Publicar esta página

Seleccione una red social en la que desee compartir esta página

Share on Facebook
ASDFSADF ASDFSADF Buscar

Signum Research

más información del autor

más información del autor

Signum Research

Signum Research es una empresa independiente de análisis financiero y bursátil conformada por analistas y expertos de amplia experiencia en el medio y por un consejo de asesores integrado por personalidades de alto reconocimiento en los mercados financieros. Signum Research cuenta con la más avanzada tecnología y sistemas que le permiten realizar sus cálculos y modelos analíticos de manera eficiente, en tiempo real, y publicarlos oportunamente en su portal de análisis financiero.<br /> Nos hemos establecido como meta el producir el mejor análisis bursátil independiente: un análisis oportuno, sencillo, confiable, asequible e interesante, de manera que los mercados financieros puedan ser intelectualmente accesibles a una mayor parte de la población. Nuestro objetivo final es, a través de nuestro análisis, encontrar la señal detrás del ruido cotidiano en los mercados, una señal que fundamente sólidamente nuestras recomendaciones de inversión.<br /> En Signum Research sabemos que los mercados financieros son una importante herramienta de desarrollo, Signum Research busca contribuir en la difusión de una cultura financiera y de inversión que permita a quien carezca de experiencia –pero que tenga el interés- participar del progreso que brindan los mercados financieros.<br /> Signum Research se ha asociado con The Competitive Intelligence Unit, una empresa de consultoría estratégica especializada en áreas de análisis de oportunidades de negocio, telecomunicaciones, regulación y economía para desarrollar y publicar análisis sectoriales y en materia de regulación.
13.nov.19

Signum Perspectives

The Mexican Mining Sector as of 3Q19

The Mexican mining sector delivered mixed 3Q19 results. The international price of metals sold by mining companies has been an influencing factor in recent quarters.

The monetary policy environment is currently favoring international gold and silver prices because such commodities are regarded as safe assets. By contrast, the prices of industrial metals such as copper, ferroalloys, and manganese have adjusted, mainly on fears of a global slowdown and the U.S.-China trade dispute.

Another influencing factor was the increase in Grupo México (GMEXICO)’s production and Compañía Minera Autlán (AUTLAN)'s product diversification. In the case of the former, higher production offset a strong copper price correction, while in the case of the latter, revenue diversification towards precious metals helped balance out a lower manganese price as well as a reduction in ferroalloy production.

Grupo México, S.A.B. de C.V.

Grupo México (ticker symbol: GMEXICO) delivered positive 3Q19 results driven by higher volumes, which offset lower copper and zinc prices, and solid performance from the transport division.

3Q19 consolidated sales totaled US$2.794 bn, growing +7.7% on the prior year. According to the sales breakdown by segment, the mining division recorded y/y revenue growth of +8.4% and the transport division +6.4%, while infrastructure declined -4.5%.

Operating revenues totaled US$883.2 mn, +4.4% above 3Q18. EBITDA for the quarter was US$1.248 bn, or y/y growth of 7.9%. The EBITDA margin rose +10 bps to 44.7%.

The mining division posted revenues of US$2.084.3 bn, or y/y growth of +8.4%. This was mostly the result of higher copper (+12.6% y/y) and molybdenum production (+23.8% y/y), which offset a -3.9% y/y drop in the price of copper.

According to the regional breakdown, Peru’s results benefitted from the coming on line of the Toquepala mine expansion, which implied a 54% y/y increase in production for the first nine months of the year. Production in Mexico was up 4% y/y compared to 3Q18 on the back of operating improvements at Buenavista. Meanwhile, U.S. production rose 13% y/y for the quarter on the back of the Mission, Arizona mine.

This quarter, Grupo México achieved a cash cost of US$1.06 per pound of copper, and according to management, the company remains a world leader in terms of copper reserves.

The mining division’s EBITDA totaled US$885.5 mn, +6.5% above the same year-earlier quarter. The EBITDA margin was 42.5%, -80 bps lower y/y.

The transport division’s revenues rose +6.4% y/y to US$642.9 mn. The transported volume rose +3.0% y/y driven by the industrial, farm and energy segments. EBITDA rose +4.7% y/y to US$277.6 mn and the EBITDA margin decreased -70 bps to 43.2%.

The revenues of the infrastructure division totaled US$148.4 mn, or a decrease of -4.5% y/y. However, as the cost of sales decreased by -14.1% y/y, EBITDA rose +8.5% y/y to US$73.9 mn. The EBITDA margin rose +600 bps to 49.8%.

The Net Debt to EBITDA ratio was 1.5x and remained at healthy levels vs. the industry as a whole.

The company declared a cash dividend of P$0.80 per outstanding share which will be paid in one installment on November 27th, 2019 and represents a dividend yield of around 7.0% at current prices.

