Tuesday 30 August 2016 by FIIG Research Company updates

Company updates — Ausdrill, CML, Dicker Data, Kinross, PMP, Sunland and Qantas

Company reporting galore as Ausdrill exceeds cashflow expectations, CML and Dicker Data both post solid results, Kinross 2041 bond added to our DirectBond list, PMP reports it is in a near debt free position, Sunland bonds offering good value on the back of its results and Qantas FY16 profits up 57% from the previous year

Ausdrill

Ausdrill blasts FY16 cashflow expectations out of the water with $100m generated.

More information is available here.External link - opens in a new window

CML

CML posted solid results and reaffirmed FY17 EBITDA guidance of over $10m – a 100% increase from FY16.

More information is available here.External link - opens in a new window

Dicker Data

Dicker Data has again delivered strong results, with its significant free cashflow generation reducing debt – leading to improved interest coverage and reduced leverage.

More information is available here.External link - opens in a new window

Kinross Gold Corporation USD 6.875% 1 September 2041 Senior Unsecured DirectBond

Kinross Gold Corporation (‘Kinross’) is the fifth largest gold producer in the world based on 2015 production volumes. Its market capitalisation was approximately US$5.9bn as at 23 August 2016. Based in Toronto, Ontario, Kinross was formed in 1993 from three predecessor mining companies, and now owns or has a joint venture interests in nine operating mines in Brazil, Chile, Russia, Mauritania, Ghana and the United States. Kinross has approximately 34.0 million ounces of gold, 41.0 million ounces of silver and 1.4 billion pounds of copper in proven and probable mineral reserves based on its 2015 Mineral Reserve and Mineral Resource Statement. 

On 24 August 2016, the Kinross USD fixed rate bond was added to FIIG’s DirectBond list. The bond is US dollar denominated maturing in 2041, paying a coupon of 6.875%. The bond is available to wholesale investors only, with minimum investments of USD10,000 and denominations of USD1,000 thereafter.

For more information please see the Kinross Gold 2041 bond factsheet.External link - opens in a new window For other Kinross bonds, please see the 2021 factsheetExternal link - opens in a new window and 2024 factsheet.External link - opens in a new window

**Note: Prices are indicative only and accurate as of 16 August 2016. Please contact your FIIG dealer for more information on the TransAlta DirectBonds.

PMP

FY16 was challenging for PMP, however its solid free cashflow has led to a near debt free position and provided fair value on its September 2019 bonds currently trading at a yield to worst* of 6.00%.

More information is available here.External link - opens in a new window

Sunland

Sunland’s FY16 results have beaten guidance and interest coverage remains strong, with its bonds offering good value at a yield to worst* of 6.88%.

More information is available here.External link - opens in a new window

Qantas

Qantas has delivered its FY16 results, with a record underlying profit before tax of $1.53bn, up 57% on the previous year.

More information is available here.External link - opens in a new window

*Note: Pricing accurate as of 30 August 2016 but subject to change.

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