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Copperstone Resources

Copperstone Resources

Copperstone Resources AB (“Copperstone”) is a Swedish mineral exploration company. The company's flagship project is re-opening the Viscaria copper mine in the recognised mining district of Kiruna in Northern Sweden. Currently, the company is working on obtaining an environmental permit for the Viscaria mine, as well as making preparations for mining operations to commence. When operating at full capacity, the plan is for Viscaria to produce 30,000 tonnes of copper per annum, making it Sweden's second largest copper mine.

Weaker demand for Cu in the global market. Protracted process of obtaining acceptance from the land- and environmental permit. Higher than expected costs.

SEKm 2023 2024e 2025e
Sales 0 0 0
Sales growth (%) N/A N/A N/A
EBITDA -40 -65 -68
EBITDA margin (%) N/A N/A N/A
EBIT adj. -43 -110 -158
EBIT adj. margin (%) N/A N/A N/A
Pretax profit -30 -143 -220
EPS -0,33 -0,91 -1,4
EPS growth (%) 14,8 172,7 53,8
EPS adj. -0,33 -0,91 -1,4
DPS 0 0 0
EV/EBITDA (x) -54,5 -48,6 -83,6
EV/EBIT adj. (x) -50,9 -28,8 -36
P/E (x) -80,8 -29,6 -19,3
P/E adj. (x) -80,8 -29,6 -19,3
EV/sales (x) N/A N/A N/A
FCF yield (%) -13,7 -23 -59,6
Le. adj. FCF yld. (%) -13,7 -23 -59,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 6,1 16,5 -21,4
Le. adj. ND/EBITDA (x) 6,3 16,6 -21,3
SEKm 2023 2024e 2025e
Sales 0 0 0
COGS 0 0 0
Gross profit 0 0 0
Other operating items -40 -65 -68
EBITDA -40 -65 -68
Depreciation and amortisation -3 -45 -90
of which leasing depreciation 0 0 0
EBITA -43 -110 -158
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -43 -110 -158
Net financial items 13 -33 -62
Pretax profit -30 -143 -220
Tax 0 0 0
Net profit -30 -143 -220
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -30 -143 -220
EPS -0,33 -0,91 -1,4
EPS adj. -0,33 -0,91 -1,4
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -0,3 0 0
Gross margin (%) N/A N/A N/A
EBITDA margin (%) N/A N/A N/A
EBITA margin (%) N/A N/A N/A
EBIT margin (%) N/A N/A N/A
Pre-tax margin (%) N/A N/A N/A
Net margin (%) N/A N/A N/A
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) N/A N/A N/A
EBITDA growth (%) 170,5 62,1 4,6
EBITA growth (%) 111,9 156,1 43,6
EBIT growth (%) N/A N/A 43,6
Net profit growth (%) 34,8 374,6 53,8
EPS growth (%) 14,8 172,7 53,8
Profitability N/A N/A N/A
ROE (%) -2,7 -6,9 -7,9
ROE adj. (%) -2,7 -6,9 -7,9
ROCE (%) -2,2 -4,4 -3,6
ROCE adj. (%) -3,1 -4,4 -3,6
ROIC (%) -5,1 -7,9 -5,3
ROIC adj. (%) -5,1 -7,9 -5,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -40 -65 -68
EBITDA adj. margin (%) N/A N/A N/A
EBITDA lease adj. -40 -65 -68
EBITDA lease adj. margin (%) N/A N/A N/A
EBITA adj. -43 -110 -158
EBITA adj. margin (%) N/A N/A N/A
EBIT adj. -43 -110 -158
EBIT adj. margin (%) N/A N/A N/A
Pretax profit Adj. -30 -143 -220
Net profit Adj. -30 -143 -220
Net profit to shareholders adj. -30 -143 -220
Net adj. margin (%) N/A N/A N/A
SEKm 2023 2024e 2025e
EBITDA -40 -65 -68
Goodwill N/A N/A N/A
Net financial items 13 -33 -62
Other intangible assets 899 1229 1629
Paid tax -1 0 0
Tangible fixed assets 107 624 2534
Non-cash items 3 0 0
Right-of-use asset 6 6 6
Cash flow before change in WC -25 -98 -130
Total other fixed assets 0 0 0
Change in working capital 1 15 6
Fixed assets 1012 1859 4169
Operating cash flow -24 -83 -124
