Share Name Share Symbol Market Type Share ISIN Share Description
Emmerson Plc LSE:EML London Ordinary Share IM00BDHDTX83 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.15 2.63% 5.85 2,506,674 09:52:46
Bid Price Offer Price High Price Low Price Open Price
5.80 5.90 5.85 5.70 5.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments -1.13 -0.17 40
Last Trade Time Trade Type Trade Size Trade Price Currency
10:52:39 O 3,777 5.90 GBX

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Emmerson Daily Update: Emmerson Plc is listed in the Nonequity Investment Instruments sector of the London Stock Exchange with ticker EML. The last closing price for Emmerson was 5.70p.
Emmerson Plc has a 4 week average price of 3.95p and a 12 week average price of 2.15p.
The 1 year high share price is 6.05p while the 1 year low share price is currently 2.15p.
There are currently 686,132,385 shares in issue and the average daily traded volume is 13,403,707 shares. The market capitalisation of Emmerson Plc is £40,138,744.52.
trying2getrichquick: CONVICTION BUY Emmerson - Update Development of a world class potash mining asset in an outstanding location to provide fertiliser to help feed the planet Emmerson first listed on the LSE in February 2017 as an investment company. In June 2018, the company was re-admitted following the RTO of Moroccan Salts Ltd which is developing the Khemisset Potash Project near Rabat in northern Morocco, a country where fertiliser giant OCP requires significant potash feedstock. Khemisset has a large JORC resource of Muriate of Potash (MOP), which is the most widely used and cheapest source of potassium. The eagerly anticipated Feasibility Study is due to be published later in Q2 2020. Big agriculture investment drivers pushing up the MOP price The United Nations believes that the world will need to produce 70% more food by 2050, not just to meet the needs of its fast-growing population but also for a burgeoning middle class that is seeking a higher protein diet. Fertilisers led by MOP are seen to be vital to improve the efficiency of farming. Forthcoming Feasibility Study expected to highlight share price disconnect There is a clear plan to further de-risk the Khemisset with its large JORC Resource Estimate of 537Mt @ 9.24% K2O (in-stu value US$30 billion) which is being rapidly driven towards production. In November 2019, the board pointed out that the post-tax NPV(10) of Emmerson’s project portfolio was then in excess of US$1.8 billion, which consists of MOP project - US$1.14 billion, SOP project - US$411 million and Salt project - US$226 million. With the FS in place, there is a clear pathway to allow production to start as early as 2022. Compelling low capex development – which is rare in potash projects Management has extensive potash development experience, previously with ASX listed Highfield Resources, and believe Khemisset has the potential to be a low capital cost development which is very rare in potash with scope for impressive economics even at modest potash prices. Risked conservative NPV suggests potential upside of 400% Our conservative valuation illustrates the clear potential. We update our coverage with an increased target price of 24p and Conviction buy stance. RISK WARNING & DISCLAIMER Emmerson is a research client of Align Research. Full details of our Company & Personal Account Dealing Policy can be found on our website hxxp:// For full disclaimer information please refer to the last page of the full document. This investment may not be suitable for your personal circumstances. If you are in any doubt as to its suitability you should seek professional advice. This note does not constitute advice and your capital is at risk. This is a marketing communication and cannot be considered independent research.
cpap man: #EML LSE:EML #EML Agree as my short term share price target for #EML is 20p to 30p.... Medium to longer term my share price target for #EML is 100p + Although it is more than likely that #EML will have been subject to a TAKE OVER prior!!!!
