for the first time in a year. This was due mainly to a large impairment charge at Pirquitas. Even without the charge, operating income would've been negative this quarter due to lower silver prices. Their last operating loss was in the same quarter in 2012.
SSRI's impeccable balance sheet took a huge hit in Q2. First, cash on the balance sheet declined by $26 million from $461.8 to $435.8 million. The company's cash had increased in the previous four quarters. Second, there was an asset write-down of $202 million for the Pirquitas mine due to lowered expectations for the price of silver. An additional $20 million was written down for other assets. This resulted in the value of their Property, Plant, & Equipment to decline by roughly one-third. It now stands at $395.8 million. The write-down was a likely scenario given the dramatic decline in the price of silver in Q2, but I have to say it was a lot larger than I expected. The company's book value now stands at $860 million, down from $1.12 billion in Q1.
Unanswered Questions
What are they going to do with their 18.6% stake in Pretium (PVG)? That stake is currently worth about $150 million. Is the plan to hold on to this as an investment? Or sell it for cash when they need additional cash to develop the Pitarrilla mine?
How will Pitarrilla be financed? They have indicated that they will seek a financial partner, but who will it be? A joint venture with another operating company is a strong possibility given that management has stated that to be their preference, but is a royalty agreement with a streaming company like Silver Wheaton (SLW) also being considered? More information should emerge in the next several months.
When will they make the final decision on whether to move Pitarrilla into development? On the conference call, the CEO said they will "make sure" the project moves into the construction phase. But when will the official decision be made? It was supposed to be sometime this year, but with a depressed silver price, I wouldn't be surprised if they pushed the decision out to 2014. If that happens, the beginning of production would also get pushed out. SSRI expects development to take three years.
Final Thoughts
Despite the hit to the cash level and the huge hit to the book value, SSRI still represents a great value for those inclined to invest in silver mining companies. As I said before in a previous article, I am not a fan of mining companies in general, but SSRI is cash-rich and has the Pitarrilla property, which should be a substantial cash flow machine for the company starting in possibly 2016.
Pretium zu verkaufen wäre Schwachsinn!
Pitarrilla muss sich auch so finanzieren lassen, wenn der Silberpreis höher ist. Bei Silber 50 würde man auch eine günstige debt Finanzierung ohne verwässerung hinbekommen
Vorher Finger weg! Und ebenso Finger weg von SLW!
Grüße
T.
http://seekingalpha.com/article/1622542-silver-standard-the-…
Silver Standard: The Good, Bad, And Ugly
Aug 9 2013, 08:43
Disclosure: I am long SSRI. (More...)
By Ivan Y.
Silver Standard's (SSRI) earnings report provided both positive and negative news for investors. The company had already released operational results a few weeks earlier, so there were no surprises concerning production at the Pirquitas mine in Argentina.
1,733 people received this article by email alert
Add your email to get alerts on SSRI too:
Get email alerts on SSRI »
The Good
It's good to see that the company has reacted quickly to a significantly lower price of silver. About 25% of their office employees have been let go, as well as 7% of their employees in Argentina. The company has also cut back on exploration expenses for the rest of the year and will focus exploration spending only on Mexico for the rest of the year.
Cash cost to produce silver at Pirquitas was lower than expected this quarter. More importantly, the cash cost for the rest of the year was lowered significantly from between $17 and $18.50 to between $14 and $15. This was a pleasant surprise and something I had not expected.
After an analyst brought up the subject, management acknowledged the possibility that capex for developing Pitarrilla could be reduced. Currently, the company is expecting to spend $741 million for development.
The Bad & Ugly
The company recorded negative operating income for the first time in a year. This was due mainly to a large impairment charge at Pirquitas. Even without the charge, operating income would've been negative this quarter due to lower silver prices. Their last operating loss was in the same quarter in 2012.
SSRI's impeccable balance sheet took a huge hit in Q2. First, cash on the balance sheet declined by $26 million from $461.8 to $435.8 million. The company's cash had increased in the previous four quarters. Second, there was an asset write-down of $202 million for the Pirquitas mine due to lowered expectations for the price of silver. An additional $20 million was written down for other assets. This resulted in the value of their Property, Plant, & Equipment to decline by roughly one-third. It now stands at $395.8 million. The write-down was a likely scenario given the dramatic decline in the price of silver in Q2, but I have to say it was a lot larger than I expected. The company's book value now stands at $860 million, down from $1.12 billion in Q1.
