Elanix Biotechnologies AG getting confirmation of Outperform Recommendation by goetzpartners securities

  • Outperform statement following webcast presentations to investors on 7 August, 2018
  • Statement is based on commercial roll-out plans presented by Elanix Management
  • Share price target indicated by goetzpartners remains at EUR 6.40

Elanix Biotechnologies AG ("Elanix") has announced today that goetzpartners securities has confirmed their outperform recommendation for Elanix with a target share price of EUR 6.40. The outperform statement is following the webcast presentations for investors hosted by the Elanix management.

Quotes taken from the Flash Note by goetzpartners securities published on 8 August: «We remain enthusiastic about the commercial outlook of Elanix’s Advanced Skin Care ("ASC") and Advanced Wound Care ("AWC") assets, based on their differentiated profiles, large target markets and unmet medical needs. Hence, we maintain and reiterate both our OUTPERFORM recommendation and target price of EUR 6.40 per share».

The outperform recommendation is based on the commercial roll-out of GYNrepair® and the market launch of SKINrepair® in October 2018 with increased sales activities, with the targeted approach to 50 large pharmacies and drugstores key accounts in Germany, France, Switzerland, UK, Italy and Spain, with signed distribution agreements in Benelux, Switzerland and Russia and with approaching distribution partners in the US and Japan.

In addition, Elanix Management has announced plans to launch two additional ASC products in each 2019 and 2020, bringing the total of six ASC products by 2020. Revenues from additional ASC assets, which include gels, masks and creams, will be used to co-finance the further investments into the industrialization and market authorization of AWC portfolio. Financial outlook is anticipating break-even in 2020 and revenues of 33.5 MEUR in 2022.

New COO & CFO Egon Minar is bringing a wealth of commercial expertise to Elanix. With the successful completion of the ongoing capital increase Elanix intends to appoint a finance director who would take over the CFO role in due course to allow Egon Minar to fully focus on operational and commercial activities as well as investor relations.

Press contact:

Elanix Biotechnologies

Tomas Svoboda, CEO

Tel: +41 (0)22 363 66 40

investor.relations@elanix-bt.com

Disclaimer
 

This publication may not be published, distributed or transmitted, directly or indirectly, in the United States of America (including its territories and possessions), Canada, Japan or Australia or any other jurisdiction where such an announcement could be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This publication does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of Elanix Biotechnologies AG in the United States of America, Germany or any other juris-diction. In connection with this transaction there will be no publication of a securities prospectus.

Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. The securities referred to herein may not be offered or sold in the United States of America in the absence of registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities of Elanix Biotechnologies AG have not been, and will not be, registered under the Securities Act.

This announcement does not constitute a recommendation concerning the placement of securities described in this announcement. Investors should consult a professional advisor as to the suitability of the Placement for the person concerned.

In the United Kingdom, this document is only directed at persons who (i)are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.)(all such persons together being referred to as "Relevant Persons"). This document must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

In member states of the European Economic Area which have implemented the Prospectus Directive (each, a "Relevant Member State"), this announcement and any offer, if made subsequently, is directed exclusively at persons who are "qualified investors" within the meaning of the Prospectus Directive. For these purposes, the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the Directive 2010/73/EU), and includes any relevant implementing measure in the Relevant Member State.

No action has been taken that would permit an offering of the securities, a purchase of the securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

This announcement also does not constitute a prospectus within the meaning of the EU Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 as amended ("Prospectus Directive").

Forward-looking statements

This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.

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asknet with high customer demand and double-digit sales growth in the first half of 2018

asknet AG, a subsidiary of the Swiss-listed integrated e-commerce services and marketplaces company The Native SA, recorded high customer demand and a strong performance in the online shops it operates in the first half of 2018. According to preliminary calculations, consolidated 1H 2018 sales revenues rose by 18% compared to the same period of 2017 and amounted to 40.3 million euros.

In the eCommerce Solutions business unit, the large number of new customers gained in the first six months of 2018 contributed to the good performance. In addition, new online shops that had been launched in the second half of 2017 were further ramped up, which led to a significant increase in sales revenues and consequently to rising gross profits. In the Academics business unit asknet AG welcomed further new customers and expanded its geographic footprint, with the most recent new client example being a new framework agreement signed by asknet AG for the distribution of software to state and state-accredited universities and colleges of the German federal state of Saxony. The agreement became effective as of May 2018 for a period of three years and will already noticeably contribute to the results in the second half of 2018.

After a fundamental transformation in the past three years, the company is now moving into a strong growth stage of its business development. To sustain and expand this growth, asknet is investing continuously in new sales resources. In the Academics business unit additional employees were hired in the beginning of 2018 to support the new sales partnership with ANSYS Inc., the global leader in simulation software. As the eCommerce Solutions business unit aims at further internationalizing its operations, new sales resources are being installed in the United States currently. The new operating headquarter of The Native SA in New York City will further contribute to the expansion of asknet’s market position in North America.