Inventories 0 0 0
Capex tangible fixed assets -50 -562 -2000
Receivables 13 10 12
Capex intangible fixed assets -259 -330 -400
Other current assets 3 3 3
Acquisitions and Disposals 0 0 0
Cash and liquid assets 266 1892 968
Free cash flow -333 -975 -2524
Total assets 1294 3763 5152
Dividend paid 0 0 0
Shareholders equity 1228 2885 2665
Share issues and buybacks 266 1800 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 1228 2885 2665
Other non-cash items 23 0 0
Long-term debt 14 814 2414
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 5 5 5
Total other long-term liabilities 0 0 0
Short-term debt N/A N/A N/A
Accounts payable 28 40 48
Other current liabilities 19 19 19
Total liabilities and equity 1294 3763 5152
Net IB debt -247 -1072 1452
Net IB debt excl. pension debt -247 -1072 1452
Net IB debt excl. leasing -252 -1077 1446
Capital employed 1248 3705 5085
Capital invested 981 1813 4117
Working capital -30 -46 -52
EV breakdown N/A N/A N/A
Market cap. diluted (m) 2432 4232 4232
Net IB debt adj. -247 -1072 1452
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2186 3160 5684
Total assets turnover (%) 0 0 0
Working capital/sales (%) N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -20,1 -37,2 54,5
Net debt / market cap (%) -10,1 -25,3 34,3
Equity ratio (%) 94,9 76,7 51,7
Net IB debt adj. / equity (%) -20,1 -37,2 54,5
Current ratio 6,07 32,53 14,68
EBITDA/net interest 3,1 2 1,1
Net IB debt/EBITDA (x) 6,1 16,5 -21,4
Net IB debt/EBITDA lease adj. (x) 6,3 16,6 -21,3
Interest coverage 6,5 3,3 2,5
SEKm 2023 2024e 2025e
Shares outstanding adj. 90 157 157
Diluted shares adj. 90 157 157
EPS -0,33 -0,91 -1,4
Dividend per share 0 0 0
EPS adj. -0,33 -0,91 -1,4
BVPS 13,63 18,4 17
BVPS adj. 3,65 10,56 6,61
Net IB debt/share -2,74 -6,84 9,26
Share price 27 27 27
Market cap. (m) 2432 4232 4232
Valuation N/A N/A N/A
P/E (x) -80,8 -29,6 -19,3
EV/sales (x) N/A N/A N/A
EV/EBITDA (x) -54,5 -48,6 -83,6
EV/EBITA (x) -50,9 -28,8 -36
EV/EBIT (x) -50,9 -28,8 -36
Dividend yield (%) 0 0 0
FCF yield (%) -13,7 -23 -59,6
Le. adj. FCF yld. (%) -13,7 -23 -59,6
P/BVPS (x) 1,98 1,47 1,59
P/BVPS adj. (x) 1,98 1,47 1,59
P/E adj. (x) -80,8 -29,6 -19,3
EV/EBITDA adj. (x) -54,5 -48,6 -83,6
EV/EBITA adj. (x) -50,9 -28,8 -36
EV/EBIT adj. (x) -50,9 -28,8 -36
EV/CE (x) 1,8 0,9 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) N/A N/A N/A
Capex/depreciation 110,4 19,9 26,7
Capex tangibles / tangible fixed assets 46,4 90,1 78,9
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 2,62 7,19 3,54

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Media

Copperstone Resources - Company presentation with Head of Business Development Michael Mattsson
Copperstone Resources - Company presentation with CEO Anna Tyni & Head of Business Development Michael Mattsson

Main shareholders - Copperstone Resources

Main shareholders Share capital % Voting shares % Verified
Thomas von Koch 10.2 % 10.2 % 25 Mar 2024
JRS Asset Management AB Client Account 5.7 % 5.7 % 26 Mar 2024
Joheco AB 3.9 % 3.9 % 22 Dec 2023
Håkan Roos (RoosGruppen) 3.7 % 3.7 % 26 Mar 2024
Jan Ståhlberg 3.6 % 3.6 % 26 Mar 2024
Avanza Pension 3.0 % 3.0 % 26 Mar 2024
Nordnet Pensionsförsäkring 2.6 % 2.6 % 26 Mar 2024
Caps LTD 2.5 % 2.5 % 31 Mar 2024
Fjärde AP-fonden 2.3 % 2.3 % 26 Mar 2024
Santhe Dahl 2.2 % 2.2 % 26 Mar 2024
Source: Holdings by Modular Finance AB