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Copperstone Resources

Copperstone Resources

Copperstone Resources is a Swedish mineral exploration company and its flagship project is re-opening the Viscaria copper mine in Kiruna, Northern Sweden. The company is working on obtaining an environmental permit for the Viscaria mine, as well as making preparations for mining operations to commence. 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.

Sustainability Information

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 -49 -60
EBITDA margin (%) N/A N/A N/A
EBIT adj. -43 -91 -149
EBIT adj. margin (%) N/A N/A N/A
Pretax profit -30 -124 -211
EPS -0,33 -0,7 -1,2
EPS growth (%) 14,8 110,3 70,6
EPS adj. -0,33 -0,7 -1,2
DPS 0 0 0
EV/EBITDA (x) -46,1 -56,4 -86,5
EV/EBIT adj. (x) -43,1 -30,4 -34,8
P/E (x) -69,6 -33,1 -19,4
P/E adj. (x) -69,6 -33,1 -19,4
EV/sales (x) N/A N/A N/A
FCF yield (%) -15,9 -22,1 -59,5
Le. adj. FCF yld. (%) -15,9 -22,1 -59,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 6,1 27,5 -18,3
Le. adj. ND/EBITDA (x) 6,3 27,6 -18,2
SEKm 2023 2024e 2025e
Sales 0 0 0
COGS 0 0 0
Gross profit 0 0 0
Other operating items -40 -49 -60
EBITDA -40 -49 -60
Depreciation and amortisation -3 -42 -89
of which leasing depreciation 0 0 0
EBITA -43 -91 -149
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -43 -91 -149
Net financial items 13 -33 -62
Pretax profit -30 -124 -211
Tax 0 0 0
Net profit -30 -124 -211
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -30 -124 -211
EPS -0,33 -0,7 -1,2
EPS adj. -0,33 -0,7 -1,2
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 21,7 23
EBITA growth (%) 111,9 111,3 64,6
EBIT growth (%) N/A N/A 64,6
Net profit growth (%) 34,8 311,1 70,6
EPS growth (%) 14,8 110,3 70,6
Profitability N/A N/A N/A
ROE (%) -2,7 -5,7 -7
ROE adj. (%) -2,7 -5,7 -7
ROCE (%) -2,2 -4,1 -3,8
ROCE adj. (%) -3,1 -4,1 -3,8
ROIC (%) -5,1 -6,6 -5,2
ROIC adj. (%) -5,1 -6,6 -5,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -40 -49 -60
EBITDA adj. margin (%) N/A N/A N/A
EBITDA lease adj. -40 -49 -60
EBITDA lease adj. margin (%) N/A N/A N/A
EBITA adj. -43 -91 -149
EBITA adj. margin (%) N/A N/A N/A
EBIT adj. -43 -91 -149
EBIT adj. margin (%) N/A N/A N/A
Pretax profit Adj. -30 -124 -211
Net profit Adj. -30 -124 -211
Net profit to shareholders adj. -30 -124 -211
Net adj. margin (%) N/A N/A N/A
SEKm 2023 2024e 2025e
EBITDA -40 -49 -60
Goodwill N/A N/A N/A
Net financial items 13 -33 -62
Other intangible assets 899 1177 1497
Paid tax -1 0 0
Tangible fixed assets 107 622 2533
Non-cash items 3 0 0
Right-of-use asset 6 6 6
Cash flow before change in WC -25 -82 -122
Total other fixed assets 0 0 0
Change in working capital 1 11 4
Fixed assets 1012 1804 4035
Operating cash flow -24 -71 -118
Inventories 0 0 0
Capex tangible fixed assets -50 -557 -2000
Receivables 13 8 10
Capex intangible fixed assets -259 -278 -320
Other current assets 3 3 3
Acquisitions and Disposals 0 0 0
Cash and liquid assets 266 1360 722
Free cash flow -333 -906 -2438
Total assets 1294 3176 4769
Dividend paid 0 0 0
Shareholders equity 1228 3104 2893
Share issues and buybacks 266 2000 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 1228 3104 2893
Other non-cash items 23 0 0
Long-term debt 14 14 1814
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 33 38
Other current liabilities 19 19 19
Total liabilities and equity 1294 3176 4769
Net IB debt -247 -1340 1098
Net IB debt excl. pension debt -247 -1340 1098
Net IB debt excl. leasing -252 -1346 1092
Capital employed 1248 3123 4712
Capital invested 981 1763 3990
Working capital -30 -41 -45
EV breakdown N/A N/A N/A
Market cap. diluted (m) 2094 4094 4094
Net IB debt adj. -247 -1340 1098
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 1848 2754 5192
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 -43,2 37,9
Net debt / market cap (%) -11,8 -32,7 26,8
Equity ratio (%) 94,9 97,7 60,7
Net IB debt adj. / equity (%) -20,1 -43,2 37,9
Current ratio 6,07 26,24 12,81
EBITDA/net interest 3,1 1,5 1
Net IB debt/EBITDA (x) 6,1 27,5 -18,3
Net IB debt/EBITDA lease adj. (x) 6,3 27,6 -18,2
Interest coverage 6,5 2,7 2,4
SEKm 2023 2024e 2025e
Shares outstanding adj. 90 176 176
Diluted shares adj. 90 176 176
EPS -0,33 -0,7 -1,2
Dividend per share 0 0 0
EPS adj. -0,33 -0,7 -1,2
BVPS 13,63 17,63 16,43
BVPS adj. 3,65 10,94 7,93
Net IB debt/share -2,74 -7,61 6,23
Share price 23,25 23,25 23,25
Market cap. (m) 2094 4094 4094
Valuation N/A N/A N/A
P/E (x) -69,6 -33,1 -19,4
EV/sales (x) N/A N/A N/A
EV/EBITDA (x) -46,1 -56,4 -86,5
EV/EBITA (x) -43,1 -30,4 -34,8
EV/EBIT (x) -43,1 -30,4 -34,8
Dividend yield (%) 0 0 0
FCF yield (%) -15,9 -22,1 -59,5
Le. adj. FCF yld. (%) -15,9 -22,1 -59,5
P/BVPS (x) 1,71 1,32 1,42
P/BVPS adj. (x) 1,71 1,32 1,42
P/E adj. (x) -69,6 -33,1 -19,4
EV/EBITDA adj. (x) -46,1 -56,4 -86,5
EV/EBITA adj. (x) -43,1 -30,4 -34,8
EV/EBIT adj. (x) -43,1 -30,4 -34,8
EV/CE (x) 1,5 0,9 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) N/A N/A N/A
Capex/depreciation 110,4 20 26
Capex tangibles / tangible fixed assets 46,4 89,5 79
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 6,72 3,52

Equity research

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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