Wentworth Resources is on the brink of first gas delivery in 3Q15 and has now raised US$7.6 mm in a private placement, which provides the Company with sufficient working capital beyond its projected receipt of first cash flow in 4Q15. Despite the dilution from the raise causing a reduction in our target price to £0.60, in line with our new RENAV, this is still almost double the current share price with a 2016 EV/DACF multiple of 1.8x. The new government pipeline is also now complete leading to o ....

01 Jul 2015
Right Placement, Right Time

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Right Placement, Right Time
Wentworth Resources PLC (WEN:LON) | 30.5 1.8 24.5% | Mkt Cap: 54.6m
- Published:
01 Jul 2015 -
Author:
Stephane Foucaud -
Pages:
4 -
Wentworth Resources is on the brink of first gas delivery in 3Q15 and has now raised US$7.6 mm in a private placement, which provides the Company with sufficient working capital beyond its projected receipt of first cash flow in 4Q15. Despite the dilution from the raise causing a reduction in our target price to £0.60, in line with our new RENAV, this is still almost double the current share price with a 2016 EV/DACF multiple of 1.8x. The new government pipeline is also now complete leading to o ....