Centamin Dividends - CEY

Centamin Dividends - CEY

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Centamin Plc CEY London Ordinary Share JE00B5TT1872 ORD NPV (DI)
  Price Change Price Change % Stock Price High Price Low Price Open Price Close Price Last Trade
  0.00 0.0% 128.65 129.50 127.50 128.00 128.65 16:35:04
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Industry Sector

Centamin CEY Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

sotolo: Van EcK and Blackrock haven’t APPEARED as holders, contributing to our share price rising, but have held for a while, their holdings going up and down with their funds and etf’s size. The share price doesn’t HAVE to rise with the price of gold, the aisc is equally important and if it rises $100 then that equals a $100 rise in the price of gold, so,profits stay the same. Worse if the stock market were to halve, halving expected PE’s, then gold would have to rise to $2000 and aisc stay flat for our PE to halve and share price just stay the same The horrible problem with gold miners s that in a tumbling stock market they can fall too despite a rising gold price. However I remain a holder as I love the cash Cey churn out, and that they don’t reinvest in useless ventures but return the cash to me.
mr tibbles: No mention of the rat in the Kitchen!( Endeavour) https://www.fool.co.uk/investing/2020/01/09/isa-investors-a-growth-and-dividend-stock-id-buy-in-january-and-hold-for-10-years/ There’s an abundance of top income shares available to buy today and Centamin (LSE: CEY) is one that I’d happily purchase before the close of January. I’d load up not in anticipation of some hot financial or operational updates but in case gold prices heat up again. The Egypt-focussed miner has already impressed the market today with some splendid production numbers. In a release, it advised that fourth-quarter gold production at its Sukuri mine leapt 51% from the previous three months to 148,387 ounces, meaning that year-on-year production rose 2% in 2019 to 480,529 ounces. And Centamin said that output should creep higher again in 2020 and clock in at between 510,000 and 540,000 ounces. The FTSE 250 digger’s share price has crept 3% higher in Thursday business on the back of the release, one so strong that market makers have shrugged off a serious pullback in bullion prices over the past 24 hours. With tensions easing between the US and Iran following earlier military hostilities, gold was recently back at $1,550 per ounce and some way off the seven-year peaks above $1,580 struck on Tuesday. War talk I would caution anyone against discounting another surge in bullion values before the month is out, however. Fears of serious conflict in the Middle East have receded following Iran’s limited airstrikes on American bases in Iraq, and US President Trump’s pledge to hit Tehran with fresh sanctions rather than more military action. This is a tense situation that could worsen again at any moment, however. The assassination of Qassem Suleimani in Baghdad last week saw Iran put the 2015 nuclear accord on the bonfire, and the US will want to be seen doing all it can to stop Tehran stockpiling and enriching uranium again. The fact that 2020 is an election year raises the pressure on President Trump to both talk and act tough, too. It’s clear that some within Washington circles are keen to stress that Iran’s retaliatory strikes in Iraq this week are not necessarily that restrained, either. Chairman of the Joint Chiefs of Staff Mark Milley has said that he believes missiles were intended to take out US servicemen, contrary to what Iranian leaders say and suggesting that huge tension remains. Opportunity These unfortunate developments in the Middle East have added to the existing geopolitical and macroeconomic factors that have heated up gold prices over the past year or so and led to expectations that bullion will keep on rising. Accordingly, City analysts expect profits at Centamin to leap 44% in 2020, the bottom line likely assisted by those aforementioned production increases too. This has the knock-on effect of not only leaving the business dealing on a rock-bottom price-to-earnings growth (PEG) readout of 0.4 for the year, but also leads to predictions that dividends will keep rising. Thus the FTSE 250 firm also has a mighty 5.2% forward yield. Owning gold or gold producers as a hedge in times of turbulence is always a good idea, and I’d happily buy takeover target Centamin today and hold it for a decade. The business rebuffed a takeover approach by Canada’s Endeavour Mining in December, and the suitor now has until Tuesday (14 January) to put in a firm offer or go away. Regardless of how this episode pans out, though, I reckon loading up on the London-listed digger is a worthwhile idea right now.
