In today’s briefing:
- AMP – Strong Numbers Released,, Returning Capital, Paying Down Debt, Deposit Funded, Mortgage Bank
- Alkane Resources – Expanding its resources
AMP – Strong Numbers Released,, Returning Capital, Paying Down Debt, Deposit Funded, Mortgage Bank
- AMP released 1H23 numbers with 24-26% underlying NPAT growth in 2 key divisions
- AUD610m of returned capital in past 12 months will see AUD140m added by October
- AMP Bank is unlike peers, which is deposit-funded, small, focused on mortgages
Alkane Resources – Expanding its resources
Tomingley delivered Q423 gold production of 15,822oz, meeting its quarterly forecasts at an AISC of A$2,174/oz. These results concluded a strong year, with full year production of 70,253oz at an AISC of A$1,602/oz beating original FY23 guidance of 55,000–60,000oz production (at an AISC of A$1,650–1,900/oz), and meeting April 2023 production guidance of 65,000–73,000oz (at an AISC of A$1,550–1,750/oz). Full year gold sales totalled 70,498oz, generating revenue of A$190.5m at an average price of A$2,703/oz. FY24 guidance has been set for Tomingley at 60,000–65,000oz production at an AISC of A$1,750–2,100/oz as Alkane anticipates increased costs in wages, and electricity, fuel and reagent prices. Following Alkane’s updates since our last note in April, we have increased our FY23 EPS estimate by 26.8% to 7.38c (cf 5.82c previously).
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