Central Asia Metals#: H1 2019 Interim Results Dividend Maintained After Strong First Half Central Asia Metals (CAML LN) reported strong interim results, maintaining the 6.5p interims dividend along with an increase in H1 2019 free cash flow of 10% to US$35.5m despite a 7%, 18% and 22% YoY decline in average copper, lead and zinc pricing in the period. Metal sales were in line with previously announced production with 6.5kt of copper, 13.7kt of lead and 9.7kt of zinc sold, up 7%, 0% and 5% YoY respectively. This resulted in a decrease in revenue of 12% YoY to US$84.7m in H1 2019. However, a 35% reduction in SG&A along with a 4% reduction in Kounrad unit costs to US$0.51/lb YoY as well as lower than expected cost inflation at Sasa of 7% YoY to US$0.47/lb meant that EBITDA declined by 12% to US$56.7m maintaining a 63% margin. Minimal FX impact then meant that net income of US$27.6m was just 3% lower YoY. The period of challenging market conditions therefore highlights clearly CAML’s investment case based on low cost and consistently cash generative assets. Outlook For Cost Base Strengthened As a result of the recent weakness in commodity prices we have reduced our 2019F copper and lead forecasts by 5% and zinc by 6%. However, the unexpected reduction in SG&A combined with the lower than expected unit costs at Sasa and Kounrad mean we are reducing our full year unit cost forecasts by 4% and 7% respectively to US$0.49/lb and US$0.53/lb. The overall impact of this stronger outlook means that despite the reduction in our revenue forecast of 6% to US$167.7m our estimates for EBITDA and net income are broadly unchanged at US$111m and US$52.7m meaning we expect CAML to maintain its full year dividend at 14.5p for 2019F. Recommendation and Target Price The impressive cash flow generation in H1 2019 amid challenging market conditions for CAML highlights to us the value potential in the shares which are down 6% YTD despite a 10% increase in FCF YoY. Meanwhile, the 7% dividend yield and 3% discount to peers on a EV/EBITDA multiple basis further highlight the ongoing value disconnect. We reiterate our Buy recommendation although raise our target price to 292p which implies 43% upside and 50% on a total return basis.
Central Asia Metals (CAML) reported gross revenues of $89.9m for the year to June 2019, down from $102m. This measure is reported before off-takes and silver purchases. The cash profit margin was maintained at 63 per cent, and pre-tax profits landed at $35.5m – down slightly from $38.4m. The group said it was on track to achieve its 2019 base metal production guidance of 12,500-13,500 tonnes of copper, 22,000-24,000 tonnes of zinc and 28,000-30,000 tonnes of lead. The dividend was held flat at 6.5p. Buy.
RNS Number: 5834 M Central Asia Metals PLC 17 September 2019 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Central Asia Metals Plc (CAML.L) Announced, in its interim results for the six months ended 30 June 2019, that its revenue stood at $84.68 million, compared to $96.60 million in the preceding year. Profit for the period was $27.56 million, compared to $28.41 million. The company’s diluted earnings per share was 15.00c, compared to 16.02c. The company declared an interim dividend of 6.5p per share.
•H1 2019 dividend of 6.5 pence per share. •Sasa C1 zinc equivalent cash cost 2 of $0.47 per pound. •Profit before tax of $35.5 million.
