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Iberian value 2018 04

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Presentación de Atalaya Mining en el Iberian Value el pasado 11 de abril de 2018

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Iberian value 2018 04

  1. 1. 1Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 Xavier Brun, PhD Madrid. 11 de Abril de 2018
  2. 2. 2Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 IDEA DE INVERSIÓN • Activos de más de 100 años. • Situados en España. • Dio nombre a una empresa que hoy capitaliza 100.000 millones €. • Inicio del fútbol en España.
  3. 3. 2Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 IDEA DE INVERSIÓN • Activos de más de 100 años. • Situados en España. • Dio nombre a una empresa que hoy capitaliza 100.000 millones €. • Inicio del fútbol en España.
  4. 4. 4Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 ATALAYA MINING Resumen: • Capitalización bursátil: ~408 mill USD. (2,15 GBP) • Caja neta : ~52 mill USD • Minera de cobre con producción en 2018 de 40ktn Cu. • Excelente equipo gestor: – CEO Alberto Lavandeira y COO Julián Sánchez. 2 proyectos: • Rio Tinto: – Producción : 37 ktn Cu en 2017 – Ampliación: hasta 50 ktn Cu en 2019 (capex 80 mill$) • Touro (Exploración) – Informe técnico (NI 43-101) – Capex: 250 mill $ – Producción 30 ktn Cu en 2021
  5. 5. 5Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 COBRE DEMANDA • Demanda – Actual: ~ 23 Millones de toneladas. – China: 10,8 mill tn. – India: 0,4 mill tn. – Coche eléctrico: 60kg más de Cu por coche. ~5% más demanda. +60kg
  6. 6. 6Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 COBRE OFERTA Oferta: • Ley de reservas disminuye. – Mayor coste extracción • Proyectos más costosos – Mayor precio para igual rentabilidad. • Retrasos en proyectos o huelgas: – Reducción entre 1-3% oferta
  7. 7. 7Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 COBRE Resultado:
  8. 8. 8Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 VALORACIÓN Atalaya Mining 5-abr. nb of shares (diluted) 135 Last price 2,18 Currency GBP Market Cap (USD) 411 Net debt -51 EV 359 en USD 2019 2022 Prod. Rio Tinto Ktn 51 51 Prod. Touro ktn 30 Prod. TOTAL ktn 51 81 Prod. TOTAL Mlb 113 179 Precio Cu 3,0 3,0 Costes (AISC) 2,0 2,0 Ventas 340 538 Costes 226 358 EBIT 113 179 - impuestos -34 -54 FCF 79 125 Por FCF 2022 8x PER 1.004 - capex expansion -280 + tax credit 10 Ve adj. USD 734 Gain 104% Por Activo 2022 15.000 $/tn 1.132 - capex expansion -280 + tax credit 10 Ve adj. USD 862 Gain 140%
  9. 9. 9Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 BOOKS, FILM AND PEOPLE
  10. 10. 10Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 Gracias Xavier Brun, PhD Fund Manager at Solventis, SGIIC xbrun@solventis.es c/ Colón 10, 1ª planta 36201 Vigo Tel. + 34 986.225.659 Avda. Diagonal 682, 5ª planta 08034 Barcelona Tel. + 34 932 .009.578 BARCELONA VIGOMADRID Paseo de la Castellana nº 60, 4ª planta 28046 Madrid Tel. + 34 917 .932.970
  11. 11. 11Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 XAVIER BRUN, Portfolio Manager Se incorporó en Solventis en 2011 como cogestor de la renta variable. • Doctor en Ciencias Económicas por la Universitat de Barcelona cum laude. Licenciado en ADE y Diplomado en Ciencias Empresariales por la Universitat Pompeu Fabra (UPF). Máster en Banca y Finanzas por el Idec- UPF. • Trabajó en Strategic Investment Advisors (SIA Funds- Spain) como Senior Equity Analyst especializándose en análisis fundamental y siendo responsable de los sectores, commodities, acero, químico, entre otros. • Fue Responsable de Middle Office y Riesgos en Gesiuris SGIIC. • Compagina su labor de gestor con la de profesor asociado en la Universitat Pompeu Fabra (UPF) y como director del Máster Universitario en Mercados Financieros de la Barcelona School of Management - UPF. • Miembro del Instituto Español de Analistas Financieros (IEAF). • Autor de varios libros del manual de asesoramiento financiero de la Editorial Profit.
  12. 12. 12Xavier Brun . xbrun@solventis.es Madrid, 11 abril 2018 LEGAL DISCLAIMER This material has been prepared by Solventis, SGIIC. This document is for information and illustrative purposes only and shall not be considered investment advice or a recommendation or solicitation to buy or sell any securities discussed herein. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment. Past performance is not indicative of future results, and no representation or warranty, express or implied, is made regarding future performance. Opinions expressed herein are current opinions as of the date appearing in this material only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. Solventis is invested in any security discussed herein.

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