Additional investments were aimed at strengthening the technological basis. For example, in May, the eCommerce Solutions business unit launched a new version of its eCommerce suite.

In connection with the new growth path, asknet recently also implemented a new governance structure for its second level of management. This included the establishment of the position of the head of business development and marketing in person of Aston Fallen, reflecting the increased focus on sales and key account management in the asknet group.

The investments in technology, sales and marketing as well as customer support will likely continue in the course of the year.

“We are firmly on the path to transform asknet AG into a fast growing international e-commerce services player and our preliminary 1H 2018 results are the first and clear evidence to that”, commented Sergey Skatershchikov, CEO of asknet AG.

The publication of the final interim consolidated financial statements is scheduled for September 28, 2018.

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How Microsoft is attuning business intelligence to the GDPR with SQL Server

The EU has developed a new privacy / data protection law, the “EU General Data Protection Regulation”. It has been in full force since May 2018 and there is still uncertainty among a lot of companies and their data protection officers as to what is actually required by the new regulations and what kind of impact they will specifically have on their data processing processes. Especially in the big data and business intelligence environment, fundamental conflicts of interest arise and widely spread paradigms regarding data retention and analysis will potentially have to be put into question.

The following article provides an overview regarding the fundamental requirements of the GDPR and the obligations arising for companies and for the data protection officers and outlines a possible approach to comply with these requirements. In addition, the impacts of the regulation are discussed in the business intelligence context and it is shown, based on the example of the Microsoft SQL Server platform, how the requirements of the new EU Directive can be covered by features of modern database management systems.

CONCEPTS AND REQUIREMENTS OF THE GDPR

The EU General Data Protection Regulation (GDPR), which originally came into force in May 2016, has as such become legally fully enforceable since May 2018. Several years passed before the EU Commission, the EU Parliament and the EU Council of Ministers were able to agree in late 2015 to get a comprehensive reform for the strengthening and standardisation of the data protection for all Member States of the EU on its way. A lot of companies already utilised the 2-year transition period intensively and invested significant expenditures to become familiar with the new legal situation and to adjust their data processing processes from an organisational as well as from a technical perspective to the new legal framework conditions. Even though these legal framework conditions quite often were not completely new in comparison to the German Federal Data Protection Act, a completely new motivation for the implementation results due to the increase of the announced fines which can amount to up to 20 million euros or 4 % of annual revenues worldwide.

Read the complete article on novum online, the noventum newsdesk.

from the content:

Concepts and requirements of the GDPR

  • Personal Data
  • Implementation oft he GDPR
  • Documentation obligations oft he GDPR
  • Obligations to inform and disclose
  • Obligations to protect the rights of data subjects
  • Data protection obligations
  • Accountability and notification obligations

Impact of the GDPR on Business Intelligence

Implementation of the GDPR with Microsoft SQL Server

  • Hardening
  • Authentification & Authorisation
  • Dynamic Data Masking
  • Row-Level-Security
  • Transport Layer Security
  • Transparent Data Encryption
  • Always Encrypted
  • Always On
  • SQL Server Audit

Conclusion

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OTRS AG veröffentlicht Geschäftsbericht für 2017: Wachstumsstrategie wirkt – solide Steigerung der Umsätze und positiver Ausblick

  • Umsatzerlöse steigen solide auf TEUR 7.645 (Vorjahr: TEUR 7.254)
  • Das EBITDA beläuft sich auf TEUR 510 (Vorjahr: TEUR 534)
  • Hoher Cash-Flow von TEUR 1.703 sorgt für Flexibilität (Vorjahr: TEUR 981)
  • Ausblick 2018: Wachstum der Gesamtumsatzerlöse auf mehr als EUR 8 Mio.

Die OTRS AG (ISIN DE000A0S9R37) veröffentlicht heute ihren Geschäftsbericht 2017 und die Prognose für das laufende Geschäftsjahr.

Die OTRS AG, der weltweit größte Dienstleister für die Open Source Management Suite OTRS, hat auch im Geschäftsjahr 2017 ihre Ziele unter Berücksichtigung ihrer Strategie erreicht. Die Umsatzerlöse stiegen um 5,4% auf TEUR 7.645 nach TEUR 7.254 im Vorjahr.

Speziell im Bereich der essenziellen wiederkehrenden Erlöse (Recurring Revenues) auf Basis der OTRS Business Solution™ verzeichnete die AG solide Zuwächse. So stieg der Wert um mehr als 13% von TEUR 5.156 auf TEUR 5.830. Gemessen am Gesamtumsatz machen die wiederkehrenden Erlöse nun 76,3% aus (Vorjahr: 71,7%). Im Rahmen der Strategie, die einen planbareren und kontinuierlicheren Erlösstrom vorsieht, befindet sich die OTRS AG voll auf Kurs.

Das Ergebnis vor Zinsen, Steuern und Abschreibungen (EBITDA) belief sich im Geschäftsjahr 2017 auf TEUR 510. Im Vorjahr schlugen TEUR 534 zu Buche. Dabei erreichte die OTRS AG einen operativen Cashflow in Höhe von TEUR 1.703. Im Vorjahr betrug dieser TEUR 981.  

