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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Petra Diamonds Limited    PDL   BMG702781094

PETRA DIAMONDS LIMITED

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Petra Diamonds : misses revenue expectations on weak demand

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07/22/2019 | 06:37am EDT
A mine worker is seen under ground at Cullinan mine, near Pretoria

(Reuters) - Petra Diamonds Ltd reported full-year revenue below analysts' estimates on Monday and said it expects next year's production to be slightly lower, as it struggles with a diamond market hit by weak demand and lack of easy credit.

The South Africa-focussed company's shares were down 4.4% at 17.2 pence in morning trading.

Petra, which has been trying to reduce debt while delivering free cash flow, said it is targeting $150 million to $200 million of free cash flow over the next three years.

The company's net free cash was $17 million in the second half of the year, after adjusting for debt repayments.

"This was a key catalyst that investors had been waiting for, but it could be overshadowed by guidance which is lower than expected, albeit in response to challenging market conditions," BMO Capital analyst Edward Sterck said.

The precious gems miner said it expects full year 2020 diamond output of about 3.8 million carats compared with 3.9 million carats for the year ended June 30, and cut its capital expenditure target for next year to $43 million.

"Polished diamond demand and prices were weaker as the market was challenged by higher than normal polished inventories and tightening cutting-centre bank credit," Petra said as it posted a 5% per carat fall in annual realised diamond prices.

Revenue for the year ended June 30 fell 6% to $463.6 million, below analysts' estimates of $483.2 million, provided by Petra. (https://bit.ly/2Z4vOXZ)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Shounak Dasgupta)

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Financials (USD)
Sales 2019 459 M
EBIT 2019 71,7 M
Net income 2019 -44,1 M
Debt 2019 562 M
Yield 2019 -
P/E ratio 2019 -2,01x
P/E ratio 2020 8,12x
EV / Sales2019 1,42x
EV / Sales2020 1,21x
Capitalization 92,0 M
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Technical analysis trends PETRA DIAMONDS LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 0,34  $
Last Close Price 0,11  $
Spread / Highest target 375%
Spread / Average Target 223%
Spread / Lowest Target -8,79%
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Managers
NameTitle
Christoffel Johan Dippenaar Chief Executive Officer & Executive Director
Adonis Pouroulis Non-Executive Chairman
Luctor Roode Chief Operating Officer
Jacques Breytenbach CFO, Finance Director & Executive Director
Koos Visser Chief Technical Officer
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