Hi Nordesmic
I'm with you and was thinking that the NEM stake @ 19.45% could be one reason for the short interest being so high - speculating that NEM may be forced/ want to offload this at a significant discount to help out it's own financial affairs given they have $6.8B in debt (as at last Quarterly Report) and have been selling down assets lately ($1.3B as shown in same report).
I've analysed RRL relative to it's peers to see if the SP is mispriced and based on last Q3 report, assuming this is indicative going forward, it is actually one of the better priced ASX goldies on a range of ratios including EV / Cashflow, balance sheet strength, AISC, free cash flow generation, etc.
So, apart from the POG situation I can't see why (apart from possible NEM overhang) why it would be, up until recently when KCN overtook them, the largest short in the gold sector.
Cheers
John
Price, page-28
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Last
$2.53 |
Change
0.010(0.40%) |
Mkt cap ! $1.473B | |||
| Open | High | Low | Value | Volume |
| $2.54 | $2.57 | $2.51 | $1.096M | 431.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 17 | 14847 | $2.52 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.53 | 12363 | 18 |
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| Last trade - 12.40pm 04/12/2024 (20 minute delay) ? |
| RRL (ASX) Chart |
