Ramelius Resources Ltd (RMS) · Hartleys Limited Ramelius Resources Ltd (RMS) 24 January 2018 Page...
Transcript of Ramelius Resources Ltd (RMS) · Hartleys Limited Ramelius Resources Ltd (RMS) 24 January 2018 Page...
Page 1 of 9
Ramelius Resources Ltd (RMS)
Gold
: P
rodu
ce
r
RMS.asxBuy
Share Price
Valuation $0.52
Price Target (12 month) $0.55
Brief Business Description:
Hartleys Brief Investment Conclusion
Chairman & MD
Top Shareholders
Ruffer LLP 8.3%
Van Eck Associates 7.0%
Company Address
Issued Capital
- fully diluted
Market Cap
- fully diluted
Cash + bullion (31 Dec 17)
Debt (31 Dec 17)
EV
EV/Resource oz
EV/Reserve oz
Prelim. (A$m) FY17e FY18e FY19e
Prod (koz Au) 124 206 212
Op Cash Flw (A$M) 66 107 129
Norm NPAT (A$M) 17 71 51
CF/Share (cps) 12 20.2 24.5
EPS (cps) 3.3 13.4 9.7
P/E 13.1 3.2 4.4
Au
Resources (Moz) 3.8
Reserves (Moz) 0.9
John Macdonald
Resource analyst
Ph: +61 8 9268 3020
527m
24 Jan 2018
$0.430
Mark Zeptner (MD)
Level 1, 130 Royal St
East Perth, WA, 6004
Sensitive to cash flow returns and Edna May's long term
mine plans in coming quarters.
Robert Kennedy (Chairman)
WA based gold producer and explorer.
538m
A$226m
A$231m
A$164m
A$43/oz
A$0m
A$62m
A$49/oz
This report was prepared solely by Hartleys Limited. ASX did
not prepare any part of the report and has not contributed in
any way to its content. The role of ASX in relation to the
preparation of the research reports is limited to funding their
preparation, by Hartleys Limited, in accordance with the ASX
Equity Research Scheme. ASX does not provide financial
product advice. The views expressed in this research report
may not necessarily reflect the views of ASX. To the maximum
extent permitted by law, no representation, warranty or
RAMELIUS RESOURCES LTD (RMS)
Cash build to accelerate. Ramelius returned Mt Magnet to form in the December 2017 half, re-
establishing solid operating performance at all mines. Gold production from
Mt Magnet and Vivien was 36.5kozs in the December 2017 quarter; the best
return since the September quarter of 2016.
Ramelius’ first quarter in charge of Edna May yielded 21.4kozs, which
equalled the mine’s previous quarter under Evolution’s control, and confirmed
the expected trend of head grades above 1 g/t.
The Company’s cash and gold balance at the end of December 2017 was
$62M; a quicker recovery in the cash balance after the Edna May acquisition
than we anticipated.
The second (June 2018) half is set up for cash and bullion on hand to rise
further as several factors weigh in;
A full half contribution from Edna May
Higher budgeted head grades and production at Edna May.
Water Tank Hill stopes operating for the entire half.
Development capital and exploration expenditures down from $39M
to $6M in the respective halves.
Delivery into higher price forward gold sale contracts in the June 2018
half.
Hartleys forecasts Ramelius’ cash and bullion balances will exceed $100M
(20cps) by the end of June 2018. We have allowed for $10M more
development and exploration expenditure than indicated by Ramelius, and
have assumed no more production above guidance in FY2018.
2019 cutback option open FY2019 could be just as productive for Ramelius as FY2018 is shaping.
Vivien, Water Tank Hill and the Mt Magnet pits will all be in full swing, while
Edna May continues in the low strip ratio phase of the Stage 2 pit design,
stockpiling excess ore. A low unit cost mine will probably be developed at
Shannon.
