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Northland Capital says today “Mariana Resources is looking undervalued”

Northland Capital partners view: Following the completion of Mariana Resources £6m placing we have updated our forecasts and price target. The recent share price appreciation experienced by Mariana’s ultra-high grade peer group relative to the Company has left it looking undervalued. Our price target is based on the average market capitalisation per gold equivalent resources ounce of the ultra-high grade peer group and our estimate of the Mariana’s attributable gold equivalent resource base at Hot Maden using current metal prices; over the number of shares we estimate will be in issue in 2017.

Closes £6m placing
n  Mariana Resources has raised £6m through the issue of 330,000,000 shares at a price of 1.82p per share.

n  Following the placing Sandstorm Gold Limited (SSL.TSX) has become a significant shareholder of Mariana with 7.56%.

n  Forecasts updated. BUY rating maintained and price target upgraded to 5.4p (from 4.8p).
Year end Dec Revs (£m) Adj. EBITDA (£m) Adj. PBT (£m) Tax (%) Adj. EPS (p) PER (x) Div (p) Net cash (£m) Yield (%)
2014A  0.1 (1.4) (1.5) – (0.4) NEG – (0.6) –
 2015E  0.1 (2.1) (2.2) – (0.3) NEG –  0.9 –
 2016E – (2.4) (2.4) – (0.2) NEG –  2.1 –
 2017E† – (2.5) (2.5) – (0.2) NEG –  0.5 –

Source: Northland Capital Partners Limited. † assumes a £2m equity financing at current market price

 
 
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