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KMR Kenmare Resources Plc

326.50
12.50 (3.98%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Kenmare Resources Plc LSE:KMR London Ordinary Share IE00BDC5DG00 ORD EUR0.001 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  12.50 3.98% 326.50 326.50 329.50 329.50 310.50 310.50 240,209 16:35:26
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Kenmare Resources Share Discussion Threads

Showing 25251 to 25275 of 25275 messages
Chat Pages: 1011  1010  1009  1008  1007  1006  1005  1004  1003  1002  1001  1000  Older
DateSubjectAuthorDiscuss
26/3/2024
22:45
Interesting presentation - they recognise investment not been rewarded in the market but are continuing to invest anyway...
rjmahan
25/3/2024
10:07
Kenmare Resources will host a webinar for private investors tomorrow at 12.30pm. Michael Carvill, Managing Director of Kenmare Resources and Jeremy Dibb, Director of Corporate Development and Investor Relations will present the FY23 results to 31st December which were announced on 20th March. Register
yellowstoneadvisory
22/3/2024
08:19
Nice director buy notification yesterday.
robmcelf2
21/3/2024
22:42
I think Rio's or a Chinese concern would make a better fit given the geographic footprint and commodity in question.

I expect the divvy will fall at least 65% for 2025 and 26 due to the capex spend.

the original goldbug
21/3/2024
18:57
P/E ratio of less than 3 - value will out in due course. Meanwhile decent divi. Can't stay this lowly valued forever surely.
robmcelf2
21/3/2024
18:29
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.

spectoacc
21/3/2024
16:56
Thanks Stemis - that is helpful. I still think they will be cautious on the dividend going forward given the expanding balance to finance the capex.

What I find extraordinary about this situation is that hey are trading at a 65% discount to sunk capex. This is a market that new players are unlike to enter. Should bode well for the longer term investor.

the original goldbug
21/3/2024
14:48
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.

stemis
21/3/2024
12:39
Interesting summary in the IC yesterday..



The current valuation does look ludicrously low all things considered.

g1yns
21/3/2024
09:57
Don't forget there could be another dividend in October.
parknas
21/3/2024
08:53
Seems like a bargain down at £3 a share.
ukgeorge
20/3/2024
10:25
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?

stemis
20/3/2024
08:03
Production down.
Dividend up.

parknas
17/3/2024
17:26
Results due on Wednesday.
robmcelf2
16/3/2024
15:18
Seems like active shareholder could have flexed muscles and persuaded Carvill to retire?
robmcelf2
27/2/2024
20:02
Will the capex help them expand production or is just necessary to maintain production?

Will current production levels fall during the capex roll out?

Is it all being debt financed?

Are BHP still their main competitor on the South African side of the Mozambican border?

How quickly is supply reduced by more marginal producers in the event prices continue to fall?

Will the capex insure their rightful place as a first quartile operator?

I'm very interested in your opinions to these questions.

the original goldbug
27/2/2024
16:00
Fwiw, I had an answer back from ii, their sipp does not offer treaty rates for the Irish Market and the 25% WHT on dividends can't be reclaimed

From their wording, I expect it will be the same for all uk sipp and isa providers unless anyone can tell me otherwise

return_of_the_apeman
27/2/2024
09:02
Spending $23.6m buying back shares at 422p isn't looking so clever now with the share price at under 300p, falling prices and a capex bill of $300m+ ahead of them.

I owned these shares many years ago when they got themselves into all sorts of financial difficulties. Have they learned the lessons?

stemis
22/2/2024
19:59
Thanks. More fool them at current PEG and div trajectory
jpegman
22/2/2024
18:19
Resource stocks in general especially metals excl gold. It's basically an indicator that global demand has dropped and rate cuts are coming
creditcrunchies
22/2/2024
15:15
Can anyone explain why the market is so pessimistic about KMR? Insanely low PE... value trap?
jpegman
17/2/2024
10:18
https://www.irishtimes.com/business/2024/02/17/banker-kenmare-hired-decade-ago-to-thwart-takeover-holds-key-as-some-investors-seek-sale/
robmcelf2
07/2/2024
16:37
Down she blows
scepticalinvestor
07/2/2024
08:57
The new $200Mil RCF has a current rate of interest of 10.16% (SOFR (5.31%) + 4.85%)

I am not sure effectively borrowing at 10% to pay us a dividend is sound, otherwise the only winners would seem to be the Irish government with the 25% WHT, unless I am missing something?

return_of_the_apeman
06/2/2024
18:22
Note that for some reason the RNS feed on this site has not that I can see picked up two recent RNSs:

1 Feb re Analyst site visit (presentation on KMR website)

hxxps://files.q4europe.com/news-pdf/1901/Kenmare2018tf_15999546.pdf



6 Feb, today, re committed new debt facility (agreed subject to documentation etc) with enhanced RCF replacing current term loan:

hxxps://files.q4europe.com/news-pdf/1901/Kenmare2018tf_15999546.pdf

Statement from Tom Hickey, Finance Director:
“The new $200 million RCF supports our planned capital programmes in the coming years. It removes the amortising payments of the
existing term loan, whilst increasing the size of available facilities and extending the maturity profile from 2025 to 2029.
The new facilities continue our strong relationship with existing lenders and provide enhanced financial flexibility through the revolving
credit structure and committed five-year term.”

This may increase scope for mainataining a respectable level of dividend (even if current payout has to be cut) durimg the major transition to mining at Makata and the move of WCP A.

I will certainly be looking carefully at any fresh analyst comment

GLA

petomi
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