Sep 27th 2013 - Edison Investment Research today published a report on Pan African Resources (PAF.L, LSE:PAF, LON:PAF) entitled "Déjà Vu All Over Again – Full Dividend Reinstated". In summary, the report says:
Headline earnings of £35.2m (+20.1% compared to FY12) were closely in line with Edison’s estimate from 11 September of £36.9m (a full analysis is provided overleaf). Of more significance, a dividend pay-out to shareholders was reinstated at a cover ratio relative to headline EPS (2.6x) that was comparable to the ratio before the Evander deal (and associated capex) was proposed in FY12. PAF is now targeting production at a rate of 250,000oz pa from its current asset base and infrastructure within 18 months.
Edison Investment Research is a leading international investment research company. It has won industry recognition, with awards both in the UK and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison’s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York and Sydney and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). more »