Materials, IPO & Equity Analyst

Venkat Ramana Nandyal

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Zijin Mining Group Co Ltd H / Event-Driven

<p><a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining Group Co Ltd H (2899 HK)</a> announced the acquisition of <a href="https://www.smartkarma.com/entities/continental-gold-inc" target="_blank" data-smartkarma-citation="entities:25820:1" rel="noopener">Continental Gold (CNL CN)</a> in an all-cash offer of C$5.5/share or C$1.4B. <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> holds ~20% of Continental Gold has backed the transaction. The board of Continental has recommended the deal to its shareholders.</p><p>We believe that Zijin’s offer for CNL is fair given that CNL has already returned nearly 140% YTD. The company is already trading above its peers on FY20 EBITDA and book value multiples but below on resource-based valuations.</p>

Zijin Mining Group Co Ltd H (2899 HK) announced the acquisition of Continental Gold (CNL CN) in an all-cash offer of C$5.5/share or C$1.4B. Newmont Mining (NEM US) holds ~20% of Continental Gold has backed the transaction. The board of Continental has recommended the deal to its shareholders.We believe that Zijin’s offer for CNL is fair given that CNL has already returned nearly 140% YTD. The company is already trading above its peers on FY20 EBITDA and book value multiples but below on resource-based valuations.

紫金鉱業によるコンチネンタル・ゴールドの買収：買収を通じて価値を追求