Sherritt International Corp T.S

New S Marketing Deck

[Ernieandbert]

https://s2.q4cdn.com/343762060/files/doc_presentations/2022/Sherritt-Investor-Presentation-April-2022.pdf
 

focus on slide 24 with Ebitda of $424mm at U$15 Ni.  I was off slightly in my model due to lower royalty expense but otherwise spot on.   Street is so far behind the curve on this it is mind boggling.  They clearly were marketing to institutions the past week.  

worth a read

[Stratocheif]

They only have 64 million in cash. The Cubans owe them $198 MILLION. When will sherritt see this money?????? Are the Cubans in a position to pay this, given the catastrophic state if the cuban economy?

[Maxmoe]

That's a big number at $15 Ni. We may come in shy of the $15 equivalence with all the commodities they sell but , for sure, "consensus" is much lower and very few actually cover the stock. I'll stick with my simple eps expectation of 50 cents for a p/e well under 2.

[Ernieandbert]

The opportunity here is the following:  NBF has 2022 Ni at U$14.00, yet has only C$238mm of Ebitda, up from C$143mm Ebitda and Consensus stuck at C$131mm.  I ran my model through the company late last week and as you can see, my model and the company's senstivity chart on Slide 24 are extremely close.  This is an orphaned company and the Analysts are not doing their due

[Maxmoe]

Absolutely agree. Can't wait to be "shown". I doubt one quarter will cause a stampede of analysts to pick up coverage but it's surely going to get some attention.

[Ventoux]

This has the potential to be another Apollo Healthcare.   

[Nickbull]

Can you explain? cheers

[Ventoux]

Apollo Health Care (originally known as Acasta Enterprises) was a busted Canadian SPAC, which reported surprisingly good Q2 2020 results in August of the same year. Here is an article from BNNBloomberg discussing that event and the subsequent move in the share price. https://www.bnnbloomberg.ca/blank-check-company-that-once-burned-canada-s-elite-soars-164-1.1480110 I hope this helps clarify my

[Maxmoe]

Try being less vague. Try being blunt. What EXACTLY are you worried is about to happen. ???

[Ventoux]

Was the tone of the Bloomberg article worrying? The reporting company's stock flew after reporting an unexpectedly good quarter. Can't you read? Sorry, the stock went down today and you are sad! Sell your stock and go away.

[Ventoux]

Is that clear enough for you? Thanks 

[Maxmoe]

 "if I was a shareholder". How about you stop assigning homework and just make your point. Jackhole. 

[Ventoux]

If I was a shareholder who could attend the AGM I would ask that question. As I am a bondholder I am not invited.  I thought you were Maxmoe. Now I know you go by "Jackhole"! Have a nice evening, Jackhole.

[Albatross]

I had to log out to see who you were conversing with.. (the trouble with mute list on this platform is you can't ever take anyone off it!). This user 'Maxmoe' is abrasive to say the least. I think the user has some decent knowledge, but Jackhole is an adequate description for the tone in their messaging.

[Buyreallow]

Click on your own icon, and from pick list select ignore list.  From there you can delete users from your ignore list.

[Buyreallow]

Sorry, select messages, then  select ignore list, choose the one you want to remove and select remove selected at the bottom of the list.

[Contrarian333]

Careful with relying on an eps number.  There are alot of non cash items impacting eps.  Better to focus on EBITDA or FCF.

[Maxmoe]

I hear you. I'm not a big fan of ebitda, as an absolute measure of "value". It's relevant to me as a relative valuation tool when comparing EV to ebitda across a group of companies with different capital structures. Ie debt vs equity. But ebitda generously adds back interest and taxes which I don't like because it has to be paid. Fcf is a better number, and in the case of

[Maxmoe]

Last year they filed Q1 on April 28 so put an X on the fridge calendar! Unless Easter this year and Covid last year makes it +/- a couple days.