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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Kenmare Resources Plc | KMR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 4.50 | 1.36% | 334.50 | 11:37:46 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 337.00 | 332.00 | 337.00 | 330.00 |
| Industry Sector |
|---|
| MINING |
| Top Posts |
|---|
Posted at 10/4/2024 07:11 by creditcrunchies Last day to get a massive dividend. I think this is the highest single dividend I've had in my SIPP to date. These are always good for pensions especially if in drawdown where you're taking income from the magic 4% a year figure from your capital |
Posted at 04/4/2024 14:01 by clive7878 I am concerned that KMR could be following SLP -which was on a low pe of 3 and now has a volatile share price. The final dividend yield - ex div 11/4 - is a very good percentage, but the share price cud fall as a result on 11/4, so much of that cud be wiped out. I've experienced before. One needs more reason to invest than the dividend. |
Posted at 04/4/2024 10:25 by clive7878 robmcef2 - could well be. ex-divi this Thursday, 11th.I'm thinking the same. But a little wobble today on the share price Another divi stock is AA4 and the 5% per quarter is guaranteed for the next 2 years. It is forecast with KMR that earnings may decline over the next 3 years, how solid is the Company with lesser growth prospects ? Can they maintain the dividend percentage ? |
Posted at 30/3/2024 10:19 by robmcelf2 I can only think the $340m of capex across the next 2 years is a major dampener. Was interesting that when Carvill was asked about KMR being up for sale he said no one had approached them and why would they until they had the WCP A concentrator move to Nataka out of the way? KMR is hugely undervalued and I'm hoping a new CEO may help spark more investor interest in this co. |
Posted at 21/3/2024 18:29 by spectoacc I thought KMR would get taken out long ago - by a GLEN or similar - but seems it's never been in play.Pocket the divi in the meantime. Country risk, and execution risk with the next move, but KMR have proven themselves with both over time. |
Posted at 21/3/2024 14:48 by stemis Ok, I've done a bit more digging on factoring, if anyone is interested (which they don't seem to be, but I'll put it here, anyway, as a aide memoire for myself).According to the notes to the accounts, KMR has 2 factoring facilities; Absa, up to $30m, for 80% of 3 of KMR largest (unspecified) customers and Barclays, unlimited, for sales under letters of credit. Neither seems to have been used much during the year, but at the year end there were $110.5m ($45.3m + $65.2m respectively) which could be factored. In the prior year, the Absa facility was not used but $201.4m factored during the year under the Barclays facility. So there is clearly some capacity to access more funding through these facilities if necessary. |
Posted at 20/3/2024 10:25 by stemis Not sure there is much new in the results. Dividend of 56.04c is a cost of $50m, in line with what they said on 17 January - ("We expect total 2023 dividends to be approximately $50 million.”).Ilmenite production guidance for 2024 is unchanged. On slight note of caution is - "To the extent possible during this period, we will aim to pay dividends towards the top of our stated payout range of 20-40% of underlying Profit After Tax. However, additional shareholder returns will need to be balanced with a requirement to maintain a strong balance sheet to fund the programme." Dividend in 2023 was 38.2% of PAT According to 17 January statement, capex in 2024 should be $224m ($189m development projects, $6m improvement projects, $29m sustaining capex). Net cashflow in 2023 (exc capex, debt repaymnents, share buybacks but assuming same dividend as 2023) would be $103m. So it would need $121m from debt. That looks tight. One other thing though is that debtors in the last 2 years have increased $61m on roughly the same turnover. I assume that's a reducing use of factoring. Presumably they could call on this if needed? |
Posted at 29/1/2024 12:47 by return_of_the_apeman Good dividends are not a certainty given the last company update and their latest policy belowDividend Policy In April 2023, Kenmare’s dividend policy evolved to a targeted payout ratio of 20-40% of profit after tax, from 20% originally. This revised dividend policy is based on a multi-year view of the company’s performance and funding, while maintaining conservative gearing. The revised dividend policy is subject to (i) any exceptional or single year impact; (ii) market conditions, balance sheet position and capital requirements; and (iii) higher cash balances likely to be maintained until capital development projects completed. I have only been able to find wording from HL saying they are unable to credit back the 25% DWT for SIPP clients Anyone been lucky in their SIPP with ii ? Tia |
Posted at 17/1/2024 11:43 by petomi SteMis I was surprised to read that the yield is 12%+ but I think you're right.Interim divi of US17.5c cost $16.6m per today's RNS. So if dividends declared for 2023 were exactly $50m the final would be $33.4m ie 37.4c with 89.228m shares now in issue following the tender offer. So total 2023 divi would be 54.9c ie £pence 43.25 at current rate, or 12.1% yield at price of 358p. That would be subject to the 25% Irish WHT unless you can reclaim it - I have asked my SIPP provider to do that and must check whether they have managed to do so. The key question though will be whether they maintain $50m for 2024, given weaker markets and heavy capex. FWIW I think they will try to maintain it unless they have a major setback since they knew the current issues when they launched the buyback tender - why do so if you expect to cut the dividend next year? We shall see GL to all LTHs. ADDENDUM As an update to the above I have seen a new note today from Hannam which shows some reduction in 2024 dividends, and a further rough halving in 2025, not very encouraging. They reduce tehir target price from 660 to 510p. May have contributed to the drop in price today |
Posted at 19/12/2023 10:32 by benjonesinvestments Hi apeman,The $250m figure was the guidance from Kenmare in their capital markets day presentation earlier in the year. However, this $250m was for upgrades to WCP A and B and didn't include any sustaining capex. They were never clear about sustaining capex but you can look through previous years of capex to get an idea. It's normally best to add this on top given how common it is for mining companies to have capex overspends. Of course they may have expected sustaining capex to come in lower given the additional work they're doing on WCPs A and B. I checked my own model and had $392m total capex for next 2 years to account for sustaining capex and inflation adjustments. So overall I'm still ok with the increase in capex guidance. Well the worst and best case depend pretty much entirely on ilmenite prices to be honest. YTD ilmenite prices have been $347/t, a continuation of that price for the long-run would put Kenmare at around £11/share (unadjusted for dividends) in my view. Of course those ilmenite prices may be a little rosy in the near -term. Long-term ilmenite prices of $280/t with corresponding drop in zircon prices put Kenmare around £6/share in my view. Either way, the company looks undervalued to me. The way I'd be wrong is if ilmenite prices really tank down towards $200/t. If that happens then of course Kenmare is going to struggle. Dividend is just a function of the cashflow and I'm really not too fussed about near term dividend changes as long as long-term cash generation looks good (which again depends heavily on ilmenite prices). At current ilmenite prices, dividend looks very sustainable at present levels. At lower ilmenite prices ($280/t say), then I would expect dividends more in the $30m range rather than $50m. I know they're looking at ways of restructuring the company to minimise witholding tax - any success there would also be helpful! |
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