mr tibbles: The information below is by courtesy of another well informed and long term Centamin investor and it shows just what a mess Endeavour is in financially! Endeavour Hedging- It appears from the actual details of the Endeavour hedge book they have 350,000 ounces hedged at say $1,500 then normally they have to provide the ounces on demand at $1500 and if the spot price is higher and Endeavour don't have the ounces they will need to buy at the higher spot price to pay off the hedge? Hedge is often short term answer but long term a major risk! On 350,000 oz of their annual production EDV has a hedging options collar with the sell price at $1500 through to end June 2020. A very important key difference to the profitable, cash flow positive, debt free and unhedged CEY. Cey captures as gross profit every dollar above $1500 of gold sold while EDV has another six months of their fixed price options collar limiting their gross profits cut-off at $1500. If gold keeps rising that will make EDV's relative balance sheet vs CEY worse over the next six months. Not forgetting our gallant suitor EDV has over $600m of net debt half of which is due to be repaid in 2021. After interest EDV continues to make significant annual losses and pays no dividend. Yet in their proposal their Chairman boasted that EDV " will continue to be prudent allocators of capital". The best opportunity for EDV to grab CEY was continued gold mine sector scorn, gold price weakness and stuttering Sukari production. Yet recent M&A in the sector has brought both publicity for the gold miners and highlights their relative value vs other fully priced sectors. Gold is + 4.4% price since the merger proposal announcement and major and midsized gold co's GDX ETF is +8.12% for December. Gold's merits and price rise are getting noticed. If CEY Q4 production meets minimum guidance that could really get a change in sentiment and the share price can start to reflect true intrinsic value. On taking the data from EDV published financials Endeavour have not "hedged" as per historic hedging programmes of the likes of Barrick etc where a certain percentage would be locked in at a set price. But the reason for hedging is the same - a balance sheet with considerable debt. Endeavour have spent $9m buying call and put options to hedge 350,000 oz production with a floor price of $1375 and a ceiling price of $1500. The options contracts expire 30/6/20. When a trend gets going producer gold miners can generate leveraged increase of x2 to x3 vs. the % rise in gold. As happened in H1 2016 with unhedged CEY 60p to 180p. The present Endeavour options contracts may mitigate their balance sheet financial risks and reassure their creditors but importantly it also limits their gold price leverage potential! Another potential risk they have is physical. What would happen to their $600m debt covenants if production in B.F. was halted for several months and they couldn't produce enough gold to sell to meet their total costs and interest payments? This also raises the question as to what security Endeavour has put up for the loans and to whom? From the start I have thought that Endeavour was the wrong company with the wrong metrics for Centamin. Will a rising gold price close their window of opportunity?
3rd eye: Gone in for some gold this morning. Bought Centamin CEY. A hedge against bumps in the road on the main markets. A good write up here from one of my Brokers. Centamin (CEY) A gold miner ramping up production and profits It’sbeenagreatyearforgold.Thepreciousmetalhitsix-yearhighsinSeptember,risingtoover$1,500perounce. Demandforthis‘safehaven’assethassurgedamidstawaveofrisingglobaleconomicandgeopoliticaluncertainty. Theseconcernslooksettocontinueforsometime. Subsequently, gold miners have become an attractive option for investors looking to diversify their portfolios and potentially take advantage of rising bullion prices. With no debt, healthy operating margins and increasing output levels we think mid-cap producer Centamin could be one of the best opportunities in this sector. Further gains for gold look likely Major gold bull markets are rare. The most recent one lasted from the late 1990s until 2011. The one before that ran between the late 1960s and 1980. Many market commentators are predicting we could now be witnessing the start of another. It’s easy to see why. Many of the catalysts behind this year’s yellow metal upswing show no signs of abating any time soon. Whilst Brexit noise and the US-China trade war may have settled down slightly, low interest rates, rising tensions in the Middle East and fears of a slowing global economy still cast their omnipresent shadows. Since this summer’s high, the price of gold has pulled back slightly and now seems to be drifting sideways above support at the $1,460 level. But, with all signs pointing to a continuation of strong demand, it’s likely this could just be a phase of consolidation before bullion surges higher once again. In September UBS, the usually conservative Swiss Bank, upped its gold forecast for the second time in less than two months. It now predicts