Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi Team , 29 metals has had a lot of issues especially related to weather , but seems to be turning the corner . Stock price hit lows around 0.15 , but is now trading at 0.30 . With your bullish view on copper i would appreciate your thoughts , and could it become a takeover target ? Cheers Craig
Hi Craig,
29Metals (29M) second quarter results looked “ok” this week with zinc output missing but copper production in line, but it wasn’t enough for the market with the stock ending the week slightly lower after initially dropping almost 10% after the quarterly update.
However, FY25 is a rebuilding and operational recovery year for 29Metals, with major improvements in margins and earnings quality, but still not yet profitable at the bottom line. As of June the company held $266mn in cash which is helpful with high capex and negative free cash flow.
From a takeover perspective there are a few interesting flags:
Its early days for a takeover bid for 29M but its likely to be on a few desks.
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