Unanswered Questions
What are they going to do with their 18.6% stake in Pretium (PVG)? That stake is currently worth about $150 million. Is the plan to hold on to this as an investment? Or sell it for cash when they need additional cash to develop the Pitarrilla mine?
How will Pitarrilla be financed? They have indicated that they will seek a financial partner, but who will it be? A joint venture with another operating company is a strong possibility given that management has stated that to be their preference, but is a royalty agreement with a streaming company like Silver Wheaton (SLW) also being considered? More information should emerge in the next several months.
When will they make the final decision on whether to move Pitarrilla into development? On the conference call, the CEO said they will "make sure" the project moves into the construction phase. But when will the official decision be made? It was supposed to be sometime this year, but with a depressed silver price, I wouldn't be surprised if they pushed the decision out to 2014. If that happens, the beginning of production would also get pushed out. SSRI expects development to take three years.
Final Thoughts
Despite the hit to the cash level and the huge hit to the book value, SSRI still represents a great value for those inclined to invest in silver mining companies. As I said before in a previous article, I am not a fan of mining companies in general, but SSRI is cash-rich and has the Pitarrilla property, which should be a substantial cash flow machine for the company starting in possibly 2016.
Pretium zu verkaufen wäre Schwachsinn!
Pitarrilla muss sich auch so finanzieren lassen, wenn der Silberpreis höher ist. Bei Silber 50 würde man auch eine günstige debt Finanzierung ohne verwässerung hinbekommen
Vorher Finger weg! Und ebenso Finger weg von SLW!
Grüße
T.
Antwort auf Beitrag Nr.: 45.207.503 von muenchenguru am 08.08.13 13:29:03Hi Guru,
die 14,86 könnten daher rauskommen, weil es langfristige Verträge mit Fixabnahme sind.
Hab aber niemals darüber gelesen.
Versteh da auch einiges nicht.
Silberpreis ab 35, da beginnt SSRI zu blühen.
Impact wird definitiv überleben, erwarte mir den Dreh schon im 4.Qu.
Grüße
T.
die 14,86 könnten daher rauskommen, weil es langfristige Verträge mit Fixabnahme sind.
Hab aber niemals darüber gelesen.
Versteh da auch einiges nicht.
Silberpreis ab 35, da beginnt SSRI zu blühen.
Impact wird definitiv überleben, erwarte mir den Dreh schon im 4.Qu.
Grüße
T.
Cash costs, which include cost of inventory, treatment and refining costs, and by-product credits, were $13.03 per payable ounce of silver sold in the second quarter of 2013 compared to $13.58 per payable ounce of silver sold in the first quarter of 2013 and $16.54 per payable ounce of silver sold in the second quarter of 2012.
Total costs, which include silver export duties, depreciation, depletion and amortization, were $20.05 per payable ounce of silver sold in the second quarter of 2013 compared to $20.06 per payable ounce of silver sold in the first quarter of 2013 and $23.49 per payable ounce of silver sold in the second quarter of 2012.
Der Trend wäre insgesamt akzeptabel u. die Höhe insgesamt auch, wir kommen ja von weitaus höher her.
Wir brauchen höhere Silberkurse, da beißt die Maus keinen Faden ab.
Was das mit dem revenue (14,86$/Oz) sein soll, keine Ahnung, werde eine Mail an SSO schreiben.
Total costs, which include silver export duties, depreciation, depletion and amortization, were $20.05 per payable ounce of silver sold in the second quarter of 2013 compared to $20.06 per payable ounce of silver sold in the first quarter of 2013 and $23.49 per payable ounce of silver sold in the second quarter of 2012.
Der Trend wäre insgesamt akzeptabel u. die Höhe insgesamt auch, wir kommen ja von weitaus höher her.
Wir brauchen höhere Silberkurse, da beißt die Maus keinen Faden ab.
Was das mit dem revenue (14,86$/Oz) sein soll, keine Ahnung, werde eine Mail an SSO schreiben.
Trading Spotlight
Hi Tschonko,
wie gehts Dir, was macht Impact, haben die eine Überlebensschance, das ist im Moment die zentrale Fragen bei allen Rohstoffwerten.
SSRI steht auf meiner Liste ganz weit oben.
Aber das kann doch nicht wahr sein :
Sold consistently into long-term sales contracts: Sold 2.2 million ounces of silver, generating revenue of $32.7 million .