Basierend auf weitreichenden Forschungs- und Entwicklungstätigkeiten an der OTRS Business Solution™ verzeichnete die Unternehmensgruppe solides Wachstum mit in- wie ausländischen Kunden. Insbesondere entwickelten sich die Umsätze im Heimatmarkt erfreulich. Diese erhöhten sich im Berichtsjahr von TEUR 4.689 um TEUR 633 (13,5%) auf TEUR 5.322. Somit erwirtschaftete die OTRS AG 69,6 % ihrer Umsätze in Deutschland. Um Kunden auch weiterhin von den Vorteilen der OTRS Business Solution™ überzeugen zu können, investierte das Unternehmen im vergangenen Geschäftsjahr TEUR 1.399 in Forschungs- und Entwicklungstätigkeiten. Das Ergebnis vor Zinsen und Steuern (EBIT) betrug TEUR 128 gegenüber TEUR 131 im Vorjahr.

„Der positive Geschäftsverlauf im Jahr 2017 beweist, dass wir auf die richtige Strategie setzen. Durch die erfolgreiche Ausweitung der wiederkehrenden Erlöse wird unser Geschäft planbarer und steht auf einem soliden Fundament. Gleichzeitig konzentrieren wir uns noch stärker auf die komplett gemanagte Version und kommen damit dem wachsenden Bedarf nach cloudbasierten Lösungen nach. Nach aktuellen Prognosen[1] wird der Umsatz für Cloud-Lösungen im B2B Bereich stetig ansteigen und im Jahr 2020 bei rund 22,5 Milliarden Euro liegen. Damit sind wir für das laufende Geschäftsjahr hervorragend aufgestellt und freuen uns auf die Chancen und Herausforderungen, die uns das Jahr 2018 bietet“, sagt André Mindermann, Vorstandsvorsitzender der OTRS AG.

Ausblick 2018

Vor dem Hintergrund der voranschreitenden Digitalisierung einer Vielzahl von Produktions- und Geschäftsprozessen wird die OTRS AG die Entwicklung ihrer Softwarelösungen vorantreiben, um von der wachsenden Nachfrage profitieren zu können. Dabei liegt ein besonderer Fokus auf der Internationalisierung der Software und dem weiteren Wandel von projektbezogenen Erlösquellen hin zu stetig wiederkehrenden Umsätzen.

Im laufenden Geschäftsjahr plant der Vorstand insbesondere die Umsatzerlöse der OTRS Business SolutionManaged und Cloud Services weiter auszubauen. Im Einklang mit der Wachstumsstrategie rechnet der Vorstand mit einem Wachstum der Gesamtumsatzerlöse um mehr als EUR 8 Mio.

Detaillierte Angaben sind dem Geschäftsbericht unter https://www.otrs.com/… zu entnehmen.

[1] https://de.statista.com/…

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Cypress Development Announces Impressive 6.5 Mt LCE Resource For Its Clayton Valley Lithium Project

By Bart van Woensel, https://www.criticalinvestor.eu/… 

  1. Introduction

Some juniors can be agonizingly slow on following up to their self-imposed timelines and ability to deliver results, however there are exceptions to the contrary. Cypress Development (TSXV: CYP; OTC: CYDVF; FRA: C1Z1) is proceeding at breathtaking pace, going from their first drill hole at their Dean claystone lithium project in Nevada, US to the very recent announcement of a maiden resource estimate on both Dean and Glory projects in just over a year. Not only this, the company also managed to beat various estimates in the field, according my own, with some margin, as it released a 6.54 Mt lithium carbonate equivalent (LCE) resource estimate. By doing this, Cypress established itself instantly as the holder of a 100% owned world class sized lithium deposit, which is quite something for a junior with a tiny market cap.

The next step will consist out of two parts: developing and completing metallurgical testing for viable recovery methods (also known as met work in the industry), and doing a Preliminary Economic Assessment (PEA) to provide economics. The met work is ongoing and guided by very experienced CEO Bill Willoughby who holds a PhD in engineering and metallurgy, and the PEA is scheduled for the end of August or September. As the resource of Dean/Glory is quite large, the potential for a project with very impressive economics could be realistic. After talking to management and various industry experts, I will provide a hypothetical outlook on this potential, and together with this my view on valuation potential.

All presented tables are my own material, unless stated otherwise.

All pictures are company material, unless stated otherwise.

All currencies are in US Dollars, unless stated otherwise.

[*] Maiden Resource Estimate

Cypress Development released their maiden resource estimate on their fully owned Clayton Valley lithium project on May 1, 2018, and it sure was impressive. The total resource for the Dean and Glory properties came in at 6.54 Mt LCE, which consisted of an Indicated mineral resource of 597 Mt at an average grade of 899 ppm (0.09%) Li, which equates to a contained 2.857 Mt of lithium carbonate equivalent (LCE), and an Inferred mineral resource of 779 Mt at an average grade of 888 ppm (0.089%) Li, which equates to a contained 3.683 Mt of LCE. The total number of 6.54 Mt beat my estimate by about 20%, according to my estimated target of 5.45 Mt LCE, and also my top margin target of 6Mt.

