Anglo Asian’s investment case remains unchanged after its result today, according to broker SP Angel which also tweaked its share price higher to 204p.
“A slight upwards adjustment to the target price reflects higher than we anticipated balance of unrecovered costs at the Gedabek CA recorded for PSA purposes that essentially carries the minimum 12.75% government share of production for longer.”
Anglo Asian offers attractive exposure to a strong growth profile (more than 175koz gold equivalent / 35ktpa CuEq by 2028 from three Contract Areas), increasing share of copper production and a strong management team adds the broker.
”The current market value completely discounts the growth upside and reflects only Gedabek value, that on our estimates accounts for only 50% of our risked NAV.”
Buy is the broker’s view.
Shares eased 1.8% to 112.5p.