Sherritt International Corp T.S

S in for a rough 2023

[FCPlady]

Some year of transition.  Nickel production will be down at least 2,000 tonnes. NDCC will be over $5/lb and capital spend will be almost $100M.   

Make sure you've got your seatbelt on. Tomorrow will be a rough ride.

[VerificateASAP]

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[rkhosla]

I don't share your fear.  The national bank analyst clearly had the inside line on the lower production secondary to the site work interfereing with grades etc.  Co price drop we knew about.  Forcasted NDCC is not terrible.  Up Up Up come March.  

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[Ernieandbert]

In fact nbf just moved target up slightly from 75 to 80 on lower cost and Capex guidance across 2023.   U$5-5.50 is a heck of a lot better than they averaged in 2H22.  my view as well although he has plenty of mistakes in his model. 

[Ernieandbert]

He had 2023E NDCC at U$6.32 so now range is U$5-5.50 and he used U$5.50.  Had Ebitda at C$340mm and now C$362mm.  Had capex at C$125mm and now C$95mm.    Had FCF at C$133mm and now C$167mm.   Agree this is better than I would have thought on NDCC and Capex.  The co also states they are lazer focused on expansion being on time and budget.  This is not Pathe&

[rkhosla]

I will post NB note later

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[rkhosla]

Au contraire, mon fraire.  Rather, we have broken the weighty shackles of the $.63 ceiling.  I agree the phrase 'transition year' makes my eyes roll - we seem perpetually in a 'transition year' - but this time it will truly be different.  Just one main assett to focus on and we do for once seem very very focussed on all the right things.