Again, as a continuous reminder, examples of world class sized LCE deposits in each category are brine projects like Cauchari/Olaroz (Orocobre: 6.4Mt LCE, SQM/Lithium Americas 11.7Mt LCE), clay projects like Sonora (Bacanora: 7.2Mt LCE) or hard rock projects like Whabouchi (Nemaska: 4.06 Mt LCE).

The average grade of about 893ppm Li is somewhat lower than my estimated average of about 950ppm Li, but this isn’t out of line and a normal deviation to my numbers as I am estimating without advanced software used by engineering firms. The cut-off grade was also set somewhat low at 300ppm Li which probably helped to increase the resource but also lowered the average grade.

The deposit is outlined by 23 core holes for 1,891m drilled during 2017 and 2018. As the deposit is lying at surface and is pretty superficial (no deeper than 150m, usually starting at surface) and mineralization appears to be very continuous, drilling it off is relatively very cheap to build tonnage. The deposit remains open at depth, with 21 of the 23 holes ending in lithium mineralization. As this mineralization at the endings of drill cores averaged 300 ppm Li, my view is that the company will not find much more economic mineralization (assuming 800-900ppm Li) at depth, and will focus on infill drilling and advancing the current mineralized body which is already world class.

Management estimates that an additional 30 drill holes are required to upgrade the Inferred portion of the mineral resource to the Indicated category. The large tonnage of the deposit lends potential to target higher grade lithium mineralization for the PEA, as is seen within the intercepts between GCH-06 and DCH-13:

After discussing this with management, it seems that enough of the deposit is eligible to mine at a higher grade compared to the average grade of the maiden resource. All in all, an average grade of 1,000ppm Li seems to be realistic, and I will use this as a base for my hypothetical PEA estimates later on.

Preliminary test work conducted at SGS Canada Inc (Lakefield) and Continental Metallurgical Services, LLC has shown the material exhibits high lithium extractions with short leach times. Lithium extractions greater than 80% can be achieved in 4 to 8 hours using conventional dilute sulfuric acid leaching. Currently, Hazen Research Inc is conducting additional leach tests and preliminary results confirm high lithium extractions for new mineral zones.

The presence of acid leachable lithium presents significant cost savings by avoiding calcine and regrind of material during processing. Preliminary results also show the consumption of sulfuric acid and other reagents are relatively low, to the tune of 100kg/t LCE.

It was also stated in the news release that the production of high-purity lithium carbonate (a typical salable product) was demonstrated in the laboratory using conventional recovery methods, but the big question always remains costs on a commercial scale with these kind of bench scale tests, and the potential for economic removal of impurities. This is the next big step Cypress is facing through continuing with its ongoing met work, and as mentioned in earlier updates, if the company succeeds in this department the resource all of a sudden becomes commercially viable and minable, implying vast upside for valuation.

At the same time, Cypress also plans to proceed immediately with a PEA based on the current resource, and is also evaluating ways to accelerate the project through additional drilling and related studies.

The treasury currently contains about C$600k, and management estimates it needs about C$100k for met work, and C$250k for the PEA, so there is no need for a financing soon. This PEA is scheduled for completion in August or September of this year, which is earlier than I expected.

The road show recently completed in the US could have had something to do with the recent runup of the share price, and maybe the brand new (April 20, 2018) OTCQB listing helped as well in this regard. It seemed that the release of the maiden resource estimate also served some investors as a liquidity event, as the share price didn’t appreciate as expected by many but hovered around the same levels on huge volume, which was kind of disappointing as the resource estimate was impressive:

Share price 1 year time frame; source tmxmoney.com

Hopefully the selling will stop soon, and the stock can appreciate further, as I do feel Cypress deserves quite a bit better valuation soon. My feelings are based on discussions I had with management and industry experts on potential economics. It is still early days with a lot of foreward looking assumptions and statements, but if Cypress manages to come close to those guesses, the potential upside is definitely very significant.

[*] Hypothetical Economics

The news release on the maiden resource estimate contained an interesting passage on current estimates by management on potential economics:

" The mineral resources reported use a cut-off grade of 300 ppm Li (0.03%), reflecting a $1/tonne mining cost, $0.50 G&A cost, and a $3,800/tonne LCE processing cost (~$13/tonne processed). These costs reflect a 10,000 – 15,000 tonne per day mining operation in soft sedimentary material that does not require blasting. The resource estimate used a process recovery of 80%."

The processing cost here is a combined figure of processing the ore to concentrate, and converting this concentrate to LCE. In order to calculate the amounts, I would like to refer to this handy table which I found at the website of Rocktech Lithium, another lithium junior. The conversion ratio from Lithium (Li) to LCE stands at 1 to 5.323, meaning that 1t of Li converts to 5.323t of LCE.

