Sherritt International Corp T.S

Référence price for 4th quarter

[CPA023]

To Ernieandburt - In your figures, you forgot to take into account income tax to be paid on profits.

[Contrarian333]

EBITDA - "earnings before interest taxes depreciation and amortization   

[Ernieandbert]

Thanks Contrarian.  For FCF, one needs to take Ebitda (which includes C$50mm of corp o/h) and deduct Cash Int Exp (~23mm) less Taxes (~50mm) less Capex (~75mm) = C$252mm of FCF.  Bonds o/s = ~C$300mm.  Meaning, by YE23, they could pay out almost all bonds with FCF.  And then if there is a release of WC at Moa, that upstream of WC is additive to the Dividends and FCF stated

[rkhosla]

Exactly.  So lets say debt free in 18-24 months just to be conservative.  This is why after the RSUs pay-out end of Feb they will need to start disclosing their profotability and intentions in order to defend the share price.  My thought would be to signal that they will start paying a small dividend to shareholders starting after the debt is cleared (as they are not permitted to do

[autofocus111]

E&B "if there is a release of WC at Moa" That is what I don't get. It's far above recent historical levels (as per my last post). I would expect it to come back down in 2023 only not sure if MoaJV will end up just sitting on a cash pile or it will be distributed out.

[FrozenInOntario]

Hey E&B, Thanks for the insights.   Lots of moving parts. EBITDA per quarter CF 94 mm - Sounds good Corporate Cost 13 MM (50 MM per year – Only Sherritt ? or Moa also) Net 81 MM or 324 MM Yearly Cobalt Dividend Can 76 MM which is paid out of EBITDA. Questions  Why do you add the cobalt dividend, it will be paid out

[VerificateASAP]

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