RE:RE:RE:RE:Do the analysts know?You are right. TV cash position would be much better due to one time cash windfall on account of conversion of concentrate inventory in hand as on 31st August 2017 into Cash in Q4/17. However, same can’t be shown as revenue for Q4/17.
As per my estimate, Cash in hand at end of Q4/17 should be as under (assuming current liabilities are maintained at the same level):
Cash in hand at end of Q3/17: US$105.7M
Cash generated (one time) due to sale of concentrate inventory in hand as on 31st Aug: US$93M
FCF generated from operations during Q4/17: US$52M
Expected Total Cash in hand at end of Q4/17: US$250.7M
Even if current liabilities are reduced, say by US$60M (from US$162M as on 30th September to US$102M by paying them off from cash generated), TV should still be left with Cash in Hand of US$190.7M as on 31st December 2017.
Therefore, as per my estimates, Cash in Hand at the end of Q4/17 will far exceed the Long-Term Debt of the company.