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Very pedestrian results. Seems cagey to me on the outlook.
No RNS. Come up on LSE...how annoying
No mention of Dividends !! Not sure how the market will react to this Update ??
Guidance on the lower side which isn't good .
No mine sale either .
https://uk.finance.yahoo.com/news/petra-diamonds-ltd-q1-fy-060000041.html
Petra providing access to their historical data in exchange for Royalty % on future production:
https://www.lse.co.uk/rns/BOD/data-licence-agreement-signed-with-petra-diamonds-9gzi4u80ho51lyu.html
Nothing is going up in this Market !! Petra has performed well considering the Sh[ t storm the world is in.
Petra could see 150p this year with a rally is 150p max .I'm definitely a seller at that number ?? When are them dividends coming ??
Price might just blow today, :)
Okay they can't find a pink stone IL settle for one of those 22 carrot blue ones ! What's that worth today ?
Bank of America cuts Petra Diamonds price target to 170 (180) pence - 'buy'
edit *the finished item was expected to sell at auction for ~25 mill. *
What are you talking about ? Do you have any idea how manufacturing works? Petra sell uncut stones to the diamond industry at raw material cost. Those Jewellers then cut, polish and frame those stones to sell to the consumer market and add their cost/profit on top of that. Petra sold that rough diamond for ~13mill and the finished it was expected to sell at auction for ~12 mill. The only reason it made more than that was a completely un-anticipated bidding war between 3 parties. You cant price that into your sale of raw materials!
However any further finds of a similar nature WILL be priced higher as this will set a new bar for future pricing. This can only be a good thing for us as investors in one of the only mines in the world that these types of diamonds can be found.
So petra lost out on 44m !! That's shocking on every level .
Let's hope they don't make that mistake again
Defiantly
Nice one Huddersfield think we need to employ a top cutter and cut out the middle man !
That was from an impressive article just tried sending link over
The Williamson Pink Star diamond has become the second-most valuable jewel ever sold at auction, following a “bidding frenzy” at Sotheby’s Hong Kong.
After a 20-minute battle, which included 50 bids, the cushion-cut, 11.15-carat, fancy-vivid pink, internally flawless diamond ring sold for $57.7 million, nearly three times its $21 million high estimate, Sotheby’s said following the one-off sale on October 7.
Switzerland-based manufacturer Diacore cut the Williamson Pink Star from a 32.32-carat rough it purchased from Petra Diamonds for $13.8 million in 2021. The miner recovered the stone from its Williamson mine in Tanzania
I think after today's announcement on share options for Duffy we could hear soon that we've found a couple of big blue carrot stones yum yum more please !
Thanks Nelson, now I understand how Petra can consider paying dividends.
Hi Charles
I think it’s very important to distinguish between the debt and the debt problem.
In brief, when the debt was rearranged - the renewed debt had clauses that in the medium term meant those vehicles couldn’t be paid down. We actually have strong free cash flow and the net debt position is now around zero - hence divi talk.
So pdl debt problem relates to pdl’s inability to pay it off rather than its cash position.
Very important distinction for anyone looking at this board is a potential investor
I do not fully understand Petra Diamonds' efforts to reduce its debt, it looks a temporary move by myself, with debts I think returning by 2025. But if the company remains highly profitable in the mean time, it could no doubt pay off a large portion of its debts. But if PDL should find a major very rare pink diamond at Williamson then debt problems would be solved. Also I think Williamson is now the only diamond mine where one might find a very rare pink diamond of size, since Argyle shut.
This is the upgrade from yesterday.
"Berenberg raises Petra Diamonds to 'buy' (hold) - price target 200 (130) pence"
The one you mention is from the 14th Sept.
(Sharecast News) - Analysts at Berenberg raised their target price on diamond ming outfit Petra Diamonds from 107.0p to 130.0p on Wednesday, updating its model for the group following its full-year results.
Berenberg said Petra Diamonds' full-year results were in line with its expectations, with revenues of $585.0m, adjusted underlying earnings of $265.0m, and lower than expected unit costs at both its Finsch and Cullinan mines.
Costs at its Williamson and Koffiefontein mines, on the other hand, were above estimates, with the latter mine's operations continuing to track below internal expectations as it approaches the end of the mine plan in 2025.
Earnings per share of $0.36 per share also beat the analysts' estimates, while cash from operations of $283.0m was slightly below estimates due to a smaller release of working capital.
"We update our model for the results, including the new dividend policy and tender offer. The Tender 1 result increases our earnings estimates, while rolling our NAV calculation for FY23 improves our valuation due to lower net debt," said the analysts, who also retained their 'hold' rating on the stock.
"We remain cautious on Petra, as cash interest on the bond kicks in from FY24, which, coupled with rising capex, looks to increase net debt again. We expect a weaker Q1 operationally due to lower-than-expected grades at Cullinan and Finsch. In the near term, however, the stock may benefit from better sentiment. The stock trades on 0.77x NAV and 3.0x EBITDA
They are still not that keen on Petra though !!
Markets moving in the right direction Petra moving in the wrong direction!!
When are the dividend payments starting??
It needs something to push it north .
Interest rates across the globe are increasing and the cost of debt is becoming more expensive im sure they have done cost of equity calculations internally to find out the optimum balance sheet leverage. Besides they need to strengthen the balance sheet and they save 10m+ a year. Short term impacts may be negative but mid to long term i see this as a good thing, especially if the market takes a down turn again from macro economic slow downs. Im definitely not opposed to this move.
Yes