Saracen Mineral Holdings Limited – Mounting Pressure despite Robust FY 18 Result

Mounting Pressure despite Robust FY 18 Result

Strong FY 18 Performance: Saracen Mineral Holdings Limited’s (ASX: SAR) stock fell 1.2% on August 22, 2018 despite the company delivering robust net profit growth of 166% to A$75.6m for FY 18. The company in 2018 has posted 75% rise in EBITDA to A$198.7m and 21% growth in revenue to A$511.0m. During FY 18, the company’s gold production increased 16% to a record 316,453 ounces, while all-in sustaining costs fell to A$1,139/oz from A$1,348/oz in FY17.

In other words, drop in AISC and higher sales supported the result significantly. While the gold prices  in the previous period have boosted the performance, the recent scenario is little bleak and has been impacting the stock lately.

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At June 30, SAR held cash and equivalents of $118.3 million, up from A$45.2 million a year earlier, and has no debt. Meanwhile, SAR stock has fallen 6.04% in three months as on August 21, 2018  and is trading at a P/E of 26.53x.

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FY 18 Financial Performance (Source: Company Reports)

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