Dundee Securities estima precio de Trevali Mining (TV) a un año en $2.80

Resumen: La compañía describió a Trevali como un productor de zinc emergente, que empezará a generar free cash flow en el 2013 de minas que están ubicadas en Canadá y Perú. Asimismo, Dundee Securities, ha iniciado una cobertura sobre la minera junior, proponiendo a la empresa como "opción de compra", basándose en el estimado a un año de $2.80. 

Joseph Gallucci, analista en Dundee, describe a la empresa como "la mejor opción en el mercado minero de baja capitalización, al ser una oportunidad única y barata de exposición al zinc." La empresa también prevé que Trevali empiece a a producir en dos proyectos distintos para finales de este año: en Halfmile, New Brunswick, Canadá y Santander, en Perú. En el primero se empezaría a producir en el 1T2013, mientras que en Perú comenzaría en el 3T2012.


Trevali tiene actualmente $30 millones en caja, mientras que se estima un flujo operativo de caja (realizado por Dudee's) de $21.8 millones. Por lo que la compañía estaría completamente financiada para tener dos minas en  producción comercial para finales del 2012.

Dundee has described Trevali as an emerging zinc producer that will start generating free cash flow in 2013 from mines in Canada and Peru.

Dundee Securities Ltd. has initiated coverage of Trevali Mining Corp. (TSX: T.TV, Stock Forum), putting a (high risk) buy rating on the stock with a one year target price of $2.80.

After Friday’s 8% jump, Vancouver-based Trevali is trading at 84 cents, leaving the company with a market cap of $235.3 million, based on 161.1 million. The 52-week range for the stock is $1.71 and 73 cents.

In a July 26 research report, Dundee analyst Joseph Gallucci described Trevali as “our top pick in the small cap mining space as we believe it provides a unique and inexpensive opportunity for zinc leverage.’’

Gallucci was referring to forecasts that Trevali will have two producing operations by the end of this year.

They include the Halfmile (zinc-lead-copper-silver) project in New Brunswick, which is expected to reach commercial production – at a rate of 2,000 tonnes-per-day -- by the first quarter of 2013. The nearby Stratmat project is slated to double that capacity by 2014.

Meanwhile in Peru, the Santander (zinc-lead-silver) project is expected to come on line by the third quarter of 2012, reaching a commercial production rate of 2,000 tonnes-per-day by 2013. The production rate in Peru is scheduled to be increased to 4,000 tonnes by 2015.

Trevali is subject to the general risks associated with being in the mining business as well as the usual exploration and development risks that are typical in the junior mining space, Gallucci said. However, the company benefits from having offtake agreements with Swiss commodities giants Xstrata PLc andGlencore International PLc, he said.

Trevali currently has $30 million in cash on hand and will generate, by Dundee’s estimates, another $21.8 million in operating cash flow this year. As as result, the company is fully-funded to bring two mines into full commercial production by the end of this year.

Fuente: http://www.stockhouse.com/Community-News/2012/July/27/Dundee-puts-$2-80-target-on-Trevali-Mining