GREY:HRIVF - Post by User
Comment by
ThyFishon Apr 06, 2011 2:43pm
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Post# 18394731
RE: Troika Dialog report on HRG 2010
RE: Troika Dialog report on HRG 2010Thanks Chris! How ironic that a Russian firm would state the following about Severstal........looks like even out of Russian peers Severstal is known as the WORST!! You think these idiots would start to get it.....
"Despite solid performance, High River Gold’s valuation remains depressed. At a current MCap of $950 mln and $286 mln in net cash as of end 2011, it trades at a 2011E EV/EBITDA of 2.7, or a 68% discount to Russian peers. Although the company, as a 73% Severstal subsidiary, should obviously have a lower multiple compared with independent gold miners, we view a 40-45% discount, or EV/EBITDA of 4.6-5.0, as a fair level reflecting the limited disclosure and embedded corporate risks. These target multiples suggest a share price of $1.67-1.80 (CAD 1.61-1.74) per share, or 48-60% above the spot price."
ThyFish