Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
AnglaisFrancais
Cours Or & Argent en

Saracen Mineral Holdings Ltd

Publié le 19 mai 2016

RBC - Saracen Upside PT $1.50

( 0 vote, 0/5 ) Imprimer l'article
  Article Commentaires Commenter Notation Suivre la société  
0
envoyer
0
commenter
Mots clés associés :   9/11 | Canada | Cash | Copper | Mali | Us Gold |

RBC - Saracen Upside PT $1.50

Australian Golds: Revising our AUD/USD; leaning on cash flow for value

EQUITY RESEARCH

Royal Bank of Canada - Sydney Branch

Cameron Klutke (AVP)

+61 3 8688 6551

[email protected]

Paul Hissey (Analyst)

+61 3 8688 6512

[email protected]

May 16, 2016

Australian Golds: Revising our AUD/USD; leaning on cash flow for value

Updating our domestic gold coverage with greater emphasis on cash flow

As previously flagged in our recent research note ('Australian Golds: Trading focus on free cash flow as bull market gains momentum'), we now place greater emphasis on the gold producers' ability to generate near term cash flow. We believe this current bull market in gold equities is delivering a shortened investment horizon, with those providing a strong turnaround in cash flow (and more importantly, free cash flow) being most rewarded by the general market. The dramatic uplift in Resolute Mining's (RSG) share price (due to FCF turnaround, in our view) is a strong example of this trading philosophy, where long term valuations have remained relatively flat, and the only significant change being the free cash flow.

Due to what we believe to be an ongoing trading emphasis on near term cash flow, we lift all our gold coverage to reflect a 25% increase towards our debt-adjusted cash flow. Since we derive our price targets using a blend of debt-adjusted cash flow and NAV, our average blend now sits at 75% weighted debt- adjusted cash flow and 25% weighted towards NAV (previously 50:50).

Incorporating our revised AUD/USD and base metal prices into our gold coverage provides near term benefits, but longer term greater headwinds...

We have recently revised our long term AUD/USD upwards to 75c (previously 70c), however, we expect near term weakness in the AUD/USD which provides the short term cash flow upgrades in our AUD exposed names.

Since several of the domestic gold names (NCM, OGC, EVN) are exposed to copper prices (as by-product credits), our revised copper price forecasts, which indicate a small increase in long term prices to US

$2.85/lb Cu (previously US$2.75/lb Cu) show a marginal benefit.

Our long term gold price forecast has remained unchanged at US$1,300/oz.

Investment Recommendations

Preferred names:

Our revised numbers continue to indicate upside in Saracen Mineral Holdings (SAR) and Silver Lake Resources (SLR). We continue to like these names not only for the expected lift to near term cash flow, but also for the organic growth opportunities available.

Caution (on free cash flow):

With greater weight towards companies' near term cash flow, we flag Perseus Mining (PRU, Sector Perform) as a weaker name using this metric, however, a more positive longer term strategy (Yaoure) remains in place.

Our Underperforms:

We highlight both Newcrest Mining (NCM) and Evolution Mining (EVN) as our 'Underperform' names with valuations for both remaining stretched at current trading levels.

Connor O'Brien (Associate)

+61 3 8688 6519

[email protected]

Priced as of prior trading day's market close, EST (unless otherwise noted).

All values in AUD unless otherwise noted.

For Required Non-U.S. Analyst and Conflicts Disclosures, see page 5.

Gold equities building momentum; we now weigh more heavily on FCF

As we previously reported (Australian Golds: Trading focus on free cash flow as bull market gains momentum, May 12, 2016), we believe the broader domestic market is shifting towards a cash flow based trading strategy. This reflects the switch away from more raw fundamental valuations (NAV) which we think the market is now looking well beyond in the current bull market.

As part of what we believe to be current market valuation criteria, we re-rate our Australia gold coverage universe accordingly. From the table below, the companies we expect to be rewarded in this environment are those with strong near-term (12 months) cash flow prospects.

The largest beneficiaries in our coverage of a more heavily weighted cash flow based valuation are: Resolute Mining (RSG), Evolution Mining (EVN) and Silver Lake Resources (SLR).

