{"id":11455,"date":"2021-05-31T13:59:08","date_gmt":"2021-05-31T11:59:08","guid":{"rendered":"https:\/\/www.emergers.se\/?p=11455"},"modified":"2021-05-31T14:16:48","modified_gmt":"2021-05-31T12:16:48","slug":"stirling_h","status":"publish","type":"post","link":"https:\/\/dev.emergers.se\/en\/stirling_h\/","title":{"rendered":"F\u00f6rst\u00e4rkning av kassan n\u00e4sta viktiga h\u00f6rnsten p\u00e5 plats \u2013 tre \u00e5terst\u00e5r"},"content":{"rendered":"
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Med f\u00f6rst\u00e4rkningen av kassan p\u00e5 225 MSEK \u00e4r nu ytterligare en viktig sten p\u00e5 plats i det bygge som ska utg\u00f6ra grunden i Swedish Stirlings utrullning i Sydafrika. Med avtalet med Glencore som en f\u00f6rsta viktig h\u00f6rnsten \u00e5terst\u00e5r nu finansieringsavtal med ett eller tv\u00e5 finansinstitut och fasta avtal med de tv\u00e5 \u00e5terst\u00e5ende ferrokromproducenterna \u2013 h\u00e4ndelser som alla sannolikt v\u00e4ntar runt h\u00f6rnet. Tillsammans med en potentiell lansering av utsl\u00e4ppsr\u00e4tter i Sydafrika och avsiktsf\u00f6rklaringen med SMS Group forts\u00e4tter vi se ett motiverat v\u00e4rde p\u00e5 26-36 SEK p\u00e5 18-24 m\u00e5n sikt.
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Report:<\/strong> Johan Widmark | Date:<\/strong> 2021-05-31<\/span><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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225 MSEK r\u00e4cker hela v\u00e4gen<\/h5>

Efter det efterl\u00e4ngtade f\u00f6rsta avtalet med Glencore som annonserades i slutet av april flaggade vi f\u00f6r att v\u00e5rt antagande om en genomsnittlig produktionskostnad f\u00f6r de 25 PWR BLOK till Glencore p\u00e5 6 MSEK per enhet, och antagandet att SPV skulle finansieras med 50% Eget kapital och 50% l\u00e5n, skulle p\u00e5kalla ett behov att st\u00e4rka kassan (l\u00e4s v\u00e5r senaste uppdatering\u00a0Islossning med prestigekund banar v\u00e4g f\u00f6r utrullning<\/a>). \u00c4ven om bilden av det totala framtida kapitalbehovet fortfarande \u00e4r avh\u00e4ngigt utfallet fr\u00e5n f\u00f6rhandlingarna med de tv\u00e5 \u00e5terst\u00e5ende ferrokromproducenterna s\u00e5 har omfattningen p\u00e5 den genomf\u00f6rda emissionen p\u00e5 225 MSEK undanr\u00f6jt en hel del os\u00e4kerhet i caset. Enligt bolaget ska den genomf\u00f6rda finansieringen i kombination med ett uppl\u00e4gg med en eller tv\u00e5 av de finansieringspartners som man nu f\u00f6rhandlar med, r\u00e4cka hela v\u00e4gen f\u00f6r utrullning av de totalt 241 PWR BLOK som ligger p\u00e5 bordet i Sydafrika.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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L\u00e4s v\u00e5r tidigare analys p\u00e5 Swedish Stirling h\u00e4r\u00a0<\/span><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Reducering av risken kompenserar utsp\u00e4dningen<\/h5>

F\u00f6r de tv\u00e5 andra kunder Swedish Stirling f\u00f6rhandlar med ser vi ett leasinguppl\u00e4gg som mest sannolikt, som \u00e4ven kan innefatta STRLNG som leasinggivare. I det scenario d\u00e4r STRLNG \u00e4ger \u00f6ver 50% av leasingbolaget skulle det inneb\u00e4ra att en f\u00f6rs\u00e4ljning ist\u00e4llet blir en leasingint\u00e4kt i STRLNGs r\u00e4kenskaper (p\u00e5 ett s\u00e4tt som liknar Glencoreavtalet), vilket inneb\u00e4r en h\u00f6g grad av os\u00e4kerhet i v\u00e5r prognos, \u00e4ven om v\u00e5ra volymantaganden visar sig r\u00e4tt. Medan utsp\u00e4dningen fr\u00e5n emissionen p\u00e5 ca 12% visserligen tynger n\u00e5got p\u00e5 kalkylen per aktie s\u00e5 \u00e4r det ocks\u00e5 ett viktigt steg fram\u00e5t som minskar risken markant, b\u00e5de den operationella risken i utrullningen samtidigt som det undanr\u00f6jer risken f\u00f6r en st\u00f6rre f\u00f6retr\u00e4desemission. Med f\u00f6rv\u00e4ntan om ett fortsatt positivt nyhetsfl\u00f6de, ytterligare tv\u00e5 kontrakt i pipeline, en potentiell lansering av utsl\u00e4ppsr\u00e4tter i Sydafrika och avsiktsf\u00f6rklaringen med SMS Group forts\u00e4tter vi se ett motiverat v\u00e4rde p\u00e5 26-36 SEK p\u00e5 18-24 m\u00e5n sikt.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\tL\u00c4S ANALYSEN I PDF H\u00c4R <\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Johan Widmark | Tel: 0739196641 | Mail: johan@emergers.se<\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\tDISCLAIMER<\/strong>\nInformation provided here or on Emergers' website emergers.se is not intended to be financial advice. Emergers receives compensation for writing about the company in question. The company has been given the opportunity to influence factual statements before publication, but forecasts, conclusions and valuation reasoning are Emergers' own. To avoid conflicts of interest, Emergers' writers have no holdings in the listed companies we write about. Articles of analysis shall not be construed as a recommendation or solicitation to invest in the companies described. Emergers cannot guarantee that the conclusions presented in the analysis will be met. Emergers cannot be held liable for either direct or indirect damages caused by decisions made on the basis of information in this analysis. Investors are encouraged to seek additional information as well as consult a financial advisor prior to any investment decision. For more information and complete terms, please see emergers.se.<\/span> here<\/a>.\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Med f\u00f6rst\u00e4rkningen av kassan p\u00e5 225 MSEK \u00e4r nu ytterligare en viktig sten p\u00e5 plats i det bygge som ska utg\u00f6ra grunden i Swedish Stirlings utrullning i Sydafrika. Med avtalet med Glencore som en f\u00f6rsta viktig h\u00f6rnsten \u00e5terst\u00e5r nu finansieringsavtal med ett eller tv\u00e5 finansinstitut och fasta avtal med de tv\u00e5 \u00e5terst\u00e5ende ferrokromproducenterna \u2013 h\u00e4ndelser …<\/p>\n<\/div>","protected":false},"author":1,"featured_media":10560,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"spay_email":""},"categories":[39],"tags":[43,35],"jetpack_featured_media_url":"https:\/\/dev.emergers.se\/wp-content\/uploads\/2020\/03\/PWR-BLOK-2.jpg","_links":{"self":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts\/11455"}],"collection":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/comments?post=11455"}],"version-history":[{"count":13,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts\/11455\/revisions"}],"predecessor-version":[{"id":11473,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/posts\/11455\/revisions\/11473"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/media\/10560"}],"wp:attachment":[{"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/media?parent=11455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/categories?post=11455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.emergers.se\/en\/wp-json\/wp\/v2\/tags?post=11455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}