Deutsche Bank empfiehlt Portman Minings zum Kauf! - 500 Beiträge pro Seite

[phlo]

In der Analyse vom 6.September steht: es gibt sehr viele Zeichen für einen Turnaround. Der Gewinn wird in den nächsten Jahren durchschnittlich um 70% steigen.


Es ist eine wahnsinig lange Analyse, ich fände es gut, wenn sie mir jemand zusammen fassen könnte.


Quelle: http://www.portman.com.au/brokers-6-9-99dbr.htm

[phlo]

Kann mir jemand erklären, wie ich eine Grafik in den Thread integriere?

[honeypie]

HTTP Error 404

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[Henning123]

Zwar schon ziemlich alt, aber passt immer noch


Australia
Energy Deutsche Bank Research

6 September 1999 Portman Mining Ltd
1H99 result - in line with expectations
Rating
Buy
Previous Rating
Buy

Price
$0.63

Ticker/code
PMM

EPS change
1999F +0.1c or 3.8%
2000F -2.8c or -51.4%

Performance
1m
3m
12m

All Ord
(0.6)
2.1
19.4

Index
(1.8)
3.9
21.6

PMM
(7.4)
(22.2)
(37.0)




Y/E Dec Net
profit
(A$M)

EPS
(Ac)
EPS
gwth
(%)
P/E
ratio
(x)

CFPS
(Ac)
P/CF
ratio
(x)

DPS
(Ac)

Yield
(%)
NPV
Value
(A$)

1998
16.1
14.8
(28.0)
4.3
35.1
1.8
5.0
7.9

1999F
3.3
2.9
(80.3)
21.6
6.3
10.0
5.0
7.9
0.68

2000F
4.3
2.6
(10.7)
24.2
12.7
5.0
5.0
7.9

2001F
10.2
5.6
115.8
11.2
16.6
3.8
6.0
9.5

2002F
14.5
8.0
42.5
7.9
18.8
3.3
6.0
9.5

Source: Company data, DBAG estimates
Shares outstanding (M)
181
Market value (A$M)
114

All Ordinaries index 2990
Market weight (%)
0.02

Avg daily turnover (A$M)
0.21
52-week high/low (A$)
1.14/0.62


Portman Mining Ltd (PMM) today reported an interim result of $2.5M which in line with our expectation of $2.7M. It was a clean result with no abnormals. PMM remains a buy because it is leveraged to an economic recovery in Asia and there are some positive signs of a turnaround in the macro environment.

PMM reported a 1H99 profit of $2.5M ($10.3M pcp) compared to our expectation of $2.7M. There were no abnormals and no dividend was declared.
The 75% decline in earnings reflects the continuing adverse conditions in the international coal and iron ore markets. Like its peers, PMM was forced to concede substantial coal price reductions in international markets and was impacted by significant discounting in iron ore markets as well. After discussions with PMM, we have made adjustments on the basis that discounts to benchmark coal prices in FY99 are also applicable in FY00 resulting in an EPS downgrade. The valuation has been diluted due to the recent capital raising.
The highlights of 1H99 were:
- completion of the $50M placement and rights issue
- full expansion of the Burton Coal project to 4Mtpa and completion of the Kerlong underground feasability study
- completion of the Lithgow Silicon Project feasability study. Conditional board approval has been granted awaiting finalisation of marketing and sales agreements and
- progress has been made with regards to expansion of iron ore production to 4Mtpa following acquisition of additional ore reserves and PMM’s intention to support the Esperance Port development.
We continue to recommend PMM as a buy principally as a leverage to a recovery in Asia. Signs have emerged that steel prices have bottomed and steel production is starting to increase in Japan. Our belief in a recovery in coal prices was signaled when our FY99 coal price forecasts were rolled over into FY00. PMM’s strong cash position should enable it to take advantage of the consolidating coal market and with its above average returns on invested capital PMM’s share price should recover. Other developments such as the Lithgow Silicon project should also provide upside for investors.


Source: Company data, DBAG estimates
FinancialsProfit & Loss Summary

A$M 1H98
1H99
DBAG Estimate
Comment

Total Revenue 72.5
92.7
90.3
Volume gains help defray price impact

Operating Costs (56.4)
(77.5)
(74.4)


EBITDA 14.9
14.2
14.2
Exactly in line

Dep/Amort (3.7)
(7.4)
(6.3)

EBIT 11.8
7.4
6.3


Net Interest Expense (1.1)
(2.5)
(2.0)

Pre tax profit 10.7
4.9
4.2


Tax (0.5)
(2.4)
(1.5)
Continue to provide for tax

Net Profit 10.3
2.5
2.7
Price impact makes severe dent on profitability


EPS (cps) 9.4
2.2
1.9

Dividend (cps) 0.0
0.0
1.0

Net Abnormals 0
0
0
Clean result


Source : Company data, DBAG estimates




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