Stock Name: Sapphire Corp
Company Name: SAPPHIRE CORPORATION LIMITED
SIAS Research in a Nov 22 research report says: "Sapphire is currently trading at just 0.41x its common equity per share of 33 cents - more than fully discounting the book value (and upside potential) of its unlisted investments.
"Sapphire's 70% owned core vanadium and steel operations turned in an estimated net profit of >$4.0 million at the subsidiary level in 3Q FY2011. From 2012, more profit will accrue to Sapphire as it raises its stake in core subsidiary (Special Steel) from 70% to 100%.
"Growth for 2013 is being put in place with plans to introduce new products, e.g. silicon steel at the end of 2012, being ironed out at the moment. Sapphire's cash flow remains robust with $6.1 million and $22.2 million of operating cash flow before working capital changes for 3Q 2011 and 9M 2011 respectively. Intrinsic value of 60 cents. MAINTAIN INCREASE EXPOSURE."
Company Name: SAPPHIRE CORPORATION LIMITED
| Research House: SIAS | Price Call: BUY | Target Price: 0.60 |
SIAS Research in a Nov 22 research report says: "Sapphire is currently trading at just 0.41x its common equity per share of 33 cents - more than fully discounting the book value (and upside potential) of its unlisted investments.
"Sapphire's 70% owned core vanadium and steel operations turned in an estimated net profit of >$4.0 million at the subsidiary level in 3Q FY2011. From 2012, more profit will accrue to Sapphire as it raises its stake in core subsidiary (Special Steel) from 70% to 100%.
"Growth for 2013 is being put in place with plans to introduce new products, e.g. silicon steel at the end of 2012, being ironed out at the moment. Sapphire's cash flow remains robust with $6.1 million and $22.2 million of operating cash flow before working capital changes for 3Q 2011 and 9M 2011 respectively. Intrinsic value of 60 cents. MAINTAIN INCREASE EXPOSURE."
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