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Rambler Metals: Broker Cantor repeats 'buy' stance after CEO jobs news

Last updated: 10:53 19 Nov 2013 GMT, First published: 11:53 19 Nov 2013 GMT

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Broker Cantor Fitzgerald is pleased that the CEO of Rambler Metals & Mining (LON:RMM, CVE:RAB) has reiterated his long term commitment to the miner after being appointed the new chief at Kirkland Lake Gold (LON:KGI; CVE:KGI).

In a statement late on Monday, Rambler revealed George Ogilvie had been hired as the chief executive (CEO) of Kirkland with immediate effect.

Ogilvie said he remained "totally committed" to Rambler and would take the necessary action required to drive the business forward.

Cantor analyst Ass Bridle notes the two companies already share a number of directors - Harry Dobson, Brian Hinchcliffe and John Thomson.

He says the move may also raise questions about a possible combination of the businesses, though Bridle sees this as unlikely given the differing commodity focus: Rambler with copper and Kirkland with gold.

Full year 2014 should be a defining year for Rambler, says Bridle, as its first full year of commercial production with output continuing to increase through to full year 2015 estimates.

Based on latest estimates, the broker says Rambler is trading on a price-to-earnings ratio of just 3.7 times full year 2014 estimates.

Cantor repeats its 'buy' stance on Rambler and price target of 47p - a hefty way from the current price of 27.75p.

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