Medusa Mining Ltd (MML)



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General Information
Company Name: Medusa Mining Ltd
Stock Code: MML
Website: www.medusamining.com.au
GICS Sub-Industry: Gold
Market Cap ($M): 150
Equiv. Shares (M): 208

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.710 $ 0.740 $ 0.745 $ 0.700 $ 0.720 1,937,520 $ -0.010  -1.389 %

Current Broker Consensus Recommendation more
Recommendation: Strong Buy (1)
Recommendation Date: 22nd Oct 2014
Brokers Surveyed: 1

Company Overview

Business Description:
Medusa Mining Ltd (MML) is an Australian based gold producer, focusing on projects in the Philippines. MML’s flagship project is the Co-O project.

Strategy Analysis:
MML's strategy is to become a mid tier 300,000 to 400,000oz per year, low cost gold producer. The Company is currently expanding its high grade Co-O Mine operations to increase its production capacity to 100,000oz per year, and is conducting near mine exploration to assess the possibilities of further expansion to 200,000oz per year. Medusa Mining reported NPAT up 19% to US$28.6m for the half-year ended 31 December 2012. Revenues from ordinary activities were US$52.36m, up 28% from the same period last year due to a marginal increase in both gold production and a higher average price received on the sale of gold. Basic and Diluted EPS was 0.152 US cents compared to 0.127 US cents last year. Net operating cash flow was US$54.86m compared to US$28.04m last year. No interim dividend was declared, compared with 5.0 AU cents last year. The revised forecast gold production for the fiscal year to 30 June 2013 after taking into account current year to date production of 32,580 is now between 80,000 to 90,000 ounces at anticipated cash costs of US$250 per ounce.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F -- 31.2 24.4 2.3 -- 0.0 --
2015  F -- 25.1 54.4 2.9 -- 0.0 --
2014  A 32.8 16.2 -42.7 12.5 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Medusa Mining (MML) $146 M -0.4273 0.5443 0.2444 4.3411 2.8110 2.2589 0.00 0.00 0.00
Newcrest Mining (NCM) $7,765 M -0.0429 -0.2152 0.5162 17.9737 22.9030 15.1059 0.00 0.00 1.78
Northern Star Resources (NST) $814 M 0.2151 2.4252 0.1518 17.1446 5.0055 4.3458 2.55 4.68 5.59
OZ Minerals (OZL) $1,244 M -- -- -0.0891 -- 82.9960 91.1111 4.88 4.88 3.65
Regis Resources (RRL) $757 M -- -- 0.9520 -- 12.1103 6.2039 0.00 NaN 5.56

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
MML 0.20 3.78 0.34 0.10 1.63
Market 0.90 15.3 1.23 1.72 1.52
Sector 0.69 11.4 0.82 0.95 2.94

Directors
Name Position Start Date
Mr Attorney Raul Villanueva Executive Director 24 January 2013
Mr Robert Maurice Weinberg Non-Executive Director 01 July 2006
Dr Ciceron (Jun) Angeles Non-Executive Director 28 June 2011
Mr Gary Powell Non-Executive Director 24 January 2013
Mr Andrew Boon San Teo Non-Executive Director,Non-Executive Chairman 15 February 2010

Management
Name Position
Geoffrey John Davis Chief Executive Officer
Peter Alphonso Company Secretary

Substantial Shareholders
Holding Name
9,541,215 (6.10%) BlackRock Group
10,336,734 (5.47%) Van Eck Associates Corporation
14,825,476 (7.85%) Wellington Management Company LLP

Calendar of Events
Date Event
21 October 2015 Report (Quarterly)
29 September 2015 Report (Annual)
28 August 2015 Report (Prelim)
30 July 2015 Report (Quarterly)
28 April 2015 Report (Quarterly)
26 February 2015 Report (Interim)
29 January 2015 Report (Quarterly)
28 October 2014 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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