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GB : Centamin Eqypt Limited - Seeking redemption post midlife crisis

To restore investor confidence after several years of production disappointments, the Martin Horgan-led ‘new Centamin’ is investing for operational stability at its flagship Sukari gold mine in Egypt. A strong balance sheet provides the ability to pay for this turnaround while maintaining dividend payments, we argue. However, the current share price is 30% higher than our valuation, so despite the prospect of potentially transformational West African upside, we initiate with a SELL rating.


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