Mercator Minerals Ltd. Consensus Target Price of 7 Analysts $2.45
Metals & Mining
Latest Results /
Recent Developments
Head Office: 1971 Sandown Pl, North Vancouver, BC, V7P 3C3
Tel: (604) 981-9661 Fax: (604) 960-9661
Email: mleblanc@mercatorminerals.com Website: www.mercatorminerals.com
Michael L. Surratt, CEO Raymond R. Lee, CFO
Investor Relations: Marc S. LeBlanc Tel: (604) 981-9661
Recent
Price Recent
Daily Vol. Annual Avg.
Daily Vol. 52-wk
range Shares
Outstanding Market
Capitalization IAD Ex-Dividend
Date
$1.44
at Apr 30/09 7,876,597
at Apr 30/09 1,329,254 $12.94 - $0.29 74,805,000
107,720,000 n.a. n.a.
Yield Listed Price/
Book P/E % Below
High Book
Value 12 mo.
EPS 3-yr.
Return 10-yr.
Beta
n.a. TSX/ML 1.70 n.a. 88.9% US$0.80 US$-0.38 -16.46% n.a.
Business: Holds Mineral Park copper mine, 25 km north of Kingman, Ariz., which commenced commercial production on Jan. 15, 2005.
Forecasts provided by I/B/E/S
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Consensus Recommendation of 8 Analysts Buy
Consensus Target Price of 7 Analysts $2.45
Consensus Information - EPS US$
Periods Date # Ests. Mean High Low Up Down
Quarter Ending: Mar./09 3 -0.13 -0.07 -0.23 1 0
Quarter Ending: June/09 3 -0.03 -0.01 -0.05 0 0
Quarter Ending: Sept./09 3 -0.01 0.00 -0.03 1 0
Quarter Ending: Dec./09 3 0.02 0.07 -0.01 1 0
2009 Dec. 7 -0.07 0.05 -0.16 1 0
2010 Dec. 6 0.43 0.57 0.25 0 1
Consensus Information - Cash Flow Per Share US$
Periods Date # Ests. Mean High Low Up Down
Quarter Ending: Mar./09 3 -0.09 -0.01 -0.18 0 0
Quarter Ending: June/09 3 0.00 0.02 -0.04 0 0
Quarter Ending: Sept./09 3 0.01 0.02 0.00 0 0
Quarter Ending: Dec./09 3 0.04 0.09 0.01 0 1
2009 Dec. 6 0.01 0.15 -0.09 0 1
2010 Dec. 7 0.68 1.38 0.36 0 1
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Fiscal year ended Dec. 31
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Revenue Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total
Fiscal Year US$000s US$000s US$000s US$000s US$000s
Dec 31/08 7,737 11,220 8,891
Dec 31/07 7,626 10,458 10,593 7,392 36,070
Dec 31/06 3,942 8,098 9,865 9,106 31,010
Dec 31/05 1,952 2,347 2,615 4,356 11,270
$000s $000s $000s $000s $000s
Dec 31/04 1,253 1,465 1,444 1,303 5,465
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EPS Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total
Fiscal Year US$ US$ US$ US$ US$
Dec 31/08 (0.01) (0.09) (0.08)
Dec 31/07 (0.06) 0.02 nil (0.06) (0.16)
Dec 31/06 0.02 0.03 0.06 0.02 0.13
Dec 31/05 nil nil nil 0.01 0.01
$ $ $ $ $
Dec 31/04 (0.00) 0.00 0.01 (0.03) (0.04)
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Latest Dividend Declared n.a.
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Short Position 1,672,705 (Apr. 15/09)
110,276 (Mar. 31/09)
Top 3 In Industry (by Market Capitalization)
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Market
Capitalization Yield P/E
Barrick Gold Corporation $30,169,995,264 1.40% 37.50
Goldcorp Inc. $23,808,090,112 0.70% 12.90
Kinross Gold Corporation $12,127,070,208 0.50% n.a.
Dupont Model
2007 2006 2005 2004 2003 2002 2001
Income/Sales (29.18) 22.79 3.19 (12.64) (75.37) n.a. n.a.
Sales/Assets 0.17 0.58 0.54 0.62 0.54 nil nil
Assets/Equity 2.95 1.46 1.43 4.30 n.m. n.m. 3.64
Return on Equity (19.79) 27.72 4.59 n.m. n.m. n.m. (130.72)
Screens
2007 2006 2005 2004 2003 2002 2001
Earnings per Share $ (0.16) 0.13 0.01 (0.04) (0.17) (0.10) (0.39)
Earnings Growth % (223.08) n.m. 130.28 76.47 (70.00) 74.36 68.80
Avg. Price/Sales 11.10 3.31 2.16 1.63 1.87 n.a. n.a.
Avg. Price/Earnings n.m. 13.97 64.41 n.m. n.m. n.m. n.m.
Avg. Price/Cash Flow n.m. 40.82 n.m. n.m. 5.08 n.m. n.m.
