CNB 0.83% 59.5¢ carnaby resources limited

Comparable analysis

  1. 3,080 Posts.
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    Good morning

    Manuka Resources - which is set to list on ASX next week - will have a market capitalisation on listing of at least $50 million. ASX code: MKR - prospectus here: https://www.manukaresources.com.au/site/PDF/76b38403-a327-4d82-b5a5-99a844973fed/ManukaProspectus.

    But this is where things get interesting - MKR's market cap is predicated on it producing (get this) - 22,000 to 24,000 ounces of gold via a mixture of trucking and processings ore stockpiles at their own gecko machine. MKR will do this over the next 12-14 months.

    Now - MKR has its own mill at Wonawinta (worth say $30 million) and a tonne of debt (approximately $30 million) - so lets say this is value neutral (ie the mill and the debt cancel each other out) - meaning that all of MKR's deemed market cap is because of its forecast gold production.

    Now - Enter CNB.

    CNB will produce 29,000 ounces of gold over the 13 months following the commencement of production later this year. Almost the same if not a little better than MKR.

    MKR has forecast $29 million in pre-tax revenue over the next 13 months. CNB is forecasting $25 million in pre-tax revenue over 13 months. Almost the same with the difference attributable to our slightly higher AISC.

    So - basically - in my mind - CNB coud trade at $0.25 and still have a market capitalisation of less than half that of MKR! CNB would have to get to $0.50 per share to have the same MC as MKR (and we are debt free!).

    I just bought more CNB and have decided to build a position in this stock as we are deeply deeply undervalued IMO.

    GLTA.
 
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Last
59.5¢
Change
-0.005(0.83%)
Mkt cap ! $96.89M
Open High Low Value Volume
61.5¢ 64.0¢ 59.0¢ $211.2K 342.2K

Buyers (Bids)

No. Vol. Price($)
3 5860 59.5¢
 

Sellers (Offers)

Price($) Vol. No.
60.0¢ 16959 1
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Last trade - 16.10pm 28/03/2024 (20 minute delay) ?
Last
59.5¢
  Change
-0.005 ( 0.83 %)
Open High Low Volume
61.5¢ 64.0¢ 59.5¢ 133566
Last updated 15.59pm 28/03/2024 ?
CNB (ASX) Chart
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