"Открытие Капитал": Nord Gold 1Q12 financial results preview // ПОКУПАТЬ
17 мая 2012 года
We expect the company to post weaker YoY financial results, as higher gold prices (+20% YoY) are offset by lower sales volumes (gold sales volumes are down 10% YoY) and higher costs (we forecast costs to rise over 20% YoY). We forecast 1Q12 revenue of $264mn, which would reflect an 8% YoY rise from the $244mn posted in 1Q11. We project 1Q12 EBITDA at $113mn (-16% YoY), implying an EBITDA margin of 43% for 1Q12 (down from 55% for 1H11), and net income (before one-offs) of $26mn. We see total cash costs (TCC) increasing to over $750/oz in 1Q12, versus a TCC of $603/oz in 1Q11. Consensus is not yet available.
We maintain our BUY rating on Nordgold, with a target price of $9.4/share.
- PDF 207 КБ