Exhibit 1: Changes to our AUD/USD and copper price forecasts

FY15

FY16E

FY17E

FY18E

FY19E

FY20E

FY16 US$

Long Term

AUDUSD

Prev.

0.75

0.72

0.71

0.70

0.70

0.71

0.71

New

0.75

0.72

0.67

0.69

0.71

0.73

0.75

%

0.5%

(5.6%)

(2.0%)

1.9%

3.5%

6.4%

Copper

Prev.

2.50

2.03

2.25

2.50

2.75

3.04

2.75

New

2.50

2.10

2.25

2.50

2.75

3.00

2.85

%

3.5%

0.0%

0.0%

0.0%

(1.3%)

3.6%

Source: RBC Capital Markets estimates

Exhibit 2: Changes to earnings, cash flow, valuation, and target prices

FY16

Old New

EPS ($/Share)

FY17

Old New

FY16

Old New

CF/ sh. ($)

FY17

Old New

NAV A$/Share

Old New

TP (A$/Share)

Old New

TP Blend (DACF-NAV)

Old New

Rating Spec

BDR

0.06

0.05

0%

0.06

0.06

8%

0.09

0.09

0%

0.08

0.09

6%

0.33

0.33

-1%

0.30

0.35

17%

50-50

75-25

SP

-

EVN

0.18

0.17

-4%

0.26

0.28

9%

0.35

0.34

-2%

0.43

0.45

6%

0.84

0.83

-2%

1.50

1.90

27%

50-50

75-25

UP

-

GOR

-0.01

-0.01

0%

-0.01

-0.01

0%

0.00

0.00

0%

-0.01

-0.01

0%

0.68

0.56

-18%

0.50

0.60

20%

50-50

75-25

OP

Spec

NCM*

0.38

0.38

-2%

0.67

0.72

6%

1.25

1.24

-1%

1.55

1.59

3%

11.47

10.99

-4%

14.50

15.50

7%

50-50

75-25

UP

-

NST

0.32

0.31

-2%

0.46

0.51

9%

0.68

0.67

-2%

0.75

0.81

7%

2.81

2.86

1%

3.70

4.10

11%

50-50

75-25

SP

-

OGC*

0.19

0.20

4%

0.28

0.29

3%

0.44

0.44

1%

0.64

0.66

4%

3.48

3.40

-2%

3.90

4.20

8%

50-50

75-25

SP

-

PRU

-0.01

-0.01

-7%

0.00

0.00

-5%

0.03

0.03

-2%

0.07

0.07

4%

0.63

0.58

-8%

0.40

0.30

-25%

50-50

75-25

SP

-

RRL

0.21

0.20

-4%

0.27

0.30

10%

0.37

0.36

-3%

0.40

0.43

9%

1.93

1.91

-1%

2.40

2.70

13%

50-50

75-25

SP

-

RSG

0.25

0.24

-4%

0.29

0.31

6%

0.29

0.28

-3%

0.35

0.37

6%

0.43

0.43

-2%

0.70

1.00

43%

25-75

50-50

SP

-

S2R

-0.05

-0.05

0%

-0.03

-0.03

0%

-0.01

-0.01

0%

-0.01

-0.01

0%

0.27

0.27

0%

0.30

0.30

0%

n.a

n.a

OP

Spec

SAR

0.07

0.07

-5%

0.18

0.20

8%

0.17

0.16

-3%

0.29

0.31

6%

1.03

1.02

-1%

1.40

1.50

7%

50-50

75-25

OP

-

SLR

0.02

0.02

-8%

0.07

0.07

13%

0.10

0.10

-2%

0.16

0.17

7%

0.63

0.62

-2%

0.60

0.70

17%

50-50

75-25

OP

Spec

*Reported in USD

Source: RBC Capital Markets estimates

Where does the value swing to from here?

As outlined in the chart below, gold equities continue to deviate away (higher) from movements in both the AUD and USD gold prices. This poses the question if gold prices do not maintain this upward trend, who can hold onto the current fundamental valuation premiums in place?

