Scotia bank boosts TMM target to $.75
Timmins Gold Corp. (TMM-T,TGD-A)[USD] 12Aug2016: CAD0.72 1-Yr. Target: C$0.75 Div. (NTM): C$0.00 Div. (Curr.): C$0.00 1-Yr. Return: 4.2% Yield (Curr.): 0.0% Rating: Sector Perform Gold & Precious Minerals Qtly Adj EPS (Next Release: 25-Oct-16) Mar Jun Sep Dec Year 2014A $0.05A $0.02A $0.01A $-0.02A $0.07A 2015A $0.00A $0.00A $-0.01A $-0.03A $-0.05A 2016E $0.01A $0.02A $0.01 $0.01 $0.05 2017E $0.00 $0.00 $0.00 $0.00 $0.01 Industry Specific 2014A 2015A 2016E 2017E Rlzd Gold Price (US$/oz) $1,266 $1,172 $1,300 $1,400 Cost/Ounce $791 $1,019 $887 $398 Capex (M) $36 $31 $10 $10 Capitalization Market Cap. (M) 245 Net Debt + Pref. (M) C$-16 Enterprise Value (M) $229 Shares O/S (M) 340 Float O/S (M) 329 December-31 2011A 2012A 2013A 2014A 2015A 2016E 2017E Primary Per Share Adj EPS $0.26 $0.21 $0.07 $-0.05 $0.05 $0.01 CFPS $0.40 $0.44 $0.26 $0.02 $0.15 $0.02 Shares O/S (M) 144 146 162 249 318 319 Valuation Ratio Price/Adj. EPS 9.0x 4.2x 12.5x n.m. 11.2x 36.0x Price/Cash Flow 5.8x 2.0x 3.4x 7.1x 3.6x 24.7x Profitability Revenues (M) $156 $161 $154 $109 $122 $19 EBITDA (M) $69 $57 $43 $2 $28 $12 Income Tax Rate 0.4% 0.3% 0.5% 0.5% 0.5% 0.5% Net Income (M) $36 $15 $9 $-190 $3 $5 Debt Analysis Current Ratio 1.5x 1.8x 2.0x 0.6x 1.5x 2.4x Capital Structure Total Assets (M) $218 $269 $312 $151 $163 $156 Working Capital (M) $23 $35 $44 $-16 $17 $30 Long-Term Debt (M) $0 $2 $0 $378 $0 $0 Common Equity (M) $137 $164 $214 $94 $119 $127 Total Capital (M) $79 $90 $129 $196 $219 $221 Financial Analysis Source: FactSet. Company Profile EDGE Scotiabank GBM Comparable Companies Valuation: 0.9x NAVPS Key Multiple Risks: contraction, commodity prices, technical and operational risks, an