Results were positive, in our view, mainly driven by higher production capacity and partially offset by a lower copper price. Our rating is HOLD with an end-Q420 target price of P$48.50 per share.

Industrias Peñoles, S.A.B. de C.V.

Industrias Peñoles (ticker symbol: PE&OLES) reported favorable results driven by higher precious metal prices (gold and silver) which offset lower production.

Net sales amounted to US$1.103.7 bn, increasing +5.3% y/y. Gold production decreased -7.5% y/y and silver production -12.3%. On the other hand, the quarter saw a +21.6% increase in the price of gold and a +13.3% increase in the price of silver, which offset lower volumes.

The mining operations recorded strong decreases in the production of metals such as silver (-12.3% y/y) and gold (-7.5% y/y). Lower gold production was the result of lower mineral processing volumes at Noche Buena and Herradura as well as a lower mineral ore at San Julián; lower silver production was due to lower silver ore at Saucito, San Julián and Fresnillo.

The metallurgic division on the other hand posted good results. Gold production grew +2.0% y/y on the back of the higher ore of concentrates treated at the foundry and the reduction of inventory in process. Silver production rose +6.6% y/y due to an increase in the reception of rich materials at the Lead-Silver refinery and lower inventories.

Chemical products rose slightly, with magnesium oxide production showing stronger growth. Likewise, market conditions were favorable in terms of magnesium sulfate, which resulted in higher production volumes in order to meet demand.

The cost of sales rose +1.7% y/y, totaling US$865.9 mn. Within this heading, production costs rose +13.5% y/y due mainly to the implementation of growth projects including the start-up of the refined zinc expansion, the second dynamic lixiviation plant in Herradura and the pyrite plant in Saucito.

Operating expenses amounted to US$146.5 mn, registering marginal changes compared to the same 2018 quarter. EBITDA totaled US$269.2 mn, or growth of +37.8% y/y. The EBITDA margin was 24.4%, or +580 bps more than the same year-ago quarter.

Net profit was US$19.2 mn, a y/y decrease of -29.15%, mainly due to higher financial expenses derived from an increase in the provision for interest on financial debt from new loans and higher expenses related to interest rate hedges on loans.

Thus, the EV/EBITDA multiple was 7.0x compared to a risk-adjusted 7.3x for the global industry.

The Net Debt to EBITDA ratio was 1.7x remaining at healthy levels compared to the industry.

Based on results, we reiterate our BUY rating with an end-Q420 target price of PS$300.00 per share.



Enviar comentario

Enviar Comentario

Label

Bienvenidos a este espacio de reflexión e intercambio.

Buscamos crear un área de diálogo constructivo respecto a los temas tratados en este blog y los invitamos a introducir sus comentarios.

Con el fin de lograr este objetivo, Signum Research ha introducido un moderador para que este espacio se mantenga como un lugar donde el intercambio de ideas se dé de manera honesta, respetuosa, ordenada y clara.

Te recomendamos:

  • Sé cortés. Trata a otros como te gustaría ser tratado, no ofendas a los demás participantes. Se recomienda no incluir comentarios escritos en mayúsculas, pues se consideran agresivos.
  • Usa un lenguaje respetuoso.
  • Debate, pero no ataques. Buscamos una discusión dinámica, pero los ataques personales no serán bienvenidos.
  • Procura que tus comentarios agreguen valor a la discusión. Evita la repetición y/o el plagio.

Políticas, Términos y Condiciones de Publicación de Comentarios

  • Los comentarios deberán tratar sobre el tema de la entrada en cuestión.
  • Los comentarios que contengan más de dos enlaces pasarán a moderación hasta tanto se verifiquen las páginas Web.
  • No se publicarán comentarios que contengan diatriba e insultos, así como comentarios que inciten a cualquier tipo de violencia.
  • No se aceptarán comentarios discriminatorios por motivos de: sexo, edad, religión, salud, nacionalidad, preferencias sexuales, habilidades, etc.
  • Este espacio estará limitado a 1,500 caracteres, en caso de documentos extensos, agregar la página Web donde se pueda consultar el texto.
  • Se excluirá de los comentaristas a aquellos que usurpen la personalidad de otros y aquellos que repetidamente hayan violado los Términos y Condiciones de este espacio.
  • No se publicarán comentarios que tengan fines comerciales o que violen derechos, incluidos los derechos intelectuales, de terceros.
  • Tú eres responsable de lo que publicas en este foro, Signum Research no puede tomar responsabilidad por tus comentarios.
  • Signum Research se reserva en todo momento el derecho de borrar, editar, y/o mover comentarios enviados a este sitio.

Atentamente,
Signum Research

Dudas y Sugerencias:
registro@signumresearch.com

Ocultar reglas para comentar

Nombre
@-mail
Ubicación
Comentario
   





comentarios (0)

Blogs

Últimas Entradas



SunMonTueWedThuFriSat
272829303112
3456789
10111213141516
17181920212223
24252627282930
1234567