Post by
uggg on Sep 18, 2018 9:40pm
What's the Nav here?
They have roughly 3000 tons of cobalt. At $30 per lb that's $180M. $50M cash less 25m liabilities gives another $25M. Plus $14M investment [don't know what it is, says note 4, couldn't find it on my brief look], so will keep it at $14M bringing total to $219M. So $219M plus royalties & streams. Market cap as per stockhouse [not always accurate but more likely less than more] is $540M. So, are the royalties & streams worth $321M? Yes they are on the books at about $320 but now that cobalt has dropped are they still worth that? Any comments welcome.
Comment by
lumpy13 on Sep 19, 2018 6:56pm
Nice analysis in Seeking Alpha: https://seekingalpha.com/article/4207189-cobalt-27-forget-nickel-exposure
Comment by
uggg on Sep 20, 2018 4:14pm
Generally a good article, although they are high on the stock pile of cobalt. I was mistakenly using $USD but converting $180M into CAD is $232M. So I don't know where they got the extra $80M & I was giving cobalt $30 rather than the $28 something it is selling for. Makes me question the veracity of their other assumptions. Still, looks interesting at these levels.