The big decision for Ramelius is whether to cut back the Edna May Stage 3
pit – a potential $100M investment that will need to start early in FY2019. A
go-ahead would forestall net cash flows, but also add up to 500kozs and 7
years to reserves and mine life respectively. Ramelius’ first drill results from
the Edna May Stage 3 extensions are expected to be announced by the end
of January 2018. At this point we model Stage 3 on an economic knife’s edge,
while trusting RMS to make the call and execute.
Upgrade from Accumulate to Buy Ramelius’ share price has stood still despite excellent results and a rising
market. We think there are more good figures and at least a catch up rally in
store for Ramelius shareholders over the next 12 months.
Hartleys Limited ABN 33 104 195 057 (AFSL 230052) 141 St Georges Terrace, Perth, Western Australia, 6000
Hartleys does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the
firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single
factor in making their investment decision. Further information concerning Hartleys’ regulatory disclosures can be found on Hartleys
website www.hartleys.com.au
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
.
5.
10.
15.
20.
25.
30.
35.
40.
45.
50.
Jan-18Sep-17Jun-17Feb-17
Volume - RHS
RMS Shareprice - LHS
Sector (S&P/ASX SMALL RESOURCES) - LHS
A$ M
Ramelius Resources
Source: IRESS
Hartleys Limited Ramelius Resources Ltd (RMS) 24 January 2018
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SUMMARY MODEL
Ramelius Resources Buy
RMS
Market Information Directors Company InformationShare price $0.43 Robert Kennedy (Chairman) Level 1, 130 Royal StMarket Capitalisation $226m Mark Zeptner (MD) East Perth, WA, 6004Net cash (debt) $62m Michael Bohm (Non-Exec Director) +61 8 9202 1127
Issued Capital (F.pd) 527m Kevin Lines (Non-Exec Director) +61 8 9202 1138
Issued Capital (F.diluted) 538m www.rameliusresources.com.au
EV $165mValuation $0.52 Top Shareholders m shares %12 month price target $0.55 Ruffer LLP 43.4 8.3
Van Eck Associates 36.6 7.0
Profit & Loss Unit Jun 17 Jun 18 Jun 19 Jun 20 Jun 21Production Summary Unit Jun 17 Jun 18 Jun 19 Jun 20 Jun 21
Net Revenue A$M 206 336 369 306 277 Underground ore mined Mt 0.20 0.31 0.33 0.18 0.04Forward sales A$M 0 5 -5 -1 UG ore grade g/tAu 7.4 7.8 7.0 7.1 7.1Total Costs A$M -140 -235 -240 -220 -231 Open pit ore mined Mt 1.27 4.67 3.72 3.92 4.32EBITDA A$M 66 107 125 85 45 Open pit ore grade g/tAu 1.5 1.2 1.3 1.2 1.3 - margin 32% 32% 34% 28% 16% Mill Throughput Mt 1.89 3.77 4.35 4.10 4.36Depreciation/Amort A$M -42 -38 -50 -41 -53 Head grade g/t 2.2 1.8 1.6 1.5 1.3EBIT A$M 23 68 75 45 -7Net Interest A$M 1 2 Gold (koz) 124 206 212 183 171Pre-Tax Profit A$M 25 71 75 45 -7 AISC A$/oz 1,205 1,107 1,079 1,119 1,243Tax Expense A$M -7 -24 -14NPAT A$M 17 71 51 31 -7 Costs Jun 17 Jun 18 Jun 19 Jun 20 Jun 21Abnormal Items A$M Cost per milled tonne $A/t 65 57 51 48 47Reported Profit A$M 17 71 51 31 -7 Total cash costs incl. royalty $A/oz 1047 1080 1066 1104 1227