We believe the companies with strong organic growth opportunities, and their ability to exploit these opportunities, should hold values against those with a shorter term cash flow horizon. Essentially, we look towards the producers who can maintain, or grow, current free cash flow beyond just a 12-month window.

Our preferred names to maintain/grow FCF/share are: Saracen Mineral Holdings (SAR), Silver Lake Resources (SLR) and OceanaGold (OGC).

Exhibit 3: Australian gold equities significantly outperforming both A$ and US$ gold prices.

XGD.ASX US$ Gold Price A$ Gold Price

60%

50%

Percentage movement (%)

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16

Source: RBC Capital Markets estimates, IRESS

Exhibit 4: Snapshot of our coverage universe

Company name Gold Producers

Ticker

RBC rating

Share price (A$ps)

Price target (A$ps)

Implied TSR (%)

NAV (A$ps)

P/NAV (x)

EV/EBITDA (X)

Newcrest Mining

NCM

Underperform

21.10

15.50

-26.2%

10.99

1.9x

11.4x

Evolution Mining

EVN

Underperform

2.24

1.90

-14.3%

0.83

2.7x

6.3x

Oceanagold

OGC

Sector Perform

4.82

4.20

-12.0%

3.40

1.4x

11.2x

Northern Star Resources Ltd

NST

Sector Perform

4.70

4.10

-11.5%

2.86

1.6x

6.0x

Regis Resources

RRL

Sector Perform

3.21

2.70

-13.4%

1.91

1.7x

7.7x

Saracen Mineral Holdings

SAR

Outperform

1.28

1.50

17.2%

1.02

1.3x

9.0x

Resolute Mining

RSG

Sector Perform

0.90

1.00

11.1%

0.43

2.1x

2.9x

Perseus Mining

PRU

Sector Perform

0.60

0.30

-49.6%

0.58

1.0x

11.6x

Beadell Resources

BDR

Sector Perform

0.31

0.35

14.8%

0.33

0.9x

7.0x

Mean

-9.3%

2.48

1.6x

8.1x

Gold Exploration and Development

Gold Road Resources GOR

Outperform

* 0.57

0.60

5.3%

0.56

1.0x

-56.0x

S2 Resources Ltd S2R

Outperform

* 0.28

0.30

7.1%

0.27

1.1x

-3.8x

Silver Lake Resources Ltd SLR

Outperform

* 0.55

0.70

28.4%

0.62

0.9x

4.7x

Mean

13.6%

0.48

1.0x

-18.4x

* = Speculative risk

Date 2016/05/16

Source: Company reports, RBC Capital Markets estimates, IRESS

Valuation

BDR

In setting our A$0.35 price target, we assume prioritised production from the high-grade Duckhead Stage 3 pit, which will likely conclude in SepQ'16, with a further c.6.5 years of production from the existing open-pit resource base at Tucano, Tap AB, etc. We also assume a nominal A$10m valuation for further resources not included outside of the current base case and additional exploration prospects. Our 12-month price target is based on our (25:75) NAV and P/DACF methodology, with a 5.0x DACF and 0.8x NAV. Our price target supports our Sector Perform rating.

EVN

We value EVN in line with RBC Capital Markets' global approach to the valuation of gold equities. Our 12-month target price of A$1.90 is based on our consistent methodology weighting NAV (1.0x) and DACF (7.0x) on a 25:75 basis. Our target supports an Underperform rating.

GOR

Our 12-month price target of A$0.60/share is based on 0.9x our sum of the parts (SOTP) NAV. Our SOTP valuation is based on the explicit forecasting of potential production and cash cost outcomes at Gruyere, overlain by our own views on commodity and currency. At an asset level, we consider Gruyere to be valued at c.A$365m (10% WACC), with additional exploration potential (resource ounces outside our base case, and all other exploration blue-sky) valued conservatively at A$40m (or 7cps). Our price target and implied return support our Outperform (Speculative Risk) rating.

NCM

Based on our 25:75 weighting of NAV (1.0x) and DACF (14.0x) methