viewHorizonte Minerals PLC

Horizonte Minerals started out with buy rating from Cantor Fitzgerald

“Both projects show robust valuations even at low nickel prices,” said Cantor analyst Matthew O'Keefe

Horizonte Minerals PLC -

Horizonte Minerals PLC (LON:HZM)(TSX:HZM) has been given a ‘buy’ rating by broker Cantor Fitzgerald as it started covering the Brazil-focused nickel development company.

The AIM-listed company “offers good value to investors looking for exposure to the growing nickel market”, the broker said in a note to clients on Monday.

Horizonte has two top-tier nickel projects located in the Carajás Mining district in north east Brazil, with project financing underway for the lower-risk Araguaia project.

Araguaia will produce ferronickel for the stainless steel industry while work continues to develop the Vermelho project into a producer of nickel and cobalt sulphate for the battery and EV markets.

“Both projects show robust valuations even at low nickel prices,” said Cantor analyst Matthew O'Keefe.

A sum-of-parts net asset value estimate for Horizonte results in a 23p/C$0.40 per share target price, including adjusting for the expectation that the company will be successful in lining up project financing for Araguaia in 2021.

Quick facts: Horizonte Minerals PLC

Price: 7.55 GBX

Market: AIM
Market Cap: £121.71 m

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