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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pan African Resources Plc | LSE:PAF | London | Ordinary Share | GB0004300496 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.15 | -5.26% | 20.70 | 20.70 | 20.80 | 22.00 | 20.65 | 22.00 | 4,309,796 | 16:29:49 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 321.61M | 60.74M | 0.0317 | 6.53 | 396.72M |
Date | Subject | Author | Discuss |
---|---|---|---|
28/11/2019 11:11 | No RNS/update as yet...anyone attending today? | justiceforthemany | |
27/11/2019 15:21 | Interesting forecast | piter345 | |
27/11/2019 15:12 | hxxps://longforecast | piter345 | |
26/11/2019 22:00 | AGM on Thursday. | justiceforthemany | |
23/11/2019 12:00 | “We continue to believe that dips towards USD 1,450/oz are still likely to be viewed as buying opportunities and expect prices to exceed USD 1,500/oz on a sustained basis in 2020,” said Cooper. “Our price forecast remains unchanged, we expect prices to average $1536/oz in 2020.” Lower gold prices have been helping the physical gold demand pick up in Asia, noted Cooper. “The physical market has started to respond to lower prices and demand in India is slowly edging higher,” she wrote. “Demand in India responded to the price decline and the local market discount swung to a premium for the first time in almost six months … The Swiss trade data reaffirms the trend seen in India’s trade data; shipments in October from Switzerland rose by 2% y/y and were up 47% m/m.” | stonedyou | |
22/11/2019 00:55 | Pan African worth a punt BUY IC Tip: Buy at 10.3p Tip style Speculative Risk rating High Timescale Medium Term Bull points Cheap valuation 2019 swing to profit Strong gold prices Operational improvements Bear points Risky jurisdiction High debt By Alex Hamer See if you can spot which of these figures is out of place: gold production of 172,000 ounces (oz), an all-in sustaining cost (AISC) of $988 (£764) an oz, a gold spot price of $1,473 an oz and a forward price/earnings multiple of four times. Granted, Pan African Resources (PAF) has only just reached production numbers and costs to be proud of, but we still think the valuation has lost touch with the improved business fundamentals. Pan African had a breakout financial year, with its results from the 12 months to 30 June a major improvement on the 2018 financial year. Production grew 54 per cent and cash and all-in sustaining costs fell 23 per cent and 27 per cent year on year, respectively. Gold production is forecast to climb in the 2020 financial year as well, to 185,000 oz. Cash profits climbed from $32.4m in the 2018 financial year to $56.8m in 2019, and now the gold price has settled $200 an oz higher than the average price from last year, at $1,266 an oz, which will see earnings climb significantly again – Peel Hunt expects cash profits to double in 2020. Pan African has been an unpopular gold play in recent years, with a run on the rand causing costs to climb amid falling production. The company has since mostly shuttered the expensive Evander Mines underground operation – there is a new area being exploited now, a decision resulting in a happy reversal of a $17.9m impairment – and commissioned a lower-cost tailings retreatment plant there. Pan African is running at a 71 per cent net debt to equity position after paying for the tailings plant at Evander. But broker Peel Hunt expects net debt to come down from its $130m level in 30 June this year to $71m in two years’ time. Pan African’s main operation is its Barberton mine, which also boasts a contribution from tailings retreatment. While Evander was the main cost drain in recent years, Barberton has had its own troubles. As per the June quarter production announcement, Pan African’s Barberton operation “recently experienced a number of lost production days due to its roadways being blocked and the destruction of mine property by protesters”. The miner blamed local politicians and criminals and described the protests as “extortion&rdq Pan African is a highly speculative buy based on its operations getting back to 180,000 oz a year coupled with gold price strength. A discount to more established gold producers is justified by the Barberton issues, but we think four times forward earnings is too cheap. Fellow South African miner Gold Fields (SA:GFI) is no stranger to unrest but its shares trade at 14 times forward earnings, and smaller gold miner Shanta Gold (AIM:SHG) in politically risky Tanzania at 10 times. ORD PRICE: 10.30p MARKET VALUE: £230m TOUCH: 10.3-10.32p 12-MONTH HIGH: 14.7p LOW: 8p FORWARD DIVIDEND YIELD: 11% FORWARD PE RATIO: 4 NET ASSET VALUE: 9.6ȼ NET DEBT: 71% | risa5 | |
21/11/2019 18:11 | Conclusion: Pan African is a highly speculative buy based on its operations getting back to 180,000 oz a year coupled with gold price strength. A discount to more established gold producers is justified by the Barberton issues, but we think four times forward earnings is too cheap. | 18bt | |
21/11/2019 17:46 | Tipped as a buy today by Investors Chronicle. Anyone with access please post the full article. | justiceforthemany | |
18/11/2019 16:46 | Large mismatch in JSE and FTSE prices continues. Closed 10.3p when proper equivalent JSE share price = 10.6p ZAR gold pushing 22,000 again: up 3% from the intra day low. | justiceforthemany | |
18/11/2019 15:26 | ZAR gold now surging and share price positive in SA. | justiceforthemany | |
18/11/2019 15:13 | nope, it'll take 2 years. company guidance is for 185,000 ounces. AISC are around $990 per ounce. Let's assume the current H1 average price is sustained, and be a little optimistic for H2, giving us a price of say $1490 per ounce, meaning, an operating profit of $88m. Then deduct interest rates costs of $8m (seem reasonable?) and taxes of around $22m and you're left with only $60m to repay debt. those numbers are far more consistent with slide 27 of the company's YE presentation. | frazboy | |
18/11/2019 13:50 | I don't see debt as a big issue here. A full years profit at the current gold price and production would almost wipe out the entire outstanding debt. | justiceforthemany | |
18/11/2019 12:16 | Added to my holding at 10p. Holding nearly as much as Cobus here now. IMO fair share price here should be at least double (20p); ZAR gold price flat on the day. | justiceforthemany | |
18/11/2019 12:14 | Quite a drop today to ~10p. AGM next week with update unlikely to disappoint IMO. Not come across any recent news re: lost production days, unrest etc. | justiceforthemany | |
18/11/2019 11:54 | Chart not looking great and gold price soft. Having said that the average gold price for Year commencing July 2019 should average around $1480 per ounce for the first half unless the gold price crashes, so there should be a useful debt repayment (assuming all is well in terms of production) but it’s still early days on that front - I hope they put more puts in place for next year. In truth, not really a quality producer and their AISC are higher than an average producer so I would like to see Capital diverted away from their underground mines but I doubt that’s politically acceptable in SA. | frazboy | |
17/11/2019 19:58 | Transaction have been on 2 millions shares in Friday. | piter345 | |
17/11/2019 17:40 | I don't think there has been an update every year in November. Having said that I would expect there will be an update at the AGM | frazboy | |
17/11/2019 16:33 | 6th November last year. | podgyted | |
17/11/2019 16:32 | ? Not doing a Q1 production report this year ? | podgyted | |
15/11/2019 19:57 | Highly volatile for sure and could easily spike to 12p within a week. AGM upcoming 28th November and dividend soon after. P/E of 3-4 is ridiculous. | justiceforthemany | |
15/11/2019 17:33 | the peak to 14p followed the rand gold price back in August. Since then been on a slight downward trend | intelinvestor |
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