RNS Number: 4670 K Central Asia Metals PLC 29 August 2019 29 August 2019. Central Asia Metals, an AIM-listed UK company based in London, owns 100% of the Kounrad SX-EW copper project in central Kazakhstan and the Sasa zinc-lead mine in North Macedonia. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 4670 K Central Asia Metals PLC 29 August 2019 29 August 2019. Central Asia Metals, an AIM-listed UK company based in London, owns 100% of the Kounrad SX-EW copper project in central Kazakhstan and the Sasa zinc-lead mine in North Macedonia. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 5939 H Central Asia Metals PLC 01 August 2019 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Central Asia Metals#: H1 2019 Operational Update On Track for Full Year Targets Central Asia Metals (CAML LN) announced robust operational performance yesterday with production on track for full year targets and our estimates driven by incremental operational improvements at Sasa. Q2 2019 zinc production of 5.9kt was up 7% YoY and 4% QoQ while copper production of 3.6kt was broadly flat YoY and up 23% QoQ while lead output of 7.1kt was down 3% YoY and 1% QoQ. With H1 2019 production of 6.6kt copper, 14.4kt lead and 11.5kt zinc, CAML is on track for our full year estimates of 13.4kt, 28.9kt and 22.9kt respectively with our zinc estimate upgraded by 3%. Sasa Improvements Apparent Although the life of mine review is ongoing, our recent site visit to Sasa in North Macedonia, highlighted a number of areas at the mine where CAML is enhancing operational efficiencies. The H1 2019 update demonstrates tangible success in the early optimisation process with a 1.7% increase in plant throughput to 400kt in H1 along with stronger recoveries for both zinc and lead. Macro Headwinds Despite a small deficit in the copper market of 32kt in Q1 2019, trade war fatigue has held copper prices within a narrow trading range while an increase in zinc smelting capacity following a round of TCRC hikes in late 2018 prompting zinc prices to drop 17% from April highs having rallied 21% through early 2019. CAML’s higher zinc exposure has meant that the shares have broken lower recently. However, despite a modest reduction in our earnings forecasts on the back of lower commodity prices we continue to expect the low cost base to result in strong levered FCF of US$79m, supporting a 7% dividend yield for 2019. Recommendation and Target Price Trading on a narrow discount of 2% to peers’ EV/EBITDA multiple and on a dividend yield of 7% we believe that the recent pullback serves to highlight the value disconnect given CAML’s leading cost position. We reiterate our Buy recommendation although reduce our target price 4% to 288p which implies 40% upside and 47% on a total return basis.
Central Asia Metals (CAML) has kept production steady at its Kounrad and Sasa operations in the first half of 2019, and is half way to guided zinc, lead and copper tonnage for the year. The company cut its dividend for the first time in five years in 2018 on the back of weaker base metal prices. Copper and zinc recovered from an end-of-2018 slump between February and April but prices are back around the lows of last year. As of June 30, CAML had $30m (£46m) in cash in the bank, compared to $39m at the end of 2018, and has knocked 12 per cent off its net debt in the same period, taking it down to $96m. Buy.
Central Asia Metals (CAML.L) 201p £352.8m Central Asia Metals provided a H1 2019 operations update for the Kounrad dump leach, solvent extraction and electro-winning ('SX-EW') copper recovery plant in Kazakhstan ('Kounrad') and the Sasa zinc-lead mine in North Macedonia ('Sasa'). Production on track to meet full year guidance for copper, zinc and lead H1 2019 Kounrad Copper produced, 6,594 tonnes H1 2019 Sasa Zinc in concentrate produced, 11,517 tonnes Lead in concentrate produced, 14,357 tonnes Cash in the bank on 30 June 2019, $30.2m Gross debt on 30 June 2019, $126.4m
Central Asia Metals Plc (CAML.L) Announced, in its operational update for 1H19, that production is on track to meet full year guidance for copper, zinc and lead. Copper production stood at 6,594 tonnes, Zinc in concentrate produced was 11,517 tonnes and Lead in concentrate produced was 14,357 tonnes. Cash in the bank on 30 June 2019 stood at $30.2 million. Gross debt on 30 June 2019 stood at $126.4 million
Central Asia Metals (CAML LN) 201 pence, Mkt Cap £353.7m – H1 2019 operations on track to meet full year 2019 guidance • Central Asia Metals reports that it produced 6,594t of copper from its Kounrad operation during the six months ending 30the June leaving it on track to achieve its full year guidance of 12,500-13,500 tonnes. • At the Sasa mine in North Macedonia, production of 11,517t of zinc in concentrates and 14,357t of lead in concentrate keeps the mine on course to meet its full year guidance targets of 22-24,000t of zinc in concentrate and 28-30,000t of lead in concentrate. • The company reports that at 30th June 2019 it “had cash in the bank of $30.2 million and gross debt of $126.4 million” and that its H1 financial results are to be published on 17th September. • CEO, Nigel Robinson, summarised by saying that “Today's update demonstrates another period of consistent delivery from our low cost Sasa and Kounrad operations, and we are pleased to be on track to meet our 2019 production guidance for all three base metals”.
Central Asia Metals plc today provides a H1 2019 operations update for the Kounrad dump leach, solvent extraction and electro-winning copper recovery plant in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. -Cash in the bank on 30 June 2019, $30.2 million. -Gross debt on 30 June 2019, $126.4 million.
