9:37 | 25.10.2021
SunMirror AG

Original-Research: SunMirror AG – von Sphene Capital GmbH

Einstufung von Sphene Capital GmbH zu SunMirror AG

Unternehmen: SunMirror AG
ISIN: CH0396131929

Anlass der Studie: Update Report
Empfehlung: Buy
seit: 25.10.2021
Kursziel: EUR 194,70 (unverändert)
Kursziel auf Sicht von: 36 Monate
Letzte Ratingänderung: –
Analyst: Peter Thilo Hasler

Mandatory convertible bond

Last week, SunMirror announced the issuance of a mandatory convertible bond
with a targeted nominal value of EUR 20.0 mn. With a conversion price of
approximately EUR 70 per share, the convertible bonds entitle their holders
to acquire approximately 285,000 bearer shares with a par value of CHF
1.00. Since shareholders’ subscription rights have been excluded, the
convertible is to be subscribed by selected institutional investors in a
private placement.

Together with a planned capital increase of up to EUR 70 mn through the
issuance of up to 1 mn new shares at a share price of EUR 70 per share,
SunMirror can be expected to generate total gross proceeds of up to EUR 90
mn. The net is intended to further strengthen SunMirror’s financial
resources and to provide headroom for potential further acquisitions.

We maintain our Buy rating for the shares of SunMirror and our fully
diluted price target of EUR 194.70 per share. We value the equity of the
Dusseldorf Stock Exchange-listed company using a sum-of-the-parts valuation
based on a Net Present Value (NPV) entity model, in-situ values, and peer
group multiples. We did not model any future acquisitions. Our valuation is
primarily driven by royalty schemes the company intends to generate from
Cape Lambert North, for which we calculated an equity value of EUR 101.70
per share (base-case-scenario). We value Moolyella with EUR 50.80 per
share, Lat66 with EUR 30.40 per share, and Kingston-Keith with EUR 8.30 per
share. Higher grade potential at Kingston-Keith and Moolyella could
represent further upside to our target price. Additional short- and medium-
term upside potential can be identified, in our view, should the management
decide for a trade sale of its most valuable mineral reserve, Cape Lambert
South, to a strategic investor or succeed in exploiting that asset in a
capital-efficient manner. Upside to our price target could also arise,
should the company use the proceeds from the capital increase for acquiring
further strategic mineral assets significantly below market values.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553

——————-übermittelt durch die EQS Group AG.——————-

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
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