Added to YB: 2026-03-16
Pitch date: 2026-03-12
KMR.L [neutral]
Kenmare Resources plc
-2.38%
current return
Author Info
No bio for this author
Company Info
Kenmare Resources plc, together with its subsidiaries, engages in the production and sale of mineral sand products in China, rest of Asia, Europe, the United States, and internationally.
Market Cap
GBP 279.9M
Pitch Price
GBP 2.31
Price Target
N/A
Dividend
8.61%
EV/EBITDA
2.57
P/E
-5.54
EV/Sales
0.87
Sector
Metals and Mining
Category
special_situation
Theodosian Capital | Stocks Update 12/3/2026 - KMR – IA proving to be a taxing matter
KMR.L (update): Implementation Agreement renewal stalled 2+ yrs post-application despite mgmt lobbying & presidential meetings. Mozambique tax authority unilaterally imposing new terms: royalty 1%→3.5% by 2031 (vs 2041 proposed), revoking Industrial Free Zone status (VAT on inter-co transfers + corp tax risk), limiting duty exemptions. Working capital hit from VAT timing. Trades 3.7x 2027 EV/EBITDA but arbitration risk & FDI overhang cap upside until IA resolved.
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