德意志银行-伦敦矿业公司-lonmin plc3q17,digging deep-20170717-deutsche bank.pdfVIP

Lonmin Plc Deutsche Bank Markets Research Rating Company Date Sell Lonmin Plc 17 July 2017 Forecast Change Sub-Saharan Africa South Africa Reuters Bloomberg Exchange Ticker Price at 14 Jul 2017 (GBP) 67.50 Platinum LMI.L LMI LN LSE LMI Price Target (GBP) 53.00 52-week range (GBP) 243.50 - 63.00 3Q17: digging deep Valuation Risks Patrick Mann, CFA Good operational momentum but no escaping low Rand-PGM prices Lonmin reported solid third quarter production numbers with its cash balance Research Analyst increasing by US$11m from the prior quarter to US$236m (gross); or US$86m net +27-11-775-7282 of a US$150m term loan drawn. Lonmin sold 180koz of platinum (345koz PGMs) in the third quarter of 2017, up 10% year-on-year, at a 3% lower year-on-year Key changes revenue basket of R11,506 per PGM ounce, and cash costs of production came Target Price 48.00 to 53.00 ↑ 10.4% in at R11,278 per PGM ounce (+6.4% year-on-year). This is a good operational Source: Deutsche Bank result based on Lonmins controllables, but at spot Rand-P