Recommendation: Speculative Buy
Entry Date | Symbol | Recommendation | Entry Price (CAD) | Target 1 (CAD) | Target 2 (CAD) | Holding Duration | Potential Upside |
---|---|---|---|---|---|---|---|
20 Feb, 24 | FOM | Speculative Buy | CAD 3.96 | CAD 4.35 | CAD 4.75 | 6 days | 19.9% |
Data Powered by EOD Historical Data (“EODHD”).
Foran Mining Corporation engages in the acquisition, exploration, and development of mineral properties. The company primarily explores for copper, zinc, gold, and silver deposits. Its flagship project is the 100% owned McIlvenna Bay project comprising 44 claims that covers a total area of 29,418 hectares located in Saskatchewan, Canada. Foran Mining Corporation was incorporated in 1989 and is headquartered in Vancouver, Canada.
Improved Debt-Equity Ratio: 0.09x in Q1FY24 vs. 0.13x in Q1FY23
Lower Net Loss: CAD -0.48 million in Q1FY24 vs. CAD –6.07 million in Q1FY23
Lower Current Ratio: 5.33x in Q4FY24 vs. 6.55x in Q4FY23
Negative Operating Income: CAD –4.36 million in Q1FY24 vs. CAD –5.04 million in Q1FY23
Market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Entry Price | Support* | Target 1 | Target 2 |
---|---|---|---|
3.96 | 3.765 | 4.35 | 4.75 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
Financials: FOM’s Cash balance stood at CAD 0.21 million in Q4FY24, up 31% as compared to CAD 0.16 million in Q4FY23.
Technical: 14-day period RSI shows a reading of ~49.51 levels, indicating positive momentum. However, stock is trading below 21 and 50-day period SMAs.
Outlook: For FY24, the company plans to focus on exploration and drilling activities in the Tesla zone and Bridge Zone at the Mcllvenna Bay Property.
Given the aforementioned factors. a "Speculative Buy" recommendations has been assigned on the stock at the closing market price of CAD 3.96 as on 20 February 2024.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Basic Materials Industry: Other Industrial Metals & Mining
Company | Change (CAD) | Price (CAD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to EBITDA (x) |
---|---|---|---|---|---|---|---|
FOM Foran Mining Corporation |
-0.02 0.51% | 3.92 | - | - | - | 2.29 | -131.2641 |
IVN Ivanhoe Mines Ltd. |
0.50 2.97% | 17.35 | 109.35 | 21.37 | - | 3.68 | 130.80 |
FIL Filo Mining Corp |
0.31 0.99% | 31.69 | - | - | - | 100.26 | -44.2126 |
NGEX NGEx Minerals Ltd. |
-0.1 0.75% | 13.22 | - | - | - | - | |
SKE Skeena Resources Ltd |
0.22 1.72% | 13.00 | - | - | - | 8.01 | -4.0329 |
Data Powered by EOD Historical Data (“EODHD”).
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is February 20, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: The report publishing date is as per the Pacific Time Zone.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Disclaimer :
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