Following this, the assumed conservative average grade of 1,000ppm Li (as estimated earlier on by me) for the hypothetical PEA or 0.1%Li converts to 0.532% LCE. So 1 tonne of material/ore contains 1000 grams of lithium at 100% recovery and 800 grams at 80% recovery, or the equivalent amount of lithium to produce 4.25kg LCE. This is currently worth US$55.25 taking into account average contract prices of US$13,000/t LCE, or US$103.9, according to the current spot price of US$24,450/t LCE, according to this sheet taken from the presentation of Lithium Americas:

For 1t of LCE could be needed 235.3t of material/ore at 80% recovery. Dividing the processing costs of US$3,800 over this number generates US$16.15/t material/ore, adding to this the already stated US$1/t mining costs and US$0.5/t G&A could result into US$17.55/t operating costs. On the other hand total opex for 1t LCE could be US$4129.5/t as mining is extremely cheap. Comparing this to the contract price of US13,000/t LCE, or hypothetical revenues of US$55.25/t ore (assuming producer contracts as the amounts possible at this project would destroy the spot market pricing completely), it can be seen that Cypress has a significant margin for error. In order to be conservative and in line with other recent economic studies, I would like to use an estimated average contract price of US$12,000/t.

For the record I would like to emphasize that all estimates and assumptions are my numbers only, so any mentioned hypothetical PEA outcome is very preliminary in nature and can not be relied upon.

Total production can be calculated by using the stated throughput capacity. When using midpoint capacity of 12,500tpd, annual throughput would be 350d * 12,500 = 4,375,000tpa, resulting into 18,594tpa LCE, resulting into US223.1M revenues per annum. Considering there is a resource of 6.54Mt LCE, this would hypothetically result in a life of mine (LOM) of 312 years at 80% recovery. As this isn’t realistic, I will use an already long life of mine of 25 years.

A very important item is capex. As mining doesn’t require blasting or first processing of the sedimentary claystone doesn’t require heavy crushing or milling, capex on these items can be relatively modest. Infrastructure is hardly needed, as the project is located next to Albemarle’s Silver Peak lithium mine. When talking to management, it is anticipated that large volumes of water have to be transported to site by a pipeline coming from nearby sources. When taking everything into account, a US$400M capex seems realistic as a first guess.

According to management, there will also be cost savings through cheaper soda ash coming in from Wyoming. This is a big cost for brine producers down in South America as they have to import the soda ash from Wyoming. Given proximity to Wyoming and in the US, there could be significant cost savings although it is too early to say to what extent.

An interesting item is the new corporate tax rate of 21%, lowered from 35% by the Trump administration. Usually a state levies their own taxes on top of this, but Nevada, together only with Ohio, South Dakota and Texas, has a state corporate tax of 0%, so the total corporate tax rate is 21% for Cypress which is of course beneficial to economics.

This all results into the following basic discounted cash flow analysis:

As can be seen, the hypothetical NPV7.5 would come in at US$966M, and the hypothetical IRR at 33.8%, which is pretty impressive for a large scale lithium project:

Keep in mind that I am using a conservative average contract pricing of US$12,000, in line with competitors. In order to see what happens at different LCE prices, have a look at my hypothetical sensitivity table right here:

These hypothetical numbers all look very good, especially at the 15,000tpd scenario, and the IRR improved somewhat on larger scenarios as I anticipated on some economies of scale which is industry standard.

A PEA is early stage, so it usually gets discounted quite a bit, depending on the various parameters and economics of the project. With Cypress, the recovery method needs proof so I can imagine the markets are willing to give an increased discount for this as long as the method hasn’t been proven on a commercial scale.

For this, Cypress could probably need to go the route of a pilot plant first before it can get rid of this additional discount. Management is looking into this, and is contemplating the possibility of standard leach and precipitation steps as the recovery process seems relatively straightforward. As a consequence, it is anticipated that any pilot plant should not be complicated, expensive or time consuming. A pilot plant might be something Cypress has to do for the Feasibility Study (FS) and/or financing of capex, but this is still uncertain. This issue will likely see more clarity after the PEA comes out.

If a potential pilot plant is needed and succeeds in proving up a commercial method, it is certainly not far fetched to see a future potential marketcap of 25-30% of NPV7.5. If we would take a (very) conservative but still hypothetical US$500M NPV, this translates into a C$658M NPV, which would result into a C$164-197M market cap, which would almost be a ten-bagger from today’s levels. I can certainly imagine the share price starting to appreciate towards this point when ongoing met work points towards the right direction, the PEA economics and costs seem convincing and the following test work proves up the coveted method as being commercially viable.

[*] Conclusion

The maiden resource estimate on the Clayton Valley lithium project provided the markets with impressive tonnage, coming in at 6.54Mt LCE, which ranks among the worlds largest deposits across various types of deposits. According to management, met work is progressing well, and this will hopefully generate a commercially viable recovery method to render the project economic. Several assumptions point towards the direction of a hypothetical NPV7.5 of over CS$1B which is colossal compared to the current marketcap of C$21.2M, even discounted for the PEA stage and recovery methods. It will probably come as no surprise that I am tracking this company in my portfolio with above average interest.

