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Belgravia Hartford Capital Inc C.BLGV

Alternate Symbol(s):  BLGVF

Belgravia Hartford Capital Inc. is a Canada-based investment holding company focused on growing its assets and holdings and increasing its net asset value (NAV). It invests in a portfolio of private and public companies. It takes a multi-sector investment approach, with emphasis on the resources and commodities sectors. The Company's investments are considered high-risk holdings, and it may expose shareholders to significant volatility and losses. It operates in three core business divisions: incubation, investments, and royalty & management services. The incubation division helps develop new companies in specific sectors. The Investments division, Belgravia Holdings, provides merchant banking services and invests in a portfolio of private and public companies with a focus on resources, technology, and healthcare. The Royalty and Management Services division has developed a targeted royalty and fee income model and provides services to support the development of early-stage companies.


CSE:BLGV - Post by User

Post by orebody007on Aug 08, 2012 10:19pm
292 Views
Post# 20196808

ICP/Yara will supplyan underserved market

ICP/Yara will supplyan underserved market

Current SOP capacity is no more than 7 million tonnes and because most is Mannheim it is shrinking because it is extremely high cost: for example. Look at Migao's recent results where margins are down to 10 per cent and they say they are the world's lowest cost producer.

Therefore this is an underserved market premiums are high: so ICP is in a great spot and will be extremely low cost.

The reason that ICP's industry partners are so interested in ICP is because ICP will be one of the few sources of potential supply who can actually come on line at low cost.

 

ICP offers excellent value in our opinion trading at less than 4% of the project’s value as per the prefeasibility study and one-fifth the value of its closest peer (LSE:SXX). IC Potash has an enterprise value of only $54 million versus the prefeasibility NPV of $1.3 billion for the base case ($2.0 for the expansion case). Sirius Minerals current enterprise value is $295 million. Valuing IC Potash in line with Sirius Minerals would equate to a $2.02 ICP share price whereas one could argue that ICP is worth even more on a relative basis given its relative strengths.

We reiterate our STRONG BUY rating and C$2.00 target price. We base our target on a 0.5x multiple applied to our NAV calculation using a 12% discount rate. We expect upside to our target as the project is de-risked through the completion of feasibility. We see the potential for a $5.00 to $10.00 share price in the long term.

 

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