Sherritt International Corp T.S

Alternate Symbol(s): SHERF

Metals & Mining Copper

Sherritt International Corporation is a Canada-based company engaged in the mining and refining of nickel and cobalt metals essential for the adoption of electric vehicles through hydrometallurgical processes. The Company is engaged in the production of high purity nickel and cobalt metals from lateritic ore. Its technologies group creates solutions for oil and mining companies around the world to improve environmental performance. The Company offers a range of products including Nickel, Cobalt, Fertilizers and Other Products. The Nickel products category includes standard grade, steel grade, and nickel powders. The Cobalt products category includes cobalt briquettes and cobalt powders. The Company’s Fertilizers product category includes anhydrous ammonia, granular ammonium sulfate, crystalline ammonium sulfate-super salt, and crystalline ammonium sulfate-standard grade. The Other products category includes sulfuric acid, zinc sulfide, and copper sulfide.

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Sherritt International Corp

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Comment by Contrarian333on Dec 14, 2020 11:05am

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Post# 32099499

RE:RE:Bonds

Chart of the Day: SCN 8.5% Nov26s vs. SCN equity

		At left we show the SCN 8.5% Nov26s vs. SCN equity. The SCN shares are +7.8% over the past two weeks with the market cap now up to $170MM (a 52w high) The shares are reacting to continued strength in the nickel price($7.82/lb) and speculation that the Biden administration will prove to be a boon for Cuba At the spot nickel price, we estimate SCN will generate approximately $100MM in EBITDA, which would imply gross leverage of ~4.6x. Consensus EBITDA looks very conservative to us at $55MM. With the SCN 8.5% Nov26s at a YTW of 23.6% and the stock with positive momentum, we believe these bonds have material scope to tighten