+ depreciation & amortisation $A/oz 1385 1265 1301 1326 1534
Balance Sheet Unit Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 All in sustaining costs (AISC) A$/oz 1205 1107 1079 1119 1243
Cash A$M 79 101 158 174 206 Price Assumptions Unit Jun 17 Jun 18 Jun 19 Jun 20 Jun 21Other Current Assets A$M 34 50 50 50 50 AUDUSD 0.75 0.79 0.76 0.76 0.77Total Current Assets A$M 113 151 208 224 256 Gold US$/oz 1239 1285 1325 1275 1250Property, Plant & Equip. A$M 91 141 161 167 114 Gold A$/oz 1643 1635 1738 1671 1619Investments/expln A$M 19 19 19 19 19Deferred tax assets A$M 31 31 31 31 31 Hedging Unit Jun 17 Jun 18 Jun 19 Jun 20Tot Non-Curr. Assets A$M 141 160 180 186 133 Hedged sales kozs 60 62 70 42Total Assets A$M 254 311 388 410 389 Hedged price A$/oz 1636 1723 1673 1673Short Term Borrowings A$M Hedge gain(loss) A$/M 0 5 -5 -1Other A$M 25 35 35 35 35 Hedged % 48% 30% 33% 23%Total Curr. Liabilities A$M 25 35 35 35 35Long Term Borrowings A$M Sensitivity AnalysisOther A$M 40 60 60 60 60 Valuation FY19 NPATTotal Non-Curr. Liabil. A$M 40 60 60 60 60 Base Case 0.52 50.9Total Liabilities A$M 65 95 95 95 95 Sens -10% +10% Sens -10% +10%Net Assets A$M 188 216 293 315 294 US Gold price +/-10% 36% 0.33 0.70 45% 28.0 73.8
AUDUSD +/- 10% -37% 0.71 0.32 -41% 71.7 30.0
Cashflow Unit Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Production +/-10% 25% 0.39 0.64 36% 32.6 69.2Operating Costs +/-10% 31% 0.36 0.67 29% 36.1 65.6
Operating Cashflow A$M 66 107 129 86 45Income Tax Paid A$M -3 -24 -14 Unpaid CapitalR&D grant A$M Expiry year No. (M) $M Avg ex. % ordInterest & Other A$M 1 2 30-Jun-18 2 0.4 0.30 0.3%Operating Activities A$M 67 109 126 62 31 30-Jun-19 2 0.3 0.15 0.4%
30-Jun-20 2 0.3 0.20 0.3%Property, Plant & Equip. A$M -39 -33 -70 -46 Total 5 1.0 0.21 0.9%Exploration A$M -15 -16Asset sales/acqn A$M -38 Reserves & Resources Mt g/t Au Koz Mkt cap/ozInvestments A$M TOTAL RESOURCE 52.1 2.3 3,833 16Investment Activities A$M -54 -87 -70 -46 Mt Magnet/Vivien June 2017 36.4 2.2 2,571
Edna May Dec. 2016 15.7 2.5 1,262 Borrowings A$MEquity A$M 23 0 0 0 INCLUDES TOTAL RESERVE 14.8 1.8 870 260Financing Activities A$M 23 0 0 0 Mt Magnet open pit, stockpile. June 17 6.0 1.6 306
Mt Magnet, Vivien underground. June 17 0.6 7.1 138 Net Cash Change A$M 36 22 56 16 31 Edna May open pit, stockpile. Dec 16 6.9 1.0 223
Edna May underground. Dec 16 1.3 4.7 202
Shares Unit Jun 17 Jun 18 Jun 19 Jun 20 Jun 21Ordinary Shares - End M 527 528 530 532 532 Hartleys model June '17 Mt g/t Au Koz Mkt cap/ozDiluted Shares - Weighted M 538 538 538 538 538 TOTAL INVENTORY 28.9 1.5 1353 46
Mt Magnet open pit 8.9 1.4 406
Ratio Analysis Unit Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Mt Magnet & Vivien underground 1.0 7.8 248