I hope you will find this article interesting and useful, and will have further interest in my upcoming articles on mining. To never miss a thing, please subscribe to my free newsletter at www.criticalinvestor.eu , in order to get an email notice of my new articles soon after they are published.

Disclaimer:

The author is not a registered investment advisor, and has a long position in this stock. Cypress Development is a sponsoring company. All facts are to be checked by the reader. For more information go to www.cypressdevelopmentcorp.com and read the company’s profile and official documents on www.sedar.com, also for important risk disclosures. This article is provided for information purposes only, and is not intended to be investment advice of any kind, and all readers are encouraged to do their own due diligence, and talk to their own licensed investment advisors prior to making any investment decisions.

 

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Rainer Dieck becomes new Chief Financial Officer of Schlemmer

The Schlemmer Group today announced the appointment of Rainer Dieck as its Chief Financial Officer. As of today, Rainer Dieck will succeed Sven Schneider, who is leaving the company in mutual agreement and will ensure a smooth, efficient transition together with Rainer Dieck.

Rainer Dieck has around 25 years of experience at international medium-sized enterprises and as a management consultant. Before joining Schlemmer, Rainer Dieck worked at Megatech Industries, where he acted as CFO for almost five years and most recently also held the position of Chairman of the Executive Board. Among other things, he was responsible for Finance and Controlling, Accounting, and Treasury as well as Procurement, IT, and Human Resources. During this time, he successfully managed a multinational automotive supplier with numerous branches and manufacturing facilities and further focused the group on profitability and efficiency in structures, processes and systems. In addition, Rainer Dieck acquired extensive methodical knowledge during his time at KPMG where he drove forward the implementation of best practices for a number of clients.

Schlemmer CEO Josef Minster said: "We are delighted that, starting today, Rainer Dieck will join the Schlemmer Group as new CFO. Given his experience as CFO of a multinational automotive supplier, he is very familiar with Schlemmer’s business model and production processes and will support us in the next phase of Schlemmer’s profitable growth story."

Minster added: "We would like to thank Sven Schneider for his commitment and the contribution he made to the development of the Schlemmer Group as well as for his full support in handing over the baton to Rainer Dieck. We regret his decision to leave the company prematurely for personal reasons and wish him the very best and continued success for the future."

Over the past 20 years, Schlemmer has increased its annual revenues within the double-digit percentage range. Thanks to its strategic focus on the megatrends in the automotive industry such as connectivity, electric mobility, autonomous driving, and safety, the company is very well positioned to continue this growth trajectory in the future.

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Quarterly Statement for the First Quarter of 2018

  • Transaction volume in Q1/18 increased by 55.7 percent
  • Consolidated revenues increased by 52.9 percent
  • EBITDA increased by 38.2 percent
  • Net result increased by 46.1 percent
  • EBITDA 2018 guidance confirmed

Wirecard AG was able to report strong growth in the first quarter of the 2018 fiscal year.

Transaction volumes processed through the Wirecard platform grew in the first quarter of 2018 by 55.7 percent to EUR 26.7 billion (Q1/2017: EUR 17.2 billion).
In the first quarter of 2018, consolidated revenues for the Group increased by 52.9 percent to EUR 420.4 million (Q1/2017: EUR 274.9 million). Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 38.2 percent to EUR 112.3 million (Q1/2017: EUR 81.3 million).

In the reporting period, earnings after tax increased by 46.1 percent to EUR 70.8 million (Q1/2017: EUR 48.5 million). The cash flow from operating activities (adjusted) amounted to EUR 87.4 million (Q1/2017: EUR 64.8 million). Free cash flow increased to EUR 71.7 million (Q1/2017: EUR 49.7 million).

Wirecard CEO Dr. Markus Braun commented: "Digitalisation is only at the very beginning in many sectors and is gathering pace around the world. As a leader for innovation in the digitalisation of payment processes, Wirecard AG has taken up an ideal competitive position to benefit from this global trend towards digitalisation."

The Management Board expects the very good business performance to continue in both the first half of the year and the remainder of 2018. The Management Board confirms its forecast for the 2018 fiscal year that was made on 12 April 2018 of an EBITDA of between EUR 520 million and EUR 545 million.

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asknet AG performs successfully in Q1

 

– eCommerce Solutions Business Unit wins six new customers
– Academics Business Unit continues to expand its sales partnerships
– Full-year forecast confirmed: clearly higher gross profits and positive result

asknet AG, part of the Swiss-listed international technology and media company The Native SA (www.thenative.ch), looks back on a successful business performance in the first three months of 2018.

