@smith, wat denk je hiervan?:
Nevsun Resources (TSE:NVU) has been grabbing headlines in recent days with a rumoured acquisition of the company by mining fund QKR Corp, but Dundee Capital Markets analysts believe the potential takeover bid is insufficient.
The bid, which is said to be for US$1 billion, values Nevsun at C$5.40 per share on a fully diluted basis, said Dundee, representing a 30 percent premium to the 30 day volume weighted average trading price of $4.00 per share.
"Subtracting NSU's cash balance, net receivables, inventories, and stockpiles (~C$3.36/sh in total) would give the bid and implied value of ~$2.04/sh for NSU's Bisha mine," which is insufficient in Dundee's view, it said in a research report released late Friday.
"We believe the bid, if true, is insufficient and undervalues Bisha as QKR would be acquiring ~US$623MM (C$3.36/sh; ~62% of bid) in cash/receivables and stockpiled material in addition to the Bisha mine," analyst Joseph Gallucci wrote.
"Further, on a takeout value/EBITDA basis, LUN's acquisition of Candelaria and CS' acquisition of Pinto Valley give NSU an implied value of $11.69/sh and $5.82/sh, respectively," he said, comparing the offer to recent M&A in the copper space.
"The bid also gives NSU an implied P/NAV of 1.18x (net of the ~US$380MM in cash), versus Candelaria at 0.98x, and Pinto Valley at 0.82x. However, our NAV is extremely conservative and does not include the significant exploration upside at Bisha or the monetization of its pyrite sands."
Dundee also noted its belief that Bisha is not just a mine, but also a "mining camp with significant exploration potential."
The capital markets firm reiterated its buy rating and target price of C$6.00 per share for Nevsun.
Also on Friday, it was revealed Nevsun is facing a lawsuit filed in a B.C. court by three individuals, who are claiming they were subject to human rights abuses when working with a local sub-contractor at the company's 60 percent owned Bisha mine in Eritrea.
In a statement released Friday, Nevsun denied the allegations, which have not been proven in court, and said it will "vigourously defend" itself against the claim.