sportbilly1976: stoop, I guess our guidance has been shaped with the Shard research note from last March: ► Valuation. Our base-case NPV10(real) for Khemisset is US$439m (8% $614m). Our SotP suggests a current intrinsic fair value of c.12p/sh based on conservative modelling inputs and a punitive 0.25x NAV multiple reflecting the current stage of development. This implies that EML is trading at an undemanding 0.30x discount to NAV, with an implied return of 3.3x to the current share price. We see significant potential for value accretion as the company meets development milestones and de-risks, we see our SotP valuation rising from 12p on a risk-adjusted basis today to c.100p at production (+5 years) on a pre-financing basis hxxps:// (March 2019) Then there is also the recent interviews by Hayden, including one where he mentions valuations of EML (albeit in production) which would give a value of circa $2.5bln As for an end-of-year price...given that the Company aim to have the Feasibility Study released within the next few weeks and also the financing concluded before the end of the year, this in itself should help realise and substantially value the shareholder returns given the est $250-300mln per annum EBITDA Personally I am looking to be in the 20-25p range by end 2020
tim000: Thanks, an informative interview, imho questioning was a little more rigorous than is usually the case. So FS published in the first half of June, finance discussions/agreements and permitting in the second half of the year, leading to construction getting underway sometime during H1 2021. Personally I think apf's timelines are too optimistic, and of course I'd rather err towards caution. But in any case, I'm not concerned about the precise timing of mining getting underway - it's finance and permitting that are the triggers for the share price, and securing the project's status (locking in future share price appreciation). Two other points. Hayden confirmed that once we approach production, as parob says the NPV10 valuation is far too low. So the upside here is potentially astronomical. Second, Hayden is considering going it alone, and thinking about stepping down later in favour of a construction specialist to lead the company into production. That may be a bargaining chip to boost offers for an equity stake. Imho the company won't be looking to sell out completely on the cheap.
rajawali: Thanks for your comments marketanalyst1. Sifting through old Highfields reports, the November 2014 (A$0.55) share price reflected a market cap of 5% of the combined NPV 10 of the 3 projects at the time, all at scoping study stage (USD 2.169 billion @ AUDUSD 0.82 at the time, 252 million shares). When the FS for Muga came through in Mar 2015, share price shot up to $2.00 or 28% of the project portfolio. Is this valid context for the rerate once the EML FS is done, in your view?
tim000: It’s very rare for companies to offer multiples of the share price to acquire businesses. It’s risky for management should the acquired business fail to deliver; pretty much a career ending move. And as mad foetus says, EML management know they have the potential to add an enormous amount of value to the business this year via the completion of the Feasibility Study and progress on funding. I would expect any offer for the business to be a fairly fixed uplift percentage wise to the share price at the time of the announcement. As such, EML has at least the whole of 2020 to add value to the business, before they contemplate accepting offers. Personally, I think a takeover within the next two years is the most likely scenario.
tim000: I'm a shareholder in EML and will be accumulating shares over time; I see the upside. But there's more to it than that. If it were just the case that the project is massively undervalued, investors (including IIs) would step in. But they don't. The route to 100% funding for this massive project is unknown. Inevitably there is uncertainty, but it is absolutely certain that several funding rounds will be needed before the project is self-financing. If you know a project will be worth many times EML's current mkt cap, but that discounted share placings are the near-term future of the business, there is no need to buy shares now and push the share price up. Institutional holders indeed will be perfectly happy to see the share price languish. My perception is that there is something of a cartel that operates in these situations with IIs. A rational II that is not currently a shareholder should be willing to outbid existing shareholders when a funding round takes place. But they don't and there is no competitive auction that allows the placing price to find a market clearing level. I guess the companies raising capital may be partly to blame. A more efficiently operated market would ensure this happens, whether regulators are partly to blame I don't know. But I do think IIs manipulate markets to their own advantage, mad foetus knows the Muddy Waters/Burford example of this very well.
rajawali: Slightly different funding requirement, don't you think? I don't recall EML requiring 40km of underground conveyor belts to Casablanca port! But I agree that the negative press for SXX may be holding back the EML share price for now. Once the feasibility study gets closer to completion, funding becomes more likely and a material repricing will occur. Risk is that this is taken out well before then and we don't get the full value. But I think investors will do pretty nicely regardless.
cpap man: It is around these mornings opening levels - on reflection this looks like a break away GAP so the EML share price could well continue to climb northwards this afternoon but as stated in a slightly earlier post my only interest in EML is in the medium to long term. So repeat in the medium term [XMAS 2019 and into next year] EML could well be trading well into double digits say 15p to 25p+
cpap man: Agreed maverick247 and remember that EML have a broker buy note with a EML share price target of 11p Reckon that in light of recent news that this EML share price target could well get revised upwards again!
Emmerson share price data is direct from the London Stock Exchange
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