Stock data
| Market cap. | £19.8m |
| Last close | 2.03p |
| High / Low (52 weeks) | 5.6p / 1.7p |
| Stock market listing | AIM |
| Forecast net debt (£m) | 2.8 |
| Forecast gearing ratio (%) | 9 |
| Team | Resources - Mining |
| Sector | Mining |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | 8.87 | (40) | (58.46) |
| Relative * | 14.22 | (35.07) | (54.35) |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2009A | 12.8 | 3.1 | (0.1) | 0.0 | N/A | 10.8 |
| 2010A | 18.8 | 5.9 | 2.3 | 0.4 | 5.1 | 3.6 |
| 2011E | 20.2 | 3.6 | (1.4) | (0.2) | N/A | 10.0 |
| 2012E | 27.8 | 3.9 | (2.0) | (0.2) | N/A | 12.7 |
Last updated on 03/05/2012
Latest research
Mixed news
Update | Mining | 02/05/2012
Marked improvement
Update | Mining | 18/01/2012
Second innings
Outlook | Mining | 29/11/2011
Going underground
Update | Mining | 18/05/2011
Kazakh gold producer
Meeting Note - Interim results | Mining | 02/10/2008
Investment summary
Hambledon’s Q112 activities reported a quarter of “mixed fortunes”, with Q1 gold production of 4,870oz leading to an adjusted 2012 production target of 26,000oz Au (from c 30koz previously). It also raised c US$8.6m (equity issue) and US$3.0m (via a subscription by the European Bank of Reconstruction and Development). Repairs to its tailings dam are underway with consultants Golders onsite supervising the required repairs. Accounting for the maximum Tailings Dam 3 (TD3) penalty of $5.9m (expected by management to reduce), EBRD loans, financing and equity dilution and 2012 gold production of 26koz, our base case valuation is 4.75p/share (at US$1,700/oz in 2012, US$1,600/oz in 2013, US$1,350/oz long term).
Last updated on 02/05/2012
Industry outlook
We use a Au price of US$1,350/oz in our valuation, which is due for review.
Last updated on 23/04/2012
Key management
| George Eccles, Chairman |
| Tim Daffern, CEO |
| William Morgan, CFO |
Company address
| 33-35 Daws Lane London, NW7 4SD United Kingdom View website |