that further buying from large funds and central banks could push the price up to $1,730 in 2020. That’s an increase of close to 20% from current levels. An appealing recovery play Predictably, as gold prices moved higher this year so have the shares of many gold mining companies. This means finding value in the sector is tricky, which is what makes the Centamin story so appealing. In February the miner revealed that a series of operational issues at its flagship Sukari mine in Egypt had resulted in a 13% drop in production during 2018. This hit profits, prompting an investor sell-off which saw the share price tumble. Lower than expected grades of gold and disruption to the mining processes were to blame for the weaker output. However, it’s not unusual for a mine to encounter short-term problems like these occasionally, due to unforeseen geological factors. Centamin quickly put these setbacks behind it, reassuring investors it had a ‘new team in place’ and was confident it could return Sukari ‘back to its full potential’, having ‘identified, evaluated and implemented’ solutions to the problems which had been encountered. NOVEMBER2019 info@regency.capital By July the miner was already firmly on the road to recovery, announcing better than expected interim results and confirming it was on track to increase production for the year. Impressive financial position Centamin has a much healthier balance sheet than most of its peers and plenty of financial firepower to underpin further growth. It has no debt, no hedging and around $289m cash, making it very stable for a natural resource company. Third quarter results in October showed adjusted free cashflow for the year is currently up 14% on 2018 at $39.7m, which will help to support its eye-catching forecast dividend of 7.4p per share. Production is on track to reach a target of 490,000 ounces for 2019, ahead of the 484,322 ounces it sold last year. With all-in sustaining costs of $890 to $950 per ounce, Centamin boasts a very healthy profit margin too. A good buying opportunity Given that gold prices are likely to continue moving higher, at least for the next year or so, we think it’s quite possible Centamin shares could revisit their 2017 highs of over 190p, offering around 60% upside. With production forecasts increasing to 510,000-540,000 oz per year in 2020-2021, even if the yellow metal simply maintains it current levels, Centamin shares look like a good way to add some sparkle to your portfolio. TICKER SECTOR SHAREPRICE 52wRANGE MARKETCAP CEY MINING 119.35 79p
mr tibbles: Two very interesting piece of news found and shared by two very decent long term Cey share holders hxxps://economyplusme.com/19821/ the council of ministers today issued a draft of a law similar to law 32 to protect all contracts awarded by an investment trust headed by President Al-Sisi from any legal challenges.. Exactly the same wording of law 32.. to the letter Egypt's Cabinet passes amendments to restrict legal action against Egypt’s Sovereign Wealth Fund, On first impression this does bode well for Endeavour, or its backers, unless I have misunderstood the proposed legislation? The article describing the fund’s activities now states that among its responsibilities is to “manage assets and holdings of state-owned entities and bodies, or [state-]affiliated bodies and companies” when called for. What could be the reasoning to bring about these actions? Could it be it is a result of what certain grandstanding members of the bar have done with the power to file third-party lawsuits? Could this be Law 32 under a different guise? If this should be so then will this new legislation just apply to new contracts or will it be applied retrospectively? If the latter be the case then this may be of great benefit to Centamin. “The Madbouly Cabinet greenlit on Thursday legislative amendments that would limit the scope of legal action that can be taken against the Sovereign Fund of Egypt (SFE), according to a statement out following cabinet’s weekly meeting. The changes would, if passed, shield contracts the fund has signed from third-party legal challenge. The fund cannot be challenged in a legal context for “any measures” it had undertaken “to achieve its goals.” The only exception allowed is in the case that the fund or the party that has signed a contract with the fund is implicated in criminal wrongdoing related to the contract. Presidential decrees to transfer public assets to the fund can also only be appealed by the entity which directly owns those assets or by the fund’s management team. The fund’s goals were broadly specified in a 2018 law as “contributing to sustainable economic development [in Egypt]”. Link below -Egypt's Cabinet passes amendments to restrict legal action against Egypt’s Sovereign Wealth Fund, hxxp://www.cabinet.gov.eg/Arabic/MediaCenter/CabinetNews/Pages/cm71.aspx Due to the unresolved court case Cey share price is discounted by between 12-20% by brokers & MM, Court case is on hold until a ruling on Law32 is made by the commissioners. Ratification on Law 32 or similar would null & void the court case!
