Kenmare Resources (KMR)

Sector:

Mining

Index:

FTSE Small Cap

234.00p
   
  • Change Today:
    -22.00p
  • 52 Week High: 286.00
  • 52 Week Low: 169.00
  • Currency: UK Pounds
  • Shares Issued: 109.74m
  • Volume: 131,934
  • Market Cap: £256.78m
  • RiskGrade: 179

Berenberg lowers price target on Kenmare Resources following Q3 update

By Iain Gilbert

Date: Wednesday 16 Oct 2019

LONDON (ShareCast) - (Sharecast News) - Over at Berenberg, analysts cut their price target on Irish mining company Kenmare Resources from 400p to 380p on Wednesday following the group's third-quarter results a day earlier.
Berenberg felt that operationally, Kenmare's Moma mine in Mozambique had performed from in line to slightly better than its own third-quarter estimates, with the project on track to meet production and cost guidance for the year.

The German broker also pointed out that excavated ore of 9.2 megatonnes was in line with its estimate and highlighted that grades were, in fact, "a little better than" its 3.4% heavy mineral at 3.63%.

Heavy mineral concentrate production of 304 kilotonnes was in line with forecasts, as was ilmenite production at 231kt and primary zircon production of 12.9kt also beat its 11.3kt estimates. Concentrates and rutile production also came in above estimates.

Berenberg said all this was "encouraging"; However, the broker highlighted the fact that total shipments of 193kt had missed its 322kt estimate as a result of poor weather conditions.

"While the company expects to ship +1mt in 2019, it does require a strong Q4," said Berenberg, which noted that a 35kt shipment had slipped into the final quarter at the end of Q3.

"We adjust our model to reflect the quarter, and also build in some conservatism in i) our FY 2019 shipments and ii) our zircon prices for the remainder of FY 2019 and FY 2020. This results in a reduction to our FY 2019 and FY 2020 EPS and our price target to GBp380," concluded Berenberg, which nevertheless maintained its 'buy' recommendation on Kenmare, telling clients the shares still offered "compelling value".

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

KMR Market Data

Currency UK Pounds
Share Price 234.00p
Change Today -22.00p
% Change -8.59 %
52 Week High 286.00
52 Week Low 169.00
Volume 131,934
Shares Issued 109.74m
Market Cap £256.78m
RiskGrade 179

KMR Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
76.85% above the market average76.85% above the market average76.85% above the market average76.85% above the market average76.85% above the market average
67.86% above the sector average67.86% above the sector average67.86% above the sector average67.86% above the sector average67.86% above the sector average
Price Trend
34.80% above the market average34.80% above the market average34.80% above the market average34.80% above the market average34.80% above the market average
14.52% below the sector average14.52% below the sector average14.52% below the sector average14.52% below the sector average14.52% below the sector average
Income
52.67% above the market average52.67% above the market average52.67% above the market average52.67% above the market average52.67% above the market average
13.04% above the sector average13.04% above the sector average13.04% above the sector average13.04% above the sector average13.04% above the sector average
Growth
72.13% above the market average72.13% above the market average72.13% above the market average72.13% above the market average72.13% above the market average
38.98% above the sector average38.98% above the sector average38.98% above the sector average38.98% above the sector average38.98% above the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

KMR Dividends

  Latest Previous
  Interim Final
Ex-Div 24-Sep-20 16-Apr-20
Paid 23-Oct-20 19-May-20
Amount 2.31¢ 5.52¢

Trades for 21-Sep-2020

Time Volume / Share Price
16:35 1,731 @ 234.00p
16:29 1,000 @ 239.00p
16:19 203 @ 240.00p
16:08 2 @ 241.00p
16:08 895 @ 241.00p

KMR Key Personnel

Finance Director Tony McCluskey

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