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Original-Research: SunMirror AG - von Sphene Capital GmbH
Einstufung von Sphene Capital GmbH zu SunMirror AG
Unternehmen: SunMirror AG
ISIN: CH0396131929
Anlass der Studie: Update Report
Empfehlung: Buy
seit: 31.08.2021
Kursziel: EUR 194,70 (bisher EUR 174,30)
Kursziel auf Sicht von: 36 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler
Value enhancing takeover of Lat66
SunMirror has expanded into Finland, announcing the acquisition of Latitude 66 Cobalt Oy ('Lat66'). Lat66, which started operations in 2017, is an Australian-Finnish mineral exploration company with a first mover project portfolio of more than 9,000 square kilometres within the most prospective greenstone belts in northern Finland, making the company one of the largest tenure holders in a region with high statistical probability of major discoveries, according to company information. Lat66 is developing a cobalt-gold mine in the Juusasuo mining area of Kuusamo and a cobalt-copper mine in the Haarakumpu area of Posio. Of particular value, in our view, is K-camp, the largest cobalt resource in Europe not owned by a mining or processing major, the fourth largest known cobalt deposit in the EU, and the second largest not yet mined, based on company information.
We view the acquisition of Lat66 positively as it provides diversity for SunMirror outside the existing lithium and gold activities in Australia, adding another mining friendly jurisdiction as well as promising resources to its existing portfolio of assets. With the acquisition, SunMirror will eventually be able to supply the European economy with cobalt, sourced from sustainable and stable jurisdictions in compliance with applicable laws, regulations, and ESG requirements.
We believe the market should continue to price in SunMirror's existing resources and their long-term growth potential. We maintain our Buy rating for the shares of SunMirror and increase our fully diluted price target to EUR 194.70 per share from EUR 174.30 following the acquisition of Lat66. We value the equity of the Dusseldorf Stock Exchange-listed company using a sum-of-the-parts valuation based on a Net Present Value (NPV) entity model, in-situ values, and peer group multiples. We did not model any future acquisitions. Our valuation is primarily driven by royalty schemes the company intends to generate from Cape Lambert North, for which we calculated an equity value of EUR 101.70 per share (base-case-scenario). We value Moolyella with EUR 50.80 per share, Lat66 with EUR 30.40 per share, and Kingston-Keith with EUR 8.30 per share. Higher grade potential at Kingston-Keith and Moolyella represent further upside to our price target, in our view.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/22845.pdf
Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553
peter-thilo.hasler@sphene-capital.de
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