GBC AG: First Tin Plc | Rating: BUY
Original-Research: First Tin Plc - von GBC AG
Einstufung von GBC AG zu First Tin Plc
Unternehmen: First Tin Plc
ISIN: GB00BNR45554
Anlass der Studie: Research Report (Initial Coverage)
Empfehlung: BUY
Kursziel: 0.50 GBP
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Julien Desrosiers, Matthias Greiffenberger
Two new low capex tin mines in Germany and Australia. ESG compliant. High
valuation upside. DFS studies by the end of 2023. Investment decisions by
Q1 2024.
Increasing demand for tin. Tin is an important material when it comes to
the ongoing electrification of the world. At the same time, tin deposits
are limited, especially in Europe. Tin is anticipated to endure continuous
deficit markets for the foreseeable future due to rising demand and
shortages.
Through the quick development of high-value, low-capex tin assets in
Germany and Australia, the company is concentrating on becoming a tin
supplier in jurisdictions free from war and with low political risk.
Two advanced tin projects, Tellerhäuser and Taranga. Tier 1 jurisdiction
(Germany and Australia), DFS underway for both projects.
Strong ESG commitment. Mine to market in Germany. Zero-waste mine
objective. Building an ethical and reliable tin supply with low-carbon
electricity.
Major milestones to be achieved soon. DFS should be ready for Taronga
project by 2023 Year End to be followed by an investment decision. DFS for
Tellerhäuser should follow during the first half year of 2024. The company
ranked seventh for the project most likely to be built by the International
Tin Association.
Strong economics. PFS for Tellerhäuser states a $49m capex and an IRR of
55%. PFS for Taranga states a $76m capex with an IRR of 59% @$30,000/t tin.
Growth opportunity. The company is currently drilling at both project
locations for confirmation, extension, and exploration.
Strong and extensively experienced team in the tin market, metallurgical
work, and mine-to-supply business model.
Based on our DCF model, we have determined a price target of 0.50 GBP per
share and a BUY rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26707.pdf
Kontakt für Rückfragen
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of the research report: 03.04.2023 10:00
Date and time of the first disclosure of the research report: 05.04.2023 10:00
-------------------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.
