EMH 1.12% 45.0¢ european metals holdings limited

Valuation Considerations 80p / A$1.40 On Hydroxide

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    https://www.europeanmet.com/wp-content/uploads/2018/12/Shard-Capital-EMH-Dec-2018.pdf

    Updated 02.04.2019 but a great reiteration of earlier report which shows great consistency and true Value of EMH

    https://www.europeanmet.com/wp-content/uploads/2019/04/Shard-Capital-EMH-2-4-2019.pdf

    14th December 2018 :
    Valuation considerations. Our current base-case valuation for European Metals is 45p/sh fully-diluted (c.A$0.79/sh) based on a risked sum-of-the-parts NAV valuation for the Cinovec project on a lithium carbonate basis. Our valuation standpoint is highly cautious at present; we use conservative modelling assumptions and risk our valuation heavily. We also present a flex case where we assume that EMH adjusts its strategy to produce a battery-market facing lithium hydroxide product. Our fully diluted risked NAV under a lithium hydroxide scenario increases to 80p/sh (A$1.40/sh). This implies EMH is trading at an undemanding 0.4x P/NAV to our base-case and 0.2x to our hydroxide scenario. Our valuation does not factor in leverage to higher lithium prices – we use $10,000/t for carbonate and $12,000/t for hydroxide. Our base case valuation at $12,000/t lithium carbonate, 1.0x NAV and 8% discount rate increases to 137p/sh, fully funded.

    RIDICULOUSLY STRONG STRONG BUY

    last Chance Guys & Girls

    IN IT TO WIN IT ..... SNOOZE YOU DEFINITELY LOSE

    Re-Rate Anytime Soon .... 80p / $1.40 AU for starters

 
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