Paul Hissey of RBC Capital Markets outlines the landscape down under, highlighting the importance of optionality when looking at Australian mining companies.
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RBC Capital Markets Disclosure:
A member company of RBC Capital Markets or one of its affiliates expects to receive or intends to seek compensation for investment banking services from Dacian Gold Ltd. in the next three months.
RBC Capital Markets is currently providing Dacian Gold Ltd. with investment banking services.
No disclosures found for Evolution Mining Limited.
No disclosures found for Gold Road Resources Limited.
A member company of RBC Capital Markets or one of its affiliates received compensation for products or services other than investment banking services from Northern Star Resources Limited during the past 12 months. During this time, a member company of RBC Capital Markets or one of its affiliates provided non-securities services to Northern Star Resources Limited.
RBC Capital Markets is currently providing Northern Star Resources Limited with non-securities services.
No disclosures found for OceanaGold Corporation.
No disclosures found for Ramelius Resources Limited.
No disclosures found for Regis Resources Limited.
No disclosures found for Resolute Mining Limited.
No disclosures found for Saracen Mineral Holdings Limited.
A member company of RBC Capital Markets or one of its affiliates received compensation for products or services other than investment banking services from Silver Lake Resources Limited during the past 12 months. During this time, a member company of RBC Capital Markets or one of its affiliates provided non-securities services to Silver Lake Resources Limited.
RBC Capital Markets is currently providing Silver Lake Resources Limited with non-securities services.
For a list of all recommendations on the company that were disseminated during the prior 12-month period, please click on the following link: https://rbcnew.bluematrix.com/sellside/MAR.action
Explanation of RBC Capital Markets Equity rating system
An analyst’s ‘sector’ is the universe of companies for which the analyst provides research coverage. Accordingly, the rating assigned to a particular stock represents solely the analyst’s view of how that stock will perform over the next 12 months relative to the analyst’s sector average. Although RBC Capital Market’s ratings of Top Pick (TP)/Outperform (O), Sector Perform (SP), and Underperform (U) most closely correspond to Buy, Hold/Neutral and Sell, respectively, the meanings are not the same because our ratings are determined on a relative basis.
Ratings Top Pick (TP): Represents analyst’s best idea in the sector; expected to provide significant absolute total return over 12 months with a favorable risk-reward ratio.
Outperform (O): Expected to materially outperform sector average over 12 months.
Sector Perform (SP): Returns expected to be in line with sector average over 12 months.
Underperform (U): Returns expected to be materially below sector average over 12 months.
As of March 31, 2013, RBC Capital Markets suspends its Average and Above Average risk ratings. The Speculative risk rating reflects a security’s lower level of financial or operating predictability, illiquid share trading volumes, high balance sheet leverage, or limited operating history that result in a higher expectation of financial and/or stock price volatility
Equity valuation and risks
For valuation methods used to determine, and risks that may impede achievement of, price targets for covered companies, please see the most recent company-specific research report at https://www.rbcinsight.com or send a request to RBC Capital Markets Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7.