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KMR Kenmare Resources Plc

298.50
-0.50 (-0.17%)
18 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 Shares Traded Last Trade
  -0.50 -0.17% 298.50 97,846 16:35:10
Bid Price Offer Price High Price Low Price Open Price
291.50 299.00 310.00 294.50 310.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
17:58:02 O 295 299.00 GBX

Kenmare Resources (KMR) Latest News

Kenmare Resources (KMR) Discussions and Chat

Kenmare Resources (KMR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-03-18 17:58:20299.00295882.05O
2024-03-18 16:54:32298.521,0653,179.18O
2024-03-18 16:45:06296.8970207.82O
2024-03-18 16:37:26299.002,2506,727.50O
2024-03-18 16:37:19298.502,2506,716.25O

Kenmare Resources (KMR) Top Chat Posts

Top Posts
Posted at 27/2/2024 09:02 by stemis
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?
Posted at 22/2/2024 15:15 by jpegman
Can anyone explain why the market is so pessimistic about KMR? Insanely low PE... value trap?
Posted at 06/2/2024 18:22 by petomi
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
Posted at 29/1/2024 10:45 by spectoacc
I seem to have ridden the tiger up and back down on KMR, but can see no reason to sell when the divi's so good.

Execution/single country risk as always with KMR, but what isn't in the price?
Posted at 19/1/2024 09:50 by spectoacc
Feel as if I'm missing something on KMR, but not sure what. Guess we're back to the CapEx execution risk for a while, but they came through in spades last time.
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 13/1/2024 07:54 by robmcelf2
Seems that since KMR announced capex plans the share price has reacted negatively. I guess we will get a production update for q4 next week. Let's hope it's a decent one. Still confident in this company's future.
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!
Posted at 18/11/2023 14:41 by robmcelf2
I think KMR share price has 2 big share price drivers in 2024 1. The trailing PE is 2.2 - that's unbelievably low - must be one of the lowest in the FTSE? Not sure why it's so low but with decent production lying ahead of us, no obvious spikes in opex and market pricing unlikely to collapse, re-rating must be possible 2. Divi yield of 12% at this price is mouth watering. Does anyone see other drivers?
Posted at 02/9/2023 08:54 by robmcelf2
Hopefully the KMR share price should move forward a bit on 11 September after the tender offer price of 422 expires..
Kenmare Resources share price data is direct from the London Stock Exchange

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