jfishy55: win2003, Mr Rutherford is to be appointed deputy chairman of the CEY board. He is already on the board of AAL. It is required to mention other interests of board members and hence the RNS you linked to. Here is the CEY RNS confirming the appointment: https://uk.advfn.com/stock-market/london/centamin-CEY/share-news/Centamin-PLC-Board-Changes/81346641 It also mentions his other appointments including AAL.
jfishy55: Thanks for the correction Skinny :-) Yes SScholl, that's the thing, it seems to me that Endeavour are "trying it on" - they know the CEY share price has been knocked so they can pick it up on the cheap plus it has the W African assets which I assume will has synergies with their existing assets. So I can see why Endeavour are making the approach but I think they will raise their offer - they want to get CEY as cheap as possible after all! Even with a raised offer though, I really don't see the attraction for CEY beyond potentially using Endeavours assets in W Africa. At this moment, if I wanted to buy Endeavour I think I'd rather buy separate shares in both companies rather see them merged.
jfishy55: SScholl, Personally I would not vote for CEY to merge with Endeavor. I think that CEYs recent issues are behind it and as such the dividend will increase going forward. I also anticipate a successful resolution of the ongoing court case (and a failure of the fuel subsidy one). As such, I see the CEY share as being worth much more in the future. I do not think a combined company will result in increased combined profits. Therefore, better to not merge. That said...could there be any benefit in using Endeavour production facilities in W Africa to process ore form Cote d'Ivoire etc? Perhaps in the future CEY should sell the West African assets to Endeavour (or do a JV in that respect) instead of merge? So, I think a merger at this time would not be good for CEY shareholders. I am half expecting other companies to start looking closely at CEY now in case they want to make a counter bid. Seems like good times ahead! I recall a time long long ago when a certain Tom W was telling his followers that he didn't believe CEY would mine a single ounce of gold before it was taken over! He probably would have been right if it wasn't for the unusual profit share arrangement I think!
scoble2: Centamin One way to play the gold price metal is to invest in London-listed gold miners such as Centamin (LSE: CEY), whose share price is up a blistering 75% in the past three months. The rising gold price has certainly helped, but the Egypt-focused miner’s also delivered a positive recent update, with production up, costs down and the outlook promising. Better still, the FTSE 250 miner boasts a “strong and flexible balance sheet with no debt, no hedging and cash and liquid assets of $326.6m.” It offers dividends as well as growth prospects, with the recent $46.2m interim bringing cumulative dividends to around $500m since 2014. The stock now offers a forecast yield of 3.8%. Unsurprisingly, given recent share price growth, it looks a little pricey, trading at 21.2 times forward earnings. However, it may justify that with City analysts predicting 17% earnings per share growth in 2019 and another 18% in 2020. Centamin looks well set, but growth also depends on factors beyond its control, primarily investor sentiment towards gold. The price has hit a six-year high, and it could struggle to press much higher from here. As ever, don’t go into this expecting another 75% growth in the next three months.
jfishy55: As I gear up towards buying CEY, here's some conservative (used lower guidance figures) numbers I've put together from the FY accounts. I'd be interested if anyone disagrees with the numbers or if I've missed anything / got anything wrong: Q1: 105,000oz, $950oz AISC, $1280oz avg gold price realised = $33.6m profit FY: 490,000oz, $950 AISC, $1280oz avg gold price realised = $161.7m profit Cash at start of year $322.3m (adjusted for 2018 final dividend of $34.6m = $287.7) Interim 2018 dividend cost $28.9m Final 2018 dividend cost $34.6m Total 2018 dividends cost $63.5m So it looks like Q1 alone will cover the H1 dividend & see an increase. With H2 production scheduled to be much higher than H1 CEY should pay a significantly higher final dividend. This implies a significant rise in the share price and also the yield. This is dependent on: 1) gold price 2) production being met I do have these concerns as well: 1) Thursday is ex-div day (if you hold at close on Thursday you are entitled to div) AND the last day of trading before Q1 results...and the price has been pretty soft leading up to it.. 2) Don't profit warnings come in 3s?! I think there have only been two? So I'm waiting until the Q1 results to confirm things are on track. If they are I'll be buying, if not, I won't :-) Unless anyone wants to convince me otherwise?
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