Kenmare Resources plc
Ireland· Other Industrial Metals & Mining📊 Aggregated Ideas and ratings from 2 Tickers (KMR.L, KMR)
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Kindred Research
3Theodosian Capital | Stocks Update 23/1/2026 - KMR – Production report and 2026 guidance
KMR.L (update): Met revised Q4 guidance despite downgrades; WCP-A commissioning on track with capex dropping to $30M from $156M. However, prioritizing value over volume in weak market, taking $200M impairment, $15M inventory writedown. Key risk: Implementation Agreement renewal delayed since Dec 2024 despite CEO-President meetings. Trading at cheap 4.0x 2027 EV/EBITDA.
Kenmare Resources plc - $KMR.L
KMR.L: Titanium producer, 7% global supply, 100+ year mine life. 3x EV/FCF, high margins & dividends. Capex 2024-25 for growth. Cheap vs peers like Alphamin. Risks: Mozambique jurisdiction. Titanium deficit bullish. Management shareholder-friendly. Attractive despite location concerns.
Scott Barbee, CFA 对 Kenmare Resources(KMR) 的分析
📊 生意模式： 钛矿砂（ilmenite/rutile/zircon）生产与销售，面向颜料/钛白粉等下游
🏰 护城河： 长寿命矿山+配套物流；资源品供给稀缺时议价改善；产品进入工业链条
💰 估值水平： EV/FCF≈-3.47x（TTM，FCF/EV≈-28.82%，FCF 为负）
📈 EV/Market Cap： ≈1.27x
💡 作者观点： 🌟仅披露持仓：Top holdings 反复出现，但在我检索到的经理信要点中，对 KMR 的单独论述不多；可把它视为作者资源品组合的一部分，但不替作者补写未披露细节。
🌍 主要经营地： Mozambique（Moma 矿为核心）