In today’s briefing:
- CNMC Goldmine Holdings Ltd. (CNCM SP): Cash Rich Gold Play In Singapore
- Selected European HoldCos and DLC: March 2025 Report, Adding Vivendi
- Alpha Metallurgical Resources: Will This New Wildcat Mine Be the Game-Changer Investors Are Waiting For?
- What’s New(s) in Amsterdam – 3 April (dsm-firmenich | Avantium)
- Helix Energy Solutions: Five Pressing Issues That Could Shape Its 2025 Journey!
- Northern Oil & Gas Is Betting Big on Refracking—Will This Unlock Hidden Wells of Profit?
CNMC Goldmine Holdings Ltd. (CNCM SP): Cash Rich Gold Play In Singapore
- CNMC Goldmine Holdings (CNMC SP) is a cash-rich (net cash: 20 million SGD) gold play listed on the SGX with assets in Malaysia. Its market cap is 155 million SGD.
- The company is a high-cost gold play, with cash costs of 1200 USD/oz excluding royalties. It is in the process of ramping production from 26,000 oz to 34,000 oz/annum.
- Based on a 3000 USD/oz gold price, the stock trades at 5.7x PE, 4.0x EV-EBITDA with a 2.9% dividend yield (based on a 30% payout ratio).
Selected European HoldCos and DLC: March 2025 Report, Adding Vivendi
- Discounts to NAV of covered holdcos didn’t show a clear trend during March. Discounts: C.F.Alba, 14.9% as of 31 March (vs 14.1% as of 28 February); GBL, 37.6% (vs. 38.7%);
- Heineken Holding, 11.2% (vs. 13%); Industrivärden C, 2.9% (vs. 5.1%); Investor B, 4.2% (vs. 2.3%); Porsche Automobile Holding, 31.9% (vs. 38.1%); Rio DLC 21.7% (vs. 17%). Vivendi 40.1% (vs. 38.7%).
- What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).
Alpha Metallurgical Resources: Will This New Wildcat Mine Be the Game-Changer Investors Are Waiting For?
- Alpha Metallurgical Resources recently released its fourth-quarter and full-year 2024 financial results.
- The company reported an adjusted EBITDA of $53 million for the quarter, indicating a modest increase from the previous quarter’s $49 million.
- The company shipped 4.1 million tons in Q4, maintaining the same volume as in Q3, demonstrating consistent operational performance despite challenging market conditions.
What’s New(s) in Amsterdam – 3 April (dsm-firmenich | Avantium)
- dsm-firmenich | increases shareholding in Yantai DSM Andre Pectin Company dsm-firmenich completed the shareholding increase in Yantai DSM Andre Pectin Company to 90.5% from 75%.
- Andre Pectin is a leading specialty food ingredient producer. The remaining 9.5% of the shares in Andre Pectin continue to be held by Rich Spring Holdings.
- DSM acquired a 29% stake in Andre Pectin in 2013. In 2019 it raised its interest purchasing an additional 46% stake in Andre Pectin for a consideration of about EUR 150m.
Helix Energy Solutions: Five Pressing Issues That Could Shape Its 2025 Journey!
- Helix Energy Solutions released its financial results for the fourth quarter and full year 2024, reporting a strong performance in several key areas.
- Total revenues for the quarter were $355 million, and the full year revenues reached $1.36 billion, both signifying healthy operational metrics.
- The company managed to achieve a gross profit of $59 million in Q4 and $220 million for the complete year.
Northern Oil & Gas Is Betting Big on Refracking—Will This Unlock Hidden Wells of Profit?
- Northern Oil and Gas Inc. (NOG) presents a multifaceted investment case characterized by an intricate blend of strategic growth initiatives, market challenges, and operational nuances as outlined in their recent earnings call.
- A key highlight from the latest results is NOG’s strategic focus on long-term growth.
- Despite facing formidable disruptions such as forest fires, refinery outages, and logistical challenges in the last quarter of 2024, which impacted some of their core basins like the Williston and Uinta, NOG successfully increased their 2024 oil production year-over-year by 25%.
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