The most important operational developments in the Academics Business Unit included the implementation of the new sales partnerships and the creation of a partner network for the ongoing internationalization of the distribution channels. The partnership with ANSYS, the world’s leading manufacturer of simulation software, was intensified and the first major licenses were sold to customers from the research and educational sectors. asknet also won a tender by the federal state of Saxony to supply the state’s universities with Microsoft licenses. As announced in the press release dated April 6, 2018, asknet launched a new Microsoft Office 365 complete package, for which three customers have already been won. More customers are about to sign the corresponding contracts soon.

“We have an attractive portfolio of software and hardware from leading manufacturers in the academic sector. We believe that the further internationalization of our offerings holds vast opportunities for future growth and rely on strong partners to support us in expanding our sales activities in the target regions,” says Michael Baumann, Head of the Academics Business Unit.

The eCommerce Solutions Business Unit won six new customers in the first three months of 2018. The corresponding shops have largely been completed and will contribute to revenues and earnings as of the second quarter. In addition, customizing projects were implemented for several new customers, which help to further intensify asknet’s customer relationships. The Business Unit has the biggest growth potential in Asia, where many new manufacturers are trying to gain a foothold in the global online market and rely on full-service suppliers such as asknet. The Business Unit also aims to further internationalize its operations, especially in the US market.

“We had a very good start to the year 2018 and will work on a large number of new customer projects in the second quarter. Our market remains hotly contested but very dynamic. Building on the sales successes of the past two fiscal years, we were able to improve our market position significantly and meanwhile have a continuous pipeline of new customers,” says Jan Schöttelndreier, Head of the eCommerce Solutions Business Unit.

As announced in the ad-hoc release dated May 3, 2018 the CEO of asknet AG, Tobias Kaulfuss, will resign from the Executive Board at the Annual General Meeting on June 28 but has simultaneously been proposed for election to the Supervisory Board. His successor on the Executive Board is Sergey Skatershchikov, Chief Financial Officer of asknet AG and Chairman of the Board of Directors of the majority shareholder, The Native SA.

“Since I took up office, asknet Group has gone through a thorough change process during which it has laid the professional basis for dynamic growth. Step by step we will now be able to reap the fruits of this process. I would like to take this opportunity to thank our employees, customers and partners for their support during this time. We see great potential for the future for both Business Units, which are today positioned as independent, powerful units, with their own organization, human resources and experienced management team,” says Tobias Kaulfuss, CEO of asknet AG, adding that the company’s strategic position has changed fundamentally since the entry of The Native SA. “We can now build on the network, the expertise and the financial muscle of our new majority shareholder. I am therefore very optimistic about the future of asknet Group, which I hope I will be able to serve in the future as a member of the Supervisory Board.”

The Executive Board of asknet AG continues to project a strong increase in consolidated gross profits as well as positive earnings before taxes (EBT) for the full year 2018.

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Osisko Closes Financing on Victoria Gold’s Eagle Gold Project

Osisko Gold Royalties Ltd (TSX & NYSE:OR) (“Osisko” – https://www.youtube.com/watch?v=DiYMIzhstxE&t=26s) is pleased to announce that it has completed the previously announced C$148 million financing transaction (the “Financing”) with Victoria Gold Corp. (TSX-V:VIT) (“Victoria”), pursuant to which Osisko acquired from Victoria a 5% net smelter return (“NSR”) royalty (the “Royalty”) for C$98 million (the “Royalty Purchase”) on the Dublin Gulch property (the “Property”) which hosts the Eagle Gold project located in Yukon, Canada, and purchased from Victoria, on a private placement basis, 100 million common shares of Victoria at a price of C$0.50 per common share (the “Private Placement”).

Sean Roosen, Chair and Chief Executive Officer of Osisko, commenting on the transaction, “The addition of the Eagle royalty strengthens our Canadian asset base and adds near-term Canadian gold to Osisko’s growth profile from a fully permitted, fully-financed and shovel-ready project located in Yukon, a premier mining jurisdiction. We are very pleased to partner with Victoria to develop Canada’s next premier gold mine, and to generate important benefits for all project stakeholders.”

The Royalty Purchase

As part of the transaction, Osisko has purchased a 5% NSR royalty on all metals and minerals produced from the Property, which includes the Eagle and Olive deposits, until an aggregate of 97,500 ounces of refined gold have been delivered to Osisko, and a 3% NSR royalty thereafter. The purchase price for the royalty is an aggregate of C$98 million, of which a first tranche of C$49 million was advanced as of the date hereof, and the second tranche of C$49 million will be funded pro rata to drawdowns under the subordinated debt component of the Orion debt facilities.

The Private Placement

As part of the Private Placement, Osisko has purchased 100 million common shares of Victoria at a price of C$0.50 per common share.

Immediately prior to the closing of the Private Placement, Osisko had beneficial ownership of, or control and direction over, 20,427,087 common shares of Victoria, representing approximately 4.0% of Victoria’s issued and outstanding common shares. Immediately following the closing of the Private Placement, Osisko owns beneficial ownership of, or control and direction over 120,427,087 common shares, representing approximately 15.7% of Victoria’s issued and outstanding common shares. All securities issued to Osisko under the Private Placement are subject to a four-month hold period from the date hereof, pursuant to applicable securities legislation. Additionally, in connection with the Financing, Osisko has obtained the right to nominate one of the members of Victoria’s board of directors.