Avg. Price/Book Value 8.26 3.06 2.08 5.64 n.m. n.m. 19.81
Tangible Book Value/Sh $ 0.80 0.58 0.32 0.09 (0.01) 0.00 0.06
Cash Flow/Share $ 0.00 0.04 (0.02) (0.02) 0.09 (0.01) (0.01)
Capital Expenditures/Sh $ 0.80 0.19 0.31 0.19 0.03 nil nil
Earnings Yield % n.a. 7.16 1.55 n.a. n.a. n.a. n.a.
Estimated Payback (yrs) n.m. 6.54 30.65 n.m. n.m. n.m. n.m.
Price - Fiscal High $ 10.64 3.15 1.10 0.70 0.80 0.20 2.50
Price - Fiscal Low $ 2.50 0.97 0.46 0.33 0.08 0.03 0.05
Safety
2007 2006 2005 2004 2003 2002 2001
Free Cash Flow/Share $ (0.80) (0.14) (0.33) (0.21) 0.05 (0.01) (0.01)
Cash Flow/Total Debt % (0.04) 32.04 (21.18) (16.38) 77.63 nil nil
Current Ratio 7.57 3.51 3.85 1.62 0.44 0.07 0.08
Acid Test (Quick Ratio) 6.78 2.35 1.54 1.55 0.37 0.02 0.02
Acct. Rec./Acct. Pay. 0.10 1.19 0.42 0.32 0.27 0.02 0.02
Working Cap./Total Assets % 49.55 33.48 20.50 10.48 (19.79) (93.36) (66.40)
Long-term Debt/Common Equity 1.70 0.17 0.15 1.19 n.m. nil nil
Total Debt/Common Equity 1.74 0.21 0.19 1.20 n.m. nil nil
Cash Flow/Net Inc. bef. Disc. n.m. 0.36 (1.62) n.m. n.m. n.m. n.m.
Interest Coverage 0.57 42.77 2.56 n.m. n.m. n.a. n.a.
ROE/ROA n.m. 1.42 1.06 n.a. n.a. n.a. n.m.
Earnings Quality Model
2007 2006 2005 2004 2003 2002 2001
EBIT Margin % 34.36 40.83 5.23 (7.21) (70.62) n.a. n.a.
Asset Turnover 0.17 0.58 0.54 0.62 0.54 nil nil
Interest Burden % 10.56 0.56 1.11 3.34 2.52 nil nil
Retention % 111.70 57.16 n.m. n.m. n.m. n.m. n.m.
Leverage 2.95 1.46 1.43 4.30 n.m. n.m. 3.64
Book Value/Share $ 0.80 0.58 0.32 0.09 (0.01) 0.00 0.06
Apparent Tax Rate % n.m. 42.84 nil nil nil nil nil
Growth Rates %
2007 2006 2005 2004 2003 2002 2001
Sales 16.32 175.16 149.73 152.08 n.a. n.a. n.a.
Sustainable (19.79) 27.72 4.59 n.a. n.a. n.a. (130.72)
Cash Flow (101.83) 530.70 (74.32) (150.75) n.m. (43.75) 96.13
Book Value/Share 38.82 79.76 309.95 825.64 (372.38) (104.14) (85.88)
Profitability & Efficiency %
2007 2006 2005 2004 2003 2002 2001
Operating Margin 14.20 42.81 6.92 (12.31) (57.61) n.a. n.a.
Pre-tax Margin (26.13) 39.87 3.19 (12.64) (75.37) n.a. n.a.
Net Profit Margin (29.18) 22.79 3.19 (12.64) (75.37) n.a. n.a.
Return on Equity (19.79) 27.72 4.59 n.m. n.m. n.m. (130.72)
Return on Assets 10.66 19.57 4.32 (6.11) (50.51) (30.45) (73.19)
Return on Inv. Capital 11.74 23.50 5.79 (14.58) (359.81) (210.74) (130.78)
Other Ratios
2007 2006 2005 2004 2003 2002 2001
Sales/Receivables 10.54 10.29 28.73 12.59 10.20 nil nil
Sales/Inventory 4.45 5.45 n.a. n.a. n.a. n.a. n.a.
Sales/Fixed Assets 0.71 1.65 1.56 3.03 12.75 nil nil
Sales/Cash & Equiv. 0.62 4.78 6.70 5.43 27.62 nil nil
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Latest Results: Periods ended: 9m Sep 30/08 9m Sep 30/07
US$000 %Chg US$000
Operating revenue 27,848 -3 28,677
Net income (13,203) n.a. (6,150)
US$ US$
Earnings per share* (0.18) (0.09)
* Common
Included in the 2007 results was a US$5,585,000 finance issuance cost related to notes payable and a US$2,795,000 gain on sale of assets; there were no such items in 2008. The rise in net loss was primarily due to the accrual of interest payable on notes and equipment loans, stock-based compensation expense, additional staffing and expensing costs associated with the start-up of the expansion at Mineral Park mine and the expensing of previously capitalized costs incurred in connection with the in-process copper inventories on the leach pad.
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