Stock data
| Market cap. | £102.1m |
| Last close | 65.00p |
| High / Low (52 weeks) | 112.8p / 65.0p |
| Stock market listing | AIM, TSX |
| Forecast net cash (US$m) | 16.6 |
| Forecast gearing ratio (%) | N/A |
| Team | Resources - Mining |
| Sector | Mining |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (19.75) | (30.29) | (30.85) |
| Relative * | (15.81) | (24.57) | (24.01) |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 115.8 | 20.3 | (1.0) | (4.9) | N/A | 5.5 |
| 2011A | 121.7 | 40.5 | 25.4 | 9.2 | 11.4 | 3.4 |
| 2012E | 101.8 | 42.0 | 20.8 | 7.7 | 13.6 | 3.9 |
| 2013E | N/A | N/A | N/A | N/A | N/A | N/A |
Last updated on 17/04/2012
Latest research
Sega and exploration
Update | Mining | 04/04/2012
Q4 production report
Update | Mining | 17/01/2012
Record Q3/Q3 preview
Update | Mining | 14/12/2011
Site visit and upgrades
Update | Mining | 22/09/2011
Leone rampant
Outlook | Mining | 05/05/2011
Investment summary
On 3 February, Cluff announced the acquisition of the Sega Gold project from Orezone for a consideration of 11 million ordinary shares and US$15m in cash (c US$31m in total). For a total resource of 597,710oz, the consideration equates to US$51.90 per resource ounce – in line with Cluff’s pre-deal enterprise value of US$47.83 per resource ounce (based on resources as at 31 December 2010). Assuming a similar ore and cost profile to Kalsaka (just 20km away), however, Edison estimates that the total internal rate of return to Cluff from its investment (ie including its acquisition cost) could be 77%.
Last updated on 23/04/2012
Industry outlook
In its FY results to 31 December, Cluff recorded an increase in EBITDA of 92% year-on-year to US$43.5m. Operating cash flow increased 75% over the same period to US$41.1m. Influencing this was a 29% increase in the price of gold sold to US$1,581/oz, while operating costs only rose 2.1% to US$902/oz. Annual production exceeded the company's target, totalling 71,500oz.
Last updated on 23/04/2012
Key management
| Algy Cluff, Chairman |
| John McGloin, Chairman |
| Peter Spivey, CEO |
| Pete Gardner, CFO |
Company address
| 15 Carteret Street London SW1H 9DJ United Kingdom View website |