Edna May open pit 19.1 1.1 699GCFPS A¢ 12.5 20.2 24.5 16.4 8.6 Edna May undergroundCFR X 3.4 2.1 1.8 2.6 5.0EPS A¢ 3.3 13.4 9.7 5.9 -1.4 Share Price Valuation (NAV) Risked Est. A$MEst. A$/sharePER X 13.1 3.2 4.4 7.3 100% Mt Magnet after tax 7% DR 124 0.24DPS % na na na na na 100% Edna May after tax 7% DR 95 0.18Yield % na na na na na Exploration 44 0.08Interest Cover x na na - - - Corporate overheads -49 -0.09ROCE % 17% 43% 41% 24% -6% Net cash (debt) 62 0.12ROE % 13% 33% 25% 14% -3% Tax benefit 6 0.01Gearing % - - - - - Hedging -5 -0.01*All values fully diluted unless otherwise stated Option/equity dilution -5 -0.01Sources: IRESS, Company reports, Hartleys Research Total 271 0.52
Hartleys Limited Ramelius Resources Ltd (RMS) 24 January 2018
Page 3 of 9
MT MAGNET AND EDNA MAY Gold production from Mt Magnet and Vivien was 36.5kozs in the December 2017
quarter; the best return since the September quarter of 2016 (Figure 2). The start of
stoping at Water Tank Hill underground mine was a major factor. Ramelius’ first
quarter in charge of Edna May yielded 21.4kozs, which equalled the mine’s previous
quarter under Evolution control, and confirmed the expected trend of head grades
above 1 g/t.
The Company’s cash and gold balance at the end of December 2017 was $62M,
implying operating cash flows of $20-25M per quarter in the December 2017 half.
About $35M in development capital+exploration spending and the $40M payment for
Edna May, meant cash went down in the half, but the current June 2018 half should
tell a different story. With all mines in production phase, development capital spending
is done for the time being (Figure 4), with the possible exception of Shannon’s
development should Ramelius decide to bring it on early or cut back the Shannon pit
to enable access. The Company’s Edna May mine plan has production rising to
26kozs in the June 2018 quarter (Figure 3). Also, Ramelius will deliver into higher
priced gold hedges in this half, adding about $6M to revenue (Figure 5). Hartleys’
projections show cash and bullion exceeding $100M (20cps) by June 2018.
A stellar FY2018 for Ramelius’ should also be borne out by net profit results for the
period. On current projections Hartleys forecasts FY2018 EBIT of $68M.
FY2019 could be just as productive for Ramelius (Figure 1). Vivien, Water Tank Hill
and the Mt Magnet pits will all be in full swing, while Edna May continues in the low
strip ratio phase of the Stage 2 pit design, stockpiling excess ore. A low unit cost mine
will probably be developed at Shannon. The big decision for Ramelius is whether to
cut back the Edna May Stage 3 pit – a potential $100M investment that will need to
start early in FY2019. A go-ahead would forestall net cash flows, but also add up to
500kozs and 7 years to reserves and mine life respectively. Ramelius’ first drill results
from the Edna May Stage 3 extensions are expected to be announced by the end of
January 2018.
Ramelius produced
58kozs in the
December 2017
quarter .
Hartleys Limited Ramelius Resources Ltd (RMS) 24 January 2018
Page 4 of 9
Fig. 1: Hartleys’ forecast Ramelius production.
