In today’s briefing:
- Golden Energy (GER SP): Annual Report Data Points Further Underscore a Low-Balled Offer
- Old Dominion Freight Line Inc.: Initiation of Coverage – Business Strategy & Key Drivers
Golden Energy (GER SP): Annual Report Data Points Further Underscore a Low-Balled Offer
- Golden Energy & Resources (GER SP)’s valuation is dependent on three key assets – Golden Energy Mines (GEMS IJ), Stanmore Coal (SMR AU) and Ravenswood. GEMS/SMR have observable values.
- The valuation of GEAR’s 50% stake in Ravenswood gets little publicity largely as it is unlisted. However, the annual report provides data points to value this key gold asset.
- Based on peer EV/Resource and EV/Reserve multiples, Ravenswood 50% stake is worth S$200-465 million. Using the midpoint valuation, the SoTP valuation is S$1.40 (39% upside to the last close).
Old Dominion Freight Line Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on a major LTL shipping company, Old Dominion Freight Line.
- As a result, the company delivered double-digit growth in earnings per diluted share in the fourth quarter.
- Besides that, the productive labor expenses as a percentage of revenue decreased by 170 basis points within their direct operating costs, while their purchase transportation costs decreased by 200 basis points.
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