Das wären 14,86 $, was ist denn das für eine Zahl ?
wie gehts Dir, was macht Impact, haben die eine Überlebensschance, das ist im Moment die zentrale Fragen bei allen Rohstoffwerten.
SSRI steht auf meiner Liste ganz weit oben.
Aber das kann doch nicht wahr sein :
Sold consistently into long-term sales contracts: Sold 2.2 million ounces of silver, generating revenue of $32.7 million .
Das wären 14,86 $, was ist denn das für eine Zahl ?
Bei diesen Rohstoffpreisen wird nichts verdient:
Financial Results:
- Revenues: 32,7 Mio.
- Cost of sales: 51,6 Mio.
- Loss from mine operations: 19 Mio.
- Net loss: 235,9 Mio.??
- Cash and cash equivalents: 435,8 Mio.
Mine Operations
Revenues were $32.7 million in the second quarter of 2013, versus $42.4 million in the quarter ended June 30 , 2012. Cost of sales was $51.6 million including $11.3 million of non-cash depletion, depreciation and amortization and a $12.2 million write-down of inventory stockpiles in the quarter ended June 30 , 2013. This compares to a cost of sales of $34.2 million including $7.9 million of non-cash depletion, depreciation and amortization in the quarter ended June 30, 2012 .
Loss from mine operations was $19.0 million in the second quarter of 2013, compared to income from mine operations of $8.2 million in the second quarter of 2012.
Net Income
Net loss of $235.9 million , or $2.92 per share, in the quarter ended June 30, 2013 , compared to net income of $35.0 million , or $0.43 per share, in the quarter ended June 30, 2012 .
Non-cash, pre-tax impairment charge and write-downs of $221.7 million related to Pirquitas, exploration projects and assets held for sale were recognized at June 30, 2013 .
Liquidity
Cash and cash equivalents were $435.8 million at June 30, 2013 , compared to $366.9 million as of December 31, 2012 . Working capital was $630.4 million at June 30, 2013 , compared to $350.9 million at December 31, 2012.
http://finance.yahoo.com/news/silver-standard-reports-second…
Financial Results:
- Revenues: 32,7 Mio.
- Cost of sales: 51,6 Mio.
- Loss from mine operations: 19 Mio.
- Net loss: 235,9 Mio.??
- Cash and cash equivalents: 435,8 Mio.
Mine Operations
Revenues were $32.7 million in the second quarter of 2013, versus $42.4 million in the quarter ended June 30 , 2012. Cost of sales was $51.6 million including $11.3 million of non-cash depletion, depreciation and amortization and a $12.2 million write-down of inventory stockpiles in the quarter ended June 30 , 2013. This compares to a cost of sales of $34.2 million including $7.9 million of non-cash depletion, depreciation and amortization in the quarter ended June 30, 2012 .
Loss from mine operations was $19.0 million in the second quarter of 2013, compared to income from mine operations of $8.2 million in the second quarter of 2012.
Net Income
Net loss of $235.9 million , or $2.92 per share, in the quarter ended June 30, 2013 , compared to net income of $35.0 million , or $0.43 per share, in the quarter ended June 30, 2012 .
Non-cash, pre-tax impairment charge and write-downs of $221.7 million related to Pirquitas, exploration projects and assets held for sale were recognized at June 30, 2013 .
Liquidity
Cash and cash equivalents were $435.8 million at June 30, 2013 , compared to $366.9 million as of December 31, 2012 . Working capital was $630.4 million at June 30, 2013 , compared to $350.9 million at December 31, 2012.
http://finance.yahoo.com/news/silver-standard-reports-second…
Antwort auf Beitrag Nr.: 45.185.957 von fredthejet am 05.08.13 22:36:502. Q.- Zahlen.
Produktion hoch, nur wird nix verdient.
Sehr hoher basic loss per share.
http://finance.yahoo.com/news/silver-standard-reports-second…
Nebenbei gute Übersicht über die anderen Projekte.
Produktion hoch, nur wird nix verdient.
Sehr hoher basic loss per share.
http://finance.yahoo.com/news/silver-standard-reports-second…
Nebenbei gute Übersicht über die anderen Projekte.
Antwort auf Beitrag Nr.: 45.107.963 von pw1961 am 24.07.13 19:05:13
http://www.tradesignalonline.com/ext/edt.ashx/wo/003bcad9-cb…
http://www.tradesignalonline.com/ext/edt.ashx/wo/003bcada-cb…
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