{"id":2470,"date":"2023-11-29T05:51:18","date_gmt":"2023-11-29T05:51:18","guid":{"rendered":"https:\/\/economicherald.net\/?p=2470"},"modified":"2023-11-29T05:51:18","modified_gmt":"2023-11-29T05:51:18","slug":"monsters-of-rock-stanmore-lobs-dividend-but-guidance-fails-to-excite-investors","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=2470","title":{"rendered":"Monsters of Rock: Stanmore lobs dividend, but guidance fails to excite investors"},"content":{"rendered":"

\u00a0<\/p>\n

Beaten by Whitehaven to BHP\u2019s Daunia and Blackwater coal mines, Stanmore is lobbing over US$50 million the way of shareholders in a special dividend<\/strong>
\nSMR shares fail to fire with 2024 guidance revealing stagnant production and higher costs<\/strong>
\nGold miners up almost 5% as futures lift beyond US$2045\/oz<\/strong><\/p>\n

\u00a0<\/p>\n

Believed to be one of the miners to lose out to Whitehaven Coal (ASX:WHC)<\/a> in the bidding war for BHP\u2019s Daunia and Blackwater met coal mines, Stanmore Coal (ASX:SMR)<\/a> has responded to the \u201cresolution of uncertainties around potential M&A\u201d by paying a landmark dividend.<\/p>\n

Stanmore will drop 5.82 US cents a share in the pockets of investors, led by Indonesia\u2019s 64% holder the Widjaja family\u2019s Golden Energy and Resources or GEAR.<\/p>\n

It\u2019s the first dividend offered by the Queensland producer since its transformational acquisition last year of both BHP and Mitsui\u2019s stakes in the BMC mines \u2013 Poitrel and South Walker Creek.<\/p>\n

That US$1.2b buy has driven the previously small fry Stanmore to underlying earnings of US$949 million so far this year, with Stanmore sitting on net cash of US$181m.<\/p>\n

The fully franked special dividend will come in at US$52.5m in returns all up.<\/p>\n

\u201cWe are very pleased to announce the declaration of Stanmore\u2019s inaugural dividend since our equity raise and subsequent acquisition of South Walker Creek and Poitrel in 2022,\u201d Stanmore CEO Marcelo Matos said.<\/p>\n

\u201cGiven the ongoing strength of Stanmore\u2019s balance sheet, driven by the continued success of our operational and financial performances, together with the resolution of uncertainties with regards to M&A activity, we are happy to deliver a dividend equal in size to what would have been declared if applied to Stanmore\u2019s 2022 financial results.<\/p>\n

\u201cThis dividend, along with Stanmore\u2019s remarkable share price growth since 2022\u2019s acquisition, further demonstrates our ongoing commitment to maximising shareholder returns.\u201d<\/p>\n

But there were some nasties hidden in the announcement of the payout, with guidance for 2024 unchanged at 12.3-13Mt and cash costs project to rise from US$87-93\/t to US$97-102\/t in 2024.<\/p>\n

Capex is expected to fall from US$175-195m to US$150-170m.<\/p>\n

Stanmore has delivered 11Mt of saleable met coal in 2023 so far at US$91\/t, but that was impacted by substantially higher costs at Poitrel, where efforts are also being made to shift its sales mix from PCI to coking coal, with an excess of discounted Russian supply depressing PCI prices.<\/p>\n

\u00a0<\/p>\n

Stanmore Coal (ASX:SMR)<\/h2>\n\n

<\/span><\/p>\n

<\/h2>\n

\u00a0<\/p>\n

Gold miners lead the gains<\/h2>\n

On the market today the materials sector kept flat in the afternoon to close on a 0.27% gain.<\/p>\n

It was the gold sector that shone, with LBMA prices upwards of US$2025\/oz and gold futures charging higher on Tuesday night to more than US$2045\/oz.<\/p>\n

It\u2019s an indication the promise of rate cuts next year from the US Fed could keep the safe haven bump following the Israel-Hamas conflict intact.<\/p>\n

\u201cWith gold futures currently trading just north of $US2,045\/oz, gold markets are either still holding on to safe haven demand linked to a broader Middle East conflict, pricing in more aggressive rate cuts next year or are simply more reactive to a fall in the US dollar and US 10 year yields than a corresponding increase,\u201d Commbank\u2019s Vivek Dhar said.<\/p>\n

\u201cIn any case, gold futures are within range of eclipsing the $US2056\/oz record\u2011high reached on 4 May 2023.\u201d<\/p>\n

The gold sub-index rose 4.77% in a massive bump for gold stocks, with all of the big three of Newmont, Northern Star and Evolution up above or just under 5%.<\/p>\n

The ASX gold sector is now at its strongest trading level since July.<\/p>\n

\u00a0<\/p>\n

Monstars share prices today<\/h2>\n\n

<\/span>\u00a0
\n<\/span><\/p>\n

The post Monsters of Rock: Stanmore lobs dividend, but guidance fails to excite investors<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

\u00a0 Beaten by Whitehaven to BHP\u2019s Daunia and Blackwater coal mines, Stanmore is lobbing over US$50 million the way of shareholders in a special dividend [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":2471,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nMonsters of Rock: Stanmore lobs dividend, but guidance fails to excite investors - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=2470\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monsters of Rock: Stanmore lobs dividend, but guidance fails to excite investors - 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