Latest Research

Doray Minerals (DRM) - Treading Water

Doray Minerals Limited Logo

Doray Minerals (DRM) reported its FY17 result with operating cashflow of $59.1m (vs Argonaut $62.8m, -6%) on production of 102koz and 4.6kt Cu in FY17. The Company recorded a net loss of $71.7m after non-cash impairments of $69.5m. DRM had previously flagged ~$46.9m impairments in the 1H result in February 2017, with a further $22.6m of impairments incurred in the 2H as a result of mine plan revisions at both Andy Well and Deflector. Overall, the top line result was broadly in-line, but was muddied by the non-cash impairments following the notice of closure of Andy Well. We revise our forecasts to include the updated Deflector mine life and the closure of Andy Well. As a result, we move to a HOLD recommendation and revise our target price down to $0.23ps (prior $0.43ps).

To access our review of Doray Minerals Limited please log in under the Client Area Log In at the bottom of this page.

Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.

If you would like to access our research please contact us to create an account.

Perth:
This email address is being protected from spambots. You need JavaScript enabled to view it.
+61 8 9224 6888

Hong Kong:
This email address is being protected from spambots. You need JavaScript enabled to view it.
+852 3557 4888

 



Google+