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1. Company Snapshot

1.a. Company Description

Kenmare Resources plc, together with its subsidiaries, produces and sells mineral sand products in China, Europe, the United States, and internationally.It operates the Moma Titanium Minerals Mine located on the northeast coast of Mozambique.The company's products include ilmenite, zircon, and rutile; and concentrates, including secondary zircon and mineral sand concentrates.


As of December 31, 2020, it had a total proved and probable ore reserves of 1,534 million tons.The company was incorporated in 1972 and is headquartered in Dublin, Ireland.

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1.b. Last Insights on KMR

Kenmare Resources' recent performance was negatively impacted by a fatal incident involving a police officer at its Moma Titanium Minerals Mine in Mozambique. The company's H1 2025 earnings revealed revenue growth of 1.6% to $167.7m, but EPS beat expectations. The appointment of Ekaterina Ray as an independent Non-Executive Director may bring fresh perspectives. The ongoing Wet Concentrator Plant A upgrade project aims to enhance operations. However, a decline in investor confidence, reflected in a 19% drop over three years, may be attributed to rising concerns over operational risks and costs.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Why The Story Behind Kenmare Resources Is Evolving After Recent Analyst Updates

Nov -26

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Wet Concentrator Plant A project update and 2025 guidance update

Nov -18

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Even after rising 10% this past week, Kenmare Resources (LON:KMR) shareholders are still down 19% over the past three years

Nov -13

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Board Update

Oct -29

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Q3 2025 Production Report

Oct -15

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Wet Concentrator Plant A Project Update

Oct -08

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Holding(s) in Company

Oct -06

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Fatal incident involving a police officer

Oct -02

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.15%)

6. Segments

Mozambique

Expected Growth: 6.15%

Kenmare Resources plc's 6.15% growth in Mozambique is driven by increasing ilmenite prices, rising demand from Chinese steel producers, and the company's successful cost-cutting initiatives. Additionally, the expansion of the Moma Mine's wet concentrator plant and the introduction of a new mining fleet have improved operational efficiency, further contributing to the growth.

7. Detailed Products

Ilmenite

A titanium-iron oxide mineral used as a raw material in the production of titanium dioxide pigment, titanium metal, and welding rod coatings.

Rutile

A titanium dioxide mineral used as a raw material in the production of titanium dioxide pigment, welding rod coatings, and specialized ceramics.

Zircon

A mineral used in the production of ceramics, refractories, and foundry applications.

Heavy Mineral Concentrate (HMC)

A concentrate of heavy minerals, including ilmenite, rutile, and zircon, used as a raw material in various industrial applications.

8. Kenmare Resources plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Kenmare Resources plc is medium due to the availability of alternative mineral sources and the ability of customers to switch to different suppliers.

Bargaining Power Of Customers

The bargaining power of customers for Kenmare Resources plc is low due to the company's strong market position and the lack of concentration among its customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Kenmare Resources plc is medium due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Kenmare Resources plc is low due to the high barriers to entry in the mining industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry for Kenmare Resources plc is high due to the competitive nature of the mining industry, with multiple players competing for market share and resources.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.14%
Debt Cost 6.00%
Equity Weight 95.86%
Equity Cost 6.00%
WACC 6.00%
Leverage 4.32%

11. Quality Control: Kenmare Resources plc passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Alphamin Resources

A-Score: 5.8/10

Value: 6.0

Growth: 9.0

Quality: 8.0

Yield: 9.4

Momentum: 2.0

Volatility: 0.7

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Capital

A-Score: 5.5/10

Value: 7.6

Growth: 6.6

Quality: 4.9

Yield: 4.4

Momentum: 7.5

Volatility: 2.3

1-Year Total Return ->

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Kenmare Resources

A-Score: 5.2/10

Value: 9.4

Growth: 6.1

Quality: 2.8

Yield: 9.4

Momentum: 2.0

Volatility: 1.7

1-Year Total Return ->

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Griffin Mining

A-Score: 4.1/10

Value: 3.7

Growth: 5.1

Quality: 6.9

Yield: 0.0

Momentum: 7.0

Volatility: 1.7

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Foraco

A-Score: 3.9/10

Value: 7.4

Growth: 5.0

Quality: 4.9

Yield: 0.0

Momentum: 3.5

Volatility: 2.7

1-Year Total Return ->

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Ferroglobe

A-Score: 2.8/10

Value: 5.0

Growth: 4.8

Quality: 1.6

Yield: 0.6

Momentum: 4.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.55$

Current Price

2.55$

Potential

-0.00%

Expected Cash-Flows