Source: Hartleys Research
Production Summary Unit Jun 17 Jun 18 Jun 19 Jun 20 Jun 21
Mt Magnet
Underground ore mined Mt 0.20 0.31 0.33 0.18 0.04
UG ore grade g/tAu 7.40 7.84 6.98 7.09 7.09
Open pit ore mined Mt 1.27 1.37 1.52 1.52 1.92
Open pit ore grade g/tAu 1.55 1.47 1.40 1.38 1.38
Mill Throughput Mt 1.89 1.82 1.85 1.70 1.96
Head grade g/t 2.20 2.56 2.39 1.97 1.49
Combined Recovery & Payability % 0.93 0.92 0.92 0.92 0.92
Gold (koz) 124 139 131 99 87
AISC (A$/oz) 1205 1091 1160 1091 1323
Edna May
Underground ore mined Mt
UG ore grade g/tAu
Open pit ore mined Mt 3.30 2.20 2.40 2.40
Open pit ore grade g/tAu 1.04 1.16 1.16 1.16
Mill Throughput Mt 1.95 2.50 2.40 2.40
Head grade g/t 1.15 1.08 1.16 1.16
Combined Recovery & Payability % 0.94 0.94 0.94 0.94
Gold (koz) 68 81 84 84
AISC (A$/oz) 1142 947 1153 1161
Total
Underground ore mined Mt 0.20 0.31 0.33 0.18 0.04
UG ore grade g/tAu 7.40 7.84 6.98 7.09 7.09
Open pit ore mined Mt 1.27 4.67 3.72 3.92 4.32
Open pit ore grade g/tAu 1.55 1.16 1.26 1.25 1.26
Mill Throughput Mt 1.89 3.77 4.35 4.10 4.36
Head grade g/t 2.20 1.83 1.64 1.50 1.31
Gold (koz) 124 206 212 183 171
AISC (A$/oz) 1205 1107 1079 1119 1243
Hartleys Limited Ramelius Resources Ltd (RMS) 24 January 2018
Page 5 of 9
Fig. 2: Mt Magnet quarterly milled tonnes and head grade. Actual
head grade for December 2017 quarter overlain.
Source: Ramelius, Hartleys Research
Fig. 3: Ramelius quarterly production and cost guidance (October
2017). Actual December 2017 production overlain.
Source: Ramelius, Hartleys Research
Hartleys Limited Ramelius Resources Ltd (RMS) 24 January 2018
Page 6 of 9
Fig. 4: Ramelius quarterly capital expenditure guidance (October
2017).
Source: Ramelius, Hartleys Research
Fig. 5: Ramelius hedging scheduled deliveries (October 2017).
Source: Ramelius, Hartleys Research
PEER COMPARISON Ramelius share price (43cps) reflects A$43/resource oz, one of the lowest among
developed Australia gold miners (Figure 6). Edna May and Mt Magnet reserves also
carry less market value than their peers. Apportioned market values are 0.46 and 0.40
times reserve ounces x estimated margin above AISC, for Mt Magnet and Edna May
respectively. The sector average is 0.90x (Figure 7).
Hartleys Limited Ramelius Resources Ltd (RMS) 24 January 2018
Page 7 of 9
Fig. 6: Australian gold sector EV/resource ozs. January 2018.
Source: IRESS, Hartleys Research
Fig. 7: Australian gold projects market value/(reserves*margin).
January 2018.
Source: IRESS, Hartleys Research
VALUATION The accompanying Ramelius model takes into account publicly available information
including Ramelius’ projected group production profile and production guidance given
periodically. Costs are estimated according to information supplied by Ramelius and
reconciliation against past accounts.
At Vivien, Hartleys’ modelled inventory is 40,000 ounces higher than Ramelius’ June
2017 reserve of 103,000 ounces, on the presumption that progressive mine
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Hartleys Limited Ramelius Resources Ltd (RMS) 24 January 2018
Page 8 of 9
development and drilling will add incremental reserves as access allows. Additional
exploration, development and mining costs are taken into account.
The pit inventory at Mt Magnet is modelled here at 7.6Mt at 1.4 g/t (340kozs) compared
to 5.4Mt at 1.7g/t (290kozs) in reserve at the end of June 2017, accounting for
additional low grade ore mined in planned pits, in line with recent practice. Waste:ore
is modelled at a constant 8:1 over the forward mine plan. The modelled Mt Magnet
underground inventory of 60kozs is 26kozs more than Water Tank Hill’s June 2017
reserves of 167kt at 6.5 g/t (34kozs) at Water Tank Hill, again accounting for
progressive reserve definition. The underground mining potential at Shannon is
included as exploration potential only.