RNS Number: 2692 E Central Asia Metals PLC 02 July 2019 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Central Asia Metals#: Sasa Site Visit We recently visited Central Asia Metals (CAML LN) Sasa mine in North Macedonia. CAML have now been operators for over 18 months maintain strong margins and cashflow in 2018 with US$103m revenue and US$71m EBITDA. The site visit allowed us to see how the asset has been absorbed into the wider group, particularly in light of the ongoing Life of Mine review which is seeking to conclude whether additional value can be realised through optimising operational performance. Sasa Life of Mine Review As previously announced CAML is undertaking a holistic Life of Mine review of Sasa to better understand whether changes to operational practices and a deeper understanding of the ore body will enable efficiency gains and an increase to the potential realisable value. The first step of this was an updated resource statement which included an increase in lead and zinc grades as well as the conversion of 17% of Golema Reka into the higher Indicated category. The operational review will seek to understand amongst other things whether gains can be made by increasing plant throughput from 805kt in 2018 to nameplate capacity of 850ktpa. Recommendation and Target Price Since our April update, the shares have pulled back 11% as US China tensions have reignited causing base metal prices to retreat through Q2 2019. While optimistic a resolution can be found we previously highlighted that the final stages would likely be the most contentious. With leading cost metrics versus peers and trading on a significant dividend yield of 7% we continue to believe that CAML is attractively valued, and the recent pullback offers a buying opportunity. Furthermore, we believe that CAML is capable of enhancing Sasa’s operating practice to directly benefit earnings, however, the results and extent are as yet unclear. This does offer potential upside risk to our earnings outlook which is unchanged. We reiterate our Buy recommendation and target price of 300p which implies 36% upside and 44% on a total return basis.
RNS Number: 6694 A Central Asia Metals PLC 31 May 2019 31 May 2019. Central Asia Metals plc announces that, on 30 May 2019, the following nominal cost options over ordinary shares in the Company at a nominal exercise price of $0.01 per share, were granted to Executive Directors of the Company. Central Asia Metals, an AIM-listed UK company based in London, owns 100% of...
RNS Number: 2943 Z Central Asia Metals PLC 16 May 2019. Central Asia Metals, an AIM-listed UK company based in London, owns 100% of the Kounrad SX-EW copper project in central Kazakhstan and the Sasa zinc-lead mine in North Macedonia. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
The Company's Annual General Meeting is to be held at the offices of Jones Day, 21 Tudor Street, London, EC4Y 0 DJ at 12:00 noon on 16 May 2019.. Central Asia Metals, an AIM-listed UK company based in London, owns 100% of the Kounrad SX-EW copper project in central Kazakhstan and the Sasa zinc-lead mine in North Macedonia. RNS is approved by the Financial Conduct...
Central Asia Metals#: 2018 Full Year Results Robust Full Year Financials Central Asia Metals (CAML LN) having delivered on production guidance for 2018 released robust full year results underpinned by the low cost base of the group. Revenue of US$192m was up 88% YoY while Kounrad unit costs of US$0.54/lb were up 4% YoY, in line with our forecast. Sasa unit costs were 5% higher YoY. The stronger top line and low cost base meant EBITDA was up 88% YoY to US$125m. Net income from continuing operations was up 48% YoY and with EPS up 8% YoY to 31 cents per share highlighting the accretive nature of the transaction. The full year dividend of 14.5p/sh. was 5% ahead of our estimate. Ongoing Strong Free Cash Flow Generation We anticipate copper output of 13.4kt in 2019 with lead and zinc production of 29.4kt and 22.5kt. Although we anticipate modest inflationary pressure from higher power and pumping costs at Kounrad and rising zinc treatment charges at Sasa we expect margins to remain strong with EBITDA of US$120m in 2019. With capital expenditure expected to drop to US$11.2m following the completion of the tailings facility at Sasa, in H1 2019, levered FCF is likely to increase 15% YoY in 2019F to US$84.6m enabling a dividend of 15.7p.sh. Sasa Mine Review Having integrated Sasa, management is now focused on enhancing the operational efficiencies via a life of mine review covering all aspects of operations. The first step of this was an updated resource statement which included an increase in lead and zinc grades as well as the conversion of 17% of Golema Reka into the higher Indicated category. This confirms the mine’s current 19 year life although drilling new areas in 2019 offers upside potential to the current resource. Reccomendation and Target Price Although the shares are up 14% YTD, trading on a dividend yield of 6% and at a 12% discount to peers this highlights the ongoing value opportunity and we expect FCF generation to continue to increase in 2019F and 2020F. We reiterate our Buy recommendation although adjust our target price to 300p which implies 21% upside and 28% on a total return basis.
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