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Davy Research

Kenmare

New forecasts reflect the benefit of factoring

Apr 23 2024, 07:15 IST/BST
Colin Grant
Company Report
16 page(s)

Sectors : Resource

Companies : Kenmare

Ratings and price correct at time of issue.

Kenmare

Closing Price: 334.0p
RATING 03/08/16
OUTPERFORM
PREVIOUS RATING 07/12/15

UNDER REVIEW

Person's Name

Colin Grant

Analyst

DAVY VIEW

We are publishing new forecasts for Kenmare. The most significant change is that we now assume $100m of factoring of receivables in 2024 prior to drawing down the new $200m credit facility. This lowers our debt forecasts and EV multiples. We also push out the timing of the upgrade of WCP B to 2026. The stock is very attractive.

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Apr 23 2024, 07:15 IST/BST