1)BMO Capital markets 15/11/10
Outperform.Target price:na
Using BMO Researchs metals price forecast, Anvil Minings shares are trading at a 13% discount to our 10% NAV estimate of US$5.71/share, and at a 42%discount to our NAV estimate of US$8.57 per share using the spot copper price
of US$3.82/lb.
2)Haywoods Securities Inc.16/11/10
Sector performance,target price $5.65
"With US$84m of capital left to spend and US$180m of cash/debt available upon restructuring its current debt facility,Kinsevere stage 2 is fully financed and on track for commercial prodn (60000 t/year of copper cathode) by mid 2011
3)GMP Securities 15/11/10
Valuation and Recommendation raising target to C$5.50/share.We continue to believe the Kinsevere expansion timelines are achievable. We are reiterating our BUY recommendation. We are increasing our target price to
$5.50/share (up fromC$4.50/share) based on a 1.0x multiple to our NAV of C$5.28/share (up from C$4.34/share).
4)Raymond James 16/11/10
Action:We are reducing our rating to MARKET PERFORM from OUTPERFORM based on share price performance and reiterating C$5.00 target price.
Analysis:Kinsevere Stage II update. US$171 mln of the US$200 mln capex has been spent and committed. Management estimates that full commissioning will
begin in 2Q11. After a ~6‐month ramp up period, we expect Kinsevere to produce 60,000 tpy copper cathode at an expected life of mine cash cost of
US$1.03/lb. That being said, final approvals for debt refinancing facility are behind schedule. According to the 3Q10 release, credit committees from the respective banks have responded positively to an agreed upon term sheet.
However, final credit committee approvals are subject to gaining a greater
comfort level with the recently filed class action lawsuit against AVM over the Kilwa incident from 2004. We view the financing uncertainty as temporary
given the strong backing by key shareholder, Trafigura. Changes to our estimates. After updating for actual 3Q10 financial and operating results our unadjusted 10E EPS increases to US$0.10 (prev. US$0.06) and our 11E EPS declines to US$0.21 (prev. US$0.25) to account for the ramp‐up delay at Kinsevere SX/EW. Our NAV decreases to C$6.92 (prev. C$7.11).
As you can see,well covered in Canada.Maybe some more next week(at least one)
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