Jan 17th 2013 - Edison Investment Research today published a report on Nord Gold NV (NORD.L, LSE:NORD, LON:NORD) entitled "Ready For Growth". In summary, the report says:
Nordgold (NORD), the third-largest Russian gold producer, has gained a strong footprint in Africa, which offers a compelling growth opportunity. With gold sales of c 700koz in 2012e, the company is ready to launch its flagship Bissa mine in Burkina Faso in Q113, adding c 200koz of gold at capacity, which is set to be closely followed by a similar scale Gross project in Russia. We believe that Nordgold’s strong growth profile coupled with the ongoing operational turnaround at the existing mines should drive its earnings recovery and support the stock. We value NORD at US$6.8/share, which, taking into account a 4.3% dividend yield, implies a 63% return.
Edison Investment Research is a leading international investment research company. It has won industry recognition, with awards both in the UK and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison’s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York and Sydney and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). more »