Edna May is modelled assuming completion of the Stage 2 pit as per Evolution’s
December 2016 reserves schedule, and an additional 470kozs extracted from a stage
3 pit, assuming $A95M cutback costs and 2.3:1 waste:ore after the cutback. Royalty
payments of A$100/oz on all production between 200kozs and 700kozs are included
in costs.
PRICE TARGET The price target is based on a discounted cash flow valuation of the Mt Magnet and
Vivien operations, an informal estimate of exploration assets value and nominal
assessment of Ramelius’ other assets and liabilities. Hedging arrangements are
valued separately from the mining assets. A real, after tax discount rate of 7% is used
in net present value estimations. Hartleys base case commodity and currency
forecasts, set out in the summary table, are used to estimate the base case NAV. For
Ramelius the 12 month share price target is based on the base case NAV.
RISKS
Fig. 8: Key assumptions and risks for valuation Assumption Risk of not realising
assumption Risk to valuation if
assumption is incorrect
Comment
Gold price, currency High Industry ave. - high Ramelius’ forward looking AISC production cost of about A$1100/oz is close to the
Australian industry average, and hedging (30% of 3 yrs) is modest.
Exploration, re-investment Medium High Ramelius may invest most of its cash and
future free cash flows in exploration and/or other mineral asset acquisitions. Valuation
assumes that future exploration and investments achieve acceptable returns.
Edna May Stage 3 pit returns are positive
Medium Low Edna May Stage 3 is a substantial potential investment for RMS. Our model assumes marginal returns pending further Company
reserve and cost estimates.
Exploration asset value Medium Medium Subjective value is attributed to exploration assets at Mt Magnet and Edna May.
Costs Medium High Publicly available information has been used
in forecasting operating and capital costs. Some cost assumptions are based on
incomplete information or informal estimates.
Conclusion Ramelius faces industry average risks with respect to gold price and currency. Major recommendation risks relate to future re-investment and exploration returns.
Source: Hartleys Research
Page 9 of 9
HARTLEYS CORPORATE DIRECTORY Research Trent Barnett Head of Research +61 8 9268 3052
Mike Millikan Resources Analyst +61 8 9268 2805
John Macdonald Resources Analyst +61 8 9268 3020
Paul Howard Resources Analyst +61 8 9268 3045
Aiden Bradley Research Analyst +61 8 9268 2876
Oliver Stevens Research Analyst +61 8 9268 2879
Michael Scantlebury Junior Analyst +61 8 9268 2837
Janine Bell Research Assistant +61 8 9268 2831
Corporate Finance Dale Bryan Director & Head of
Corp Fin.
+61 8 9268 2829
Richard Simpson Director +61 8 9268 2824
Ben Crossing Director +61 8 9268 3047
Ben Wale Associate Director +61 8 9268 3055
Stephen Kite Associate Director +61 8 9268 3050
Scott Weir Associate Director +61 8 9268 2821
Scott Stephens Associate Director +61 8 9268 2819
Rhys Simpson Manager +61 8 9268 2851
Registered Office
Level 6, 141 St Georges TcePostal Address:
PerthWA 6000 GPO Box 2777
Australia Perth WA 6001
PH:+61 8 9268 2888 FX: +61 8 9268 2800
www.hartleys.com.au [email protected]
Note: personal email addresses of company employees are
structured in the following
manner:[email protected]
Hartleys Recommendation Categories
Buy Share price appreciation anticipated.
Accumulate Share price appreciation anticipated but the risk/reward is
not as attractive as a “Buy”. Alternatively, for the share
price to rise it may be contingent on the outcome of an
uncertain or distant event. Analyst will often indicate a
price level at which it may become a “Buy”.
Neutral Take no action. Upside & downside risk/reward is evenly
balanced.
Reduce /
Take profits
It is anticipated to be unlikely that there will be gains over
the investment time horizon but there is a possibility of
some price weakness over that period.
Sell Significant price depreciation anticipated.
No Rating No recommendation.
Speculative
Buy
Share price could be volatile. While it is anticipated that,
on a risk/reward basis, an investment is attractive, there
is at least one identifiable risk that has a meaningful
possibility of occurring, which, if it did occur, could lead to
significant share price reduction. Consequently, the
investment is considered high risk.
Institutional Sales Carrick Ryan +61 8 9268 2864
Justin Stewart +61 8 9268 3062
Simon van den Berg +61 8 9268 2867
Chris Chong +61 8 9268 2817
Digby Gilmour +61 8 9268 2814
Veronika Tkacova +61 8 9268 3053
Wealth Management Nicola Bond +61 8 9268 2840
Bradley Booth +61 8 9268 2873
Adrian Brant +61 8 9268 3065
Nathan Bray +61 8 9268 2874
Sven Burrell +61 8 9268 2847
Simon Casey +61 8 9268 2875
Tony Chien +61 8 9268 2850
Tim Cottee +61 8 9268 3064
David Cross +61 8 9268 2860
Nicholas Draper +61 8 9268 2883
John Featherby +61 8 9268 2811
Ben Fleay +61 8 9268 2844
James Gatti +61 8 9268 3025
John Goodlad +61 8 9268 2890
Andrew Gribble +61 8 9268 2842
David Hainsworth +61 8 9268 3040
Murray Jacob +61 8 9268 2892
Gavin Lehmann +61 8 9268 2895
Shane Lehmann +61 8 9268 2897
Steven Loxley +61 8 9268 2857
Andrew Macnaughtan +61 8 9268 2898
Scott Metcalf +61 8 9268 2807
David Michael +61 8 9268 2835
Jamie Moullin +61 8 9268 2856
Chris Munro +61 8 9268 2858
Michael Munro +61 8 9268 2820
Ian Parker +61 8 9268 2810
Matthew Parker +61 8 9268 2826
Charlie Ransom
(CEO)
+61 8 9268 2868
Mark Sandford +61 8 9268 3066
David Smyth +61 8 9268 2839
Greg Soudure +61 8 9268 2834
Sonya Soudure +61 8 9268 2865
Dirk Vanderstruyf +61 8 9268 2855
Samuel Williams +61 8 9268 3041
Jayme Walsh +61 8 9268 2828
Disclaimer/Disclosure
The author of this publication, Hartleys Limited ABN 33 104 195 057 (“Hartleys”), its Directors and their Associates from time to time may hold
shares in the security/securities mentioned in this Research document and therefore may benefit from any increase in the price of those securities.
Hartleys and its Advisers may earn brokerage, fees, commissions, other benefits or advantages as a result of a transaction arising from any advice
mentioned in publications to clients.
This report was prepared solely by Hartleys Limited. ASX did not prepare any part of the report and has not contributed in any way to its content.
The role of ASX in relation to the preparation of the research reports is limited to funding their preparation, by Hartleys Limited, in accordance with
the ASX Equity Research Scheme. ASX does not provide financial product advice. The views expressed in this research report may not
necessarily reflect the views of ASX. To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is
made and no responsibility or liability is accepted by ASX as to the adequacy, accuracy, completeness or reasonableness of the research reports.
Any financial product advice contained in this document is unsolicited general information only. Do not act on this advice without first consulting
your investment adviser to determine whether the advice is appropriate for your investment objectives, financial situation and particular needs.
Hartleys believes that any information or advice (including any financial product advice) contained in this document is accurate when issued.
Hartleys however, does not warrant its accuracy or reliability. Hartleys, its officers, agents and employees exclude all liability whatsoever, in
negligence or otherwise, for any loss or damage relating to this document to the full extent permitted by law.