TD Metals Deck update Oct 19 Sherritt EPS estimate no change: Q3 $0.09
Sherritt EBITDA upped (slightly) Q3E from $72mil to $74mil
Sherritt SP target no change Spec Buy $1.00 141% upside
Sherritt Target NAV Multiple - lowered to 0.55
Sherritt NAV increased from $1.74 to $1.87
Sherritt EPS 2022E increase from $0.38 to $0.40
Sherritt EPS 2023E increase from $0.27 to $0.39
Sherritt CFPS 2022E increase from $0.33 to $0.35
Sherritt CFPS 2023E increase from $0.23 to $0.30
Sherritt EBITDA 2022E increase from $302mil to $311mil
Sherritt EBITDA 2023E increase from $247mil to $310mil
Sherritt Ni as percentage of revenue no change 48%
Sherritt Price Sensitivity to $0.10/lb change in Ni: Nav 4%, EPS 2023E 2%
Ni 2022E upped from $10.87 to $11.13
Ni 2023E upped from $9.00 to $10.00
Ni 2024E lower from $10.00 to $9.50
Ni 2025E no change $9.00
Ni Long Term E no change $9.00