Silver Lake Resources Limited

( ASX:SLR ) - ASX200 Materials


How Great Does Gold Look?

Gold continues to perform well in US dollar terms and even better in Australian Dollar terms and the backdrop to a higher gold price is only strengthening. It, along with the “yield crunch” thematic I have discussed here all year long are my two favourite broad market trends that present an enormous opportunity for investors.

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Analyst Views

SLR – UBS rates the stock as Buy

The company has announced FY14 sales from Mt Monger, in line with guidance. Sales have been better than UBS expected and revenue forecasts for FY14 are lifted by 6%. Costs are left unchanged but the broker suspects this could prove to be an optimistic assumption.

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SLR – Macquarie rates the stock as Underperform

An asset impairment charge led to a miss for Silver Lake’s profit result although underlying earnings were slightly better than expected. A $39m placement was announced to assist in placing Murchison in care & maintenance and to provide capital for the Mt Monger project. The broker sees the Murchison closure as pragmatic but it does mean forecasts take a hit, and it will be 18 months before SLR is generating cash.

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