BCI Minerals

AU: BCI

AU$59.6m market cap

AU$0.15 last close

BCI Minerals has two major assets in Western Australia, including a 100% interest in the Mardie salt and potash project and a royalty-type interest in the Iron Valley iron ore mine operated by Mineral Resources. It also has exploration tenements in iron ore and other minerals.

Investment summary

BCI Minerals (BCI) has two major assets in Western Australia, namely its 100%-owned Mardie salt and potash project and a royalty interest in a producing iron ore mine (Iron Valley). Positive cash flow from the latter, in conjunction with c A$37m in cash, is being deployed to develop the former. Notwithstanding tough conditions in the iron ore market, our base case valuation of BCI is more than double its share price.

Y/E Jun
Revenue (A$m)
EBITDA (A$m)
PBT (A$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 64.3 9.1 6.0 1.9 7.9 4.0
2018A 33.0 (14.4) (16.9) (4.3) N/A N/A
2019E 52.5 (2.9) (5.6) (1.4) N/A N/A
2020E 57.6 (1.1) (3.6) (0.5) N/A N/A
Last updated on 20/02/2019
Share price graph
Balance sheet
Forecast net cash (A$m) 27.8
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 11.1 11.1 (3.2)
Relative* 6.9 3.6 (5.3)
52-week high/low A$0.2/A$0.1
*% relative to local index
Key management
Simon Hodge CFO
Alwyn Vorster Managing Director