SYR 1.02% 49.5¢ syrah resources limited

Financial review Nov 20 2015

  1. 790 Posts.
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    Credit Suisse rates Syrah Resources an "outperform" with a price target at $6.35 a share.
    "SYR has advised of another offtake agreement, this time to a direct end user in the refractory business.
    "This 15ktpa agreement for 10 years is significant in our view as it is with an end user, not via a trader which would normally have the role of aggregating supply, blending and on-selling.
    "As a customer direct sale, it indicates end-user confidence in the product and a desire to add a new supplier to existing supply arrangements.

    "Note that the refractory business has almost no growth but a new supplier (SYR) has been confirmed as part of the supply chain, presumably displacing an existing supplier or recognising current suppliers may not be there in the future.
    "The unprecedented growth outlook for spherical graphite is likely to ultimately support 100 per cent of Balama production being sold into the spherical market at materially higher margins than available from the refractory market.
    "Fortunately, the Balama reserve, resource and yet to be closed mineralisation supports near infinite expansion to meet future demand growth and maintain a diversity of end use and customer destinations."
 
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