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Central Asia Metals - Swings to net cash of US$59.2m

May 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Having registered a high of 292p the shares have rattled back to 234p on news of a US$55m impairment charge at its zinc / lead Sasa mine in Macedonia attributed to management now not expecting ore throughput to step up to 900ktpa from FY’25 but rather remaining at 830ktpa as it means the mine life rises to 2039 from 2037. But the investment case hasn’t changed. While full year EBITDA of US$132m was a shade below forecasts (US$136m) and free cash flow US$90m (US$100m forecast) the US$187m debt taken on to fund Sasa has been repaid and net debt has swung from US$36.2m in FY’20 to net cash of US$59.2m. A 10p final dividend and total of 20p gives a yield of 8.5%. Adjusted eps were 48.2 cents (FY’21: 47 cents). At Sasa, EBITDA was ...

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Central Asia Metals - Swings to net cash of US$59.2m

May 2023

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