KOZAL - KOZAA - IPEKE Finansal Tablolar / 3. Çeyrek Bilanço

 

KOZAL, KOZAA, 4.Çeyrek bilançolarını açıkladı

KOZAL 4.Çeyrekte 191 milyon TL net kar elde ederken bu rakam piyasa beklentisi olan 265 milyon TL ve bizim beklentimiz olan 191 milyon TL’nin altındadır. Son çeyrekte Kaymaz madenindeki duruş nedeniyle altın üretim rakamlarındaki zayıflık net karda sapmaya neden olmuştur.

KOZAL	4Ç17	3Ç18	4Ç18	------ Değişim ------			Piyasa 4Ç18T
	(TRY m)	(TRY m)	(TRY m)	(y-y %)	(ç-ç %)		(TRY m)
Ciro	237	461	505	113%	10%		-
VAFÖK	105	271	256	144%	-5%		-
VAFÖK marjı	44.3%	58.8%	50.7%	6.4%	-8.1%		-
Net Kar	149	484	191	28%	-61%		265

 

KOZAA 4.Çeyrekte 97 milyon TL net kar elde ederken bu rakam bizim beklentimiz olan 90 milyon TL ile kabaca benzerdir. Piyasa beklentisi bulunmamaktadır. Koza Altın’daki üretim düşüşünden kaynaklı operasyonel zayıflık Koza Anadolu’yu olumsuz etkilemiş ve net karda sapmaya sebep olmuştur.

 

KOZAA	4Ç17	3Ç18	4Ç18	------ Değişim ------
	(TRY m)	(TRY m)	(TRY m)	(y-y %)	(ç-ç %)
Ciro	250	476	520	108%	9%
VAFÖK	90	266	253	181%	-5%
VAFÖK marjı	36.0%	55.9%	48.6%	12.6%	-7.3%
Net Kar	42	193	97	130%	-50%

KOZA ANADOLU METAL (Company Update - BUY (maintained), 41% upside)

KOZA ANADOLU METAL <KOZAA TI>
 

Company Update

 

Recommendation: BUY (maintained)

Morphing into a true mining company

·     Details of Konakli Copper project are out… The first phase of the exploration study (started in May 2011) is now completed with 16 drills (total of 10,711 meters). The “inferred” resources are 518mt with a grade of 0.23% (cut-off grade is 0.1% at copper price of US$3.25/lb (US$7,165/ton) and gold price of US$1,550/ton), according to JORC standards. Although there is valuable gold side product, the copper grade level is low. Koza Anadolu Metal will continue exploration at an accelerated pace in 2013. The start of the works for EIA (Environmental Impact Assessment) report, feasibility studies and construction of the facility are planned in 2014. It may take 3-4 years for the processing to begin in the field.

 

·    Following the announcement of the Konakli news, there has been some profit taking in shares… This was the long-awaited catalyst for Koza Anadolu and we observed some profit taking after the announcement on Friday last week. The weak grade data and accordingly possible higher cash cost expectations are the major reasons, in our view. In addition, the lack of short term news-flow expectation is the other main reason.

TURKEY - KOZAA - Company Update: Renewed Glitter; Ratings Upgraded to BUY, OUTPERFORM

TURKEY – KOZAA – Company Update: Renewed Glitter; Ratings Upgraded to BUY, OUTPERFORM

BUY (L/T) OUTPERFORM (S/T)

We raise our short-/long-term recommendations for Koza Anadolu to BUY/OUTPERFORM from HOLD/MARKETPERFORM, following the Company’s preliminary resource base disclosure on Friday, Dec 21, for its Konak copper project, a JV with Teck Resources. Considering the 1.174mn-tonne copper and 1.148mn-ounce gold content announced by the Company for Konak -- the outcome of 16 drillings conducted since May’12 -- we revise our target price up by 67% to TRL8.0/share, which points to 48% upside potential. Note that the Company plans to drill more than 100 holes within 2013-2014, which might reveal an even larger resource potential. The reserve base is likely to be determined once drilling is completed in 1H14. 

Initial valuation of US$367mn for the copper project -- The Company announced 518K tonnes of inferred resource base, 0.23% Cu (copper) and 0.07 Au (gold) grade,