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: 25.10.2021
Kursziel: EUR 194,70 (unverändert)
Kursziel auf Sicht von: 36 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler
Mandatory convertible bond
Last week, SunMirror announced the issuance of a mandatory convertible bond with a targeted nominal value of EUR 20.0 mn. With a conversion price of approximately EUR 70 per share, the convertible bonds entitle their holders to acquire approximately 285,000 bearer shares with a par value of CHF 1.00. Since shareholders' subscription rights have been excluded, the convertible is to be subscribed by selected institutional investors in a private placement.
Together with a planned capital increase of up to EUR 70 mn through the issuance of up to 1 mn new shares at a share price of EUR 70 per share, SunMirror can be expected to generate total gross proceeds of up to EUR 90 mn. The net is intended to further strengthen SunMirror's financial resources and to provide headroom for potential further acquisitions.
We maintain our Buy rating for the shares of SunMirror and our fully diluted price target of EUR 194.70 per share. 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 could represent further upside to our target price. Additional short- and mediumterm upside potential can be identified, in our view, should the management decide for a trade sale of its most valuable mineral reserve, Cape Lambert South, to a strategic investor or succeed in exploiting that asset in a capital-efficient manner. Upside to our price target could also arise, should the company use the proceeds from the capital increase for acquiring further strategic mineral assets significantly below market values.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23001.pdf
Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553
peter-thilo.hasler@sphene-capital.de
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.
