Original-Research: Almonty Industries Inc. (von Sphene Capital GmbH): Buy

Original-Research: Almonty Industries Inc. - from Sphene Capital GmbH

Classification of Sphene Capital GmbH to Almonty Industries Inc.

Company Name: Almonty Industries Inc.
ISIN: CA0203981034

Reason for the research: Update Report
Recommendation: Buy
from: 06.06.2024
Target price: CAD 2,13 (bisher CAD 1,59) Target price on sight of: 36 Monate
Last rating change: -
Analyst: Peter Thilo Hasler, CEFA

Defence spendings drive tungsten demand  
As geopolitical tensions continue to rise, the demand for advanced defence technologies is likely to increase, driving the demand for tungsten armour which is less regulated than depleted uranium and also considered “exportable” by the US government. With the world’s longest producing mine (Panasqueira) and the world’s largest tungsten deposit (Sangdong) under construction, Almonty is – in our view – very close to becoming the most important global supplier of conflict-free tungsten material. We continue to value the shares of Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s current and future producing assets (Sangdong, Panasqueira, and Los Santos,) to which we have added the discounted value of the development project (Valtreixal). We calculate a target price of CAD 2.13 per share. With an expected share price performance of 222.7%, we confirm our Buy rating for the shares of Almonty Industries.

You can download the research here:
http://www.more-ir.de/d/30001.pdf

Contact for questions
Peter Thilo Hasler, CEFA
+49 (152) 31764553
peter-thilo.hasler@sphene-capital.de

-------------------transmitted by EQS Group AG.-------------------

The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.