Osisko acquired the common shares described in this press release for investment purposes and in accordance with applicable securities laws, Osisko may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Victoria Gold in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Victoria and other relevant factors.

This news release is issued under the early warning provisions of the Canadian securities legislation. A copy of the early warning report to be filed by Osisko in connection with the Private Placement described above will be available on SEDAR under Victoria’s profile. To obtain a copy of the early warning report, you may also contact Vincent Metcalfe, Vice President, Investor Relations of Osisko at (514) 940-0670. Victoria’s head office is located at 80 Richmond St. West, Suite 303, Toronto, Ontario, M5H 2A4.

In connection with the Financing, Victoria has also entered into, as of the date hereof, definitive and binding agreements with an affiliate of Orion Mine Finance (“Orion”), pursuant to which Orion has agreed to provide debt facilities to Victoria, and has purchased from Victoria, on a private placement basis, 150 million common shares of Victoria at a price of C$0.50 per common share. Victoria has also entered into definitive agreements with Caterpillar Financial Services Limited with respect to a US$50 million equipment financing facility. All of such agreements were entered into with respect to a construction financing package totaling approximately C$505 million in aggregate (including the Financing) that is expected to fully fund the development of the Project through to commercial production.

The Dublin Gulch Property and the Eagle Gold Project

Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometres north of the capital city of Whitehorse, and approximately 85 kilometres from the village of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy’s electrical grid.

The Property covers an area of approximately 555 square kilometres, and is the site of Victoria’s Eagle Gold Deposit. The Eagle Gold mine is expected to be Yukon’s next operating gold mine and, between the Eagle and Olive deposits, include Proven and Probable Reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated to host 191 million tonnes averaging 0.65 grams of gold per tonne, containing 4.0 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 24 million tonnes averaging 0.61 grams of gold per tonne, containing 0.5 million ounces of gold in the “Inferred” category.

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 130 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by five cornerstone assets, including a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada. Osisko also owns a portfolio of publicly held resource companies, including a 15.5% interest in Osisko Mining Inc., a 12.7% interest in Falco Resources Ltd. and a 32.6% interest in Barkerville Gold Mines Ltd.

Osisko is a corporation incorporated under the laws of the Province of Québec, with its head office located at 1100 avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

Forward-Looking Statement

Certain statements contained in this press release may be deemed “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian Securities Laws and the United States Private Securities Litigation Reform Act of 1995 (collectively, the “forward-looking statements”). All statements in this release, other than statements of historical fact, that address future events, developments or performance that Osisko expects to occur including management’s expectations regarding Osisko’s growth, results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, business prospects and opportunities are forward-looking statements. In addition, statements (including data in tables) relating to reserves and resources and gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (Including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, the performance of the assets of Osisko, the realization of the anticipated benefits deriving from its investments and the transaction with Victoria. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities that drive royalties held by Osisko (gold and silver); fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory changes in national and local government, including permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which Osisko holds a royalty or other interest are located or through which they are held; risks related to the operators of the properties in which Osisko holds a royalty, influence of macroeconomic developments; business opportunities that become available to, or are pursued by Osisko; continued availability of capital and financing and general economic, market or business conditions; litigation; title, permit or license disputes related to interests on any of the properties in which Osisko holds a royalty or other interest; development, permitting, infrastructure, operating or technical difficulties, delays or adverse climatic conditions on any of the properties in which Osisko holds a royalty or other interest; rate and timing of production differences from resource estimates or production forecasts by operators of properties in which Osisko holds a royalty or other interest; risks and hazards associated with the business of exploring, development and mining on any of the properties in which Osisko holds a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Osisko holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

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KUKA is strategic parter of HIGHTECH VENTURE DAYS 2018

We are happy to announce KUKA as our strategic partner at HIGHTECH VENTURE DAYS 2018 (#HTVD18).

KUKA, headquartered in Augsburg/Germany, is an international automation specialist with sales revenues of  around EUR 3.5 billion and 14,200 employees worldwide. KUKA is specialized in intelligent automation solutions and provides its customers with everything from components to cells to fully automated systems for applications in automotive, electronics, consumer goods, metallurgy, logistics / e-commerce, healthcare and service robotics.

KUKA has already been a strategic partner of last #HTVD17. Elisabeth Schaertl, Corporate Innovation Manager at KUKA: "As one of the leading automation companies, KUKA is constantly developing new ideas and technologies. As an innovation leader in Industrie 4.0, KUKA is also working with startups to further expand this pioneering role. The cooperation with HighTech Startbahn and the HTVD is crucial for us to see relevant European startups in our focus fields and build relationships with them early on."

At HTVD, 40 selected high-tech ventures will present themselves to 100+ international investors. Are you interested in meeting KUKA and those VCs, Family Offices, Angel Investors and Corporates? Submit your application.

www.hightech-venture-days.com

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