Koza Altin Isletmeleri AS

Koza Altin Isletmeleri AS. Koza Altin Isletmeleri AS is a Turkey-based company established to explore and operate gold mines in Turkey. The Company had a gold production of approximately 338,182 ounces in the 12 months of 2012. As at 31 December 2012, it had 53 operating licenses and 406 exploration licenses throughout Turkey in the Aegean and Marmara regions, the Black Sea region and Central and Eastern Anatolia. The Company owns four operating mines: an underground mine at Ovacik, a mine at Mastra & Cukuralan where it utilizes both underground and open pit mining methods, a mine in Cukuralan where it utilizes both underground and open pit mining methods and an open pit mine at Kaymaz.
  • TickerKOZAL
  • ISINTREKOAL00014
  • ExchangeIstanbul Stock Exchange
  • SectorMining
  • CountryTurkey

Analysts

Erdem Hafizoglu

BGC Partners: KOZA ALTIN (BUY Maintained, 60% upside)

• BUY maintained with a 60% upside potential… We updated our valuation for Koza Altin; a) excluding Sogut from reserves and resources, b) raising our 2019 production and sales volume estimate to 300k oz (guidance 300-320k oz), c) including 4Q18 financials and our latest macro assumptions, d) raising our cash cost estimate from US$500/oz to US$550/oz in the model staying more on the conservative side (although an improvement in volumes/grades is likely to push cash costs below US$500/oz). With the new set of assumptions, we decrease our TP for the company from TL79.3/share to TL70.8/share (down...

Erdem Kaylı

TURKEY METALS & MINING - Recovery continues with a temporary miss

Koza Gold reported net income of TRY191m in 4Q18, slightly lower than our estimate of TRY204m but 28% lower than Research Turkey’s TRY265m. Since the company had already announced gold production figures for 2018, the deviation at the bottom-line came from weaker operational performance on lower-than-expected gold production during the quarter. 4Q18 EBITDA of TRY256m came 22% lower than our estimate of TRY329m due to weaker gold production due to a temporary production halt at Kaymaz mine. We lowered our TP for Koza Gold by 2% and Koza Metal by 2% on slightly higher cash cost assumptions. We ...

Erdem Hafizoglu

BGC Partners: KOZA ALTIN 4Q18 - below estimates

Koza Altin reported TL191.0mn net income in 4Q18 (3Q18: TL484.0mn, 4Q17: TL128.4mn), below estimates (BGC: TL305mn, consensus: TL265mn) but better than tax office financials… The net income figure is above the tax financials net income of TL1,039mn for the whole year vs. IFRS net income of TL1,174mn, which is positive (in 1Q18 tax office financials, the company had booked TL72mn expenses for tax fine (which was already booked in IFRS in the past), which is the main reason behind the difference). Koza Altin sold 74.3k oz gold in 4Q18 (table below), lower than our 91.8k estimate due mainly to l...

Erdem Kaylı

TURKEY METALS & MINING

Koza Gold reported net income of TRY484m in 3Q18, surpassing our estimate of TRY412m. The deviation at the bottom-line came from higher-than-expected financial income during the quarter. 3Q18 EBITDA of TRY271m came 21% lower than our estimate of TRY345m due to weaker average sales prices and a temporary production halt at Kaymaz mine. Koza Metal reported net income of TRY193m in 3Q18, above our estimate of TRY167m. The deviation at the bottom-line came from higher-than-expected profit contribution from Koza Gold on better financial income. 3Q18 EBITDA of TRY266m came 23% lower than our estima...

Erdem Kaylı

Sector Report & Initiation / TURKEY METALS & MINING

We reinitiate coverage of Koza Gold with a BUY rating and 12M TP of TRY70.50/share. We expect the company to increase its gold production by 42% y-y in 2018, with a 25% CAGR over the next two years. Koza stands to be a major beneficiary of TRY depreciation, as 60% of its costs are in TRY while 100% of revenues are USD-correlated. We also resume coverage of Koza Anadolu Metal with a BUY rating and 12M TP of TRY7.65/share, which implies 36% upside potential. We view Koza Metal as a value play, offering alternative exposure to Koza Gold.

Erdem Hafizoglu

BGC Partners: KOZA ALTIN (BUY Maintained, 60% upside)

• BUY maintained with a 60% upside potential… We updated our valuation for Koza Altin; a) excluding Sogut from reserves and resources, b) raising our 2019 production and sales volume estimate to 300k oz (guidance 300-320k oz), c) including 4Q18 financials and our latest macro assumptions, d) raising our cash cost estimate from US$500/oz to US$550/oz in the model staying more on the conservative side (although an improvement in volumes/grades is likely to push cash costs below US$500/oz). With the new set of assumptions, we decrease our TP for the company from TL79.3/share to TL70.8/share (down...

Erdem Kaylı

TURKEY METALS & MINING - Recovery continues with a temporary miss

Koza Gold reported net income of TRY191m in 4Q18, slightly lower than our estimate of TRY204m but 28% lower than Research Turkey’s TRY265m. Since the company had already announced gold production figures for 2018, the deviation at the bottom-line came from weaker operational performance on lower-than-expected gold production during the quarter. 4Q18 EBITDA of TRY256m came 22% lower than our estimate of TRY329m due to weaker gold production due to a temporary production halt at Kaymaz mine. We lowered our TP for Koza Gold by 2% and Koza Metal by 2% on slightly higher cash cost assumptions. We ...

Erdem Hafizoglu

BGC Partners: KOZA ALTIN 4Q18 - below estimates

Koza Altin reported TL191.0mn net income in 4Q18 (3Q18: TL484.0mn, 4Q17: TL128.4mn), below estimates (BGC: TL305mn, consensus: TL265mn) but better than tax office financials… The net income figure is above the tax financials net income of TL1,039mn for the whole year vs. IFRS net income of TL1,174mn, which is positive (in 1Q18 tax office financials, the company had booked TL72mn expenses for tax fine (which was already booked in IFRS in the past), which is the main reason behind the difference). Koza Altin sold 74.3k oz gold in 4Q18 (table below), lower than our 91.8k estimate due mainly to l...

Erdem Kaylı

TURKEY METALS & MINING

Koza Gold reported net income of TRY484m in 3Q18, surpassing our estimate of TRY412m. The deviation at the bottom-line came from higher-than-expected financial income during the quarter. 3Q18 EBITDA of TRY271m came 21% lower than our estimate of TRY345m due to weaker average sales prices and a temporary production halt at Kaymaz mine. Koza Metal reported net income of TRY193m in 3Q18, above our estimate of TRY167m. The deviation at the bottom-line came from higher-than-expected profit contribution from Koza Gold on better financial income. 3Q18 EBITDA of TRY266m came 23% lower than our estima...

Erdem Kaylı

Sector Report & Initiation / TURKEY METALS & MINING

We reinitiate coverage of Koza Gold with a BUY rating and 12M TP of TRY70.50/share. We expect the company to increase its gold production by 42% y-y in 2018, with a 25% CAGR over the next two years. Koza stands to be a major beneficiary of TRY depreciation, as 60% of its costs are in TRY while 100% of revenues are USD-correlated. We also resume coverage of Koza Anadolu Metal with a BUY rating and 12M TP of TRY7.65/share, which implies 36% upside potential. We view Koza Metal as a value play, offering alternative exposure to Koza Gold.

KOZA ALTIN ISTML.AS reduced its risk exposure resulting in an upgrade to Slightly Positive

KOZA ALTIN ISTML.AS (TR), a company active in the Gold Mining industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date November 28, 2017, the closing price was TRY 29.68 and its potential was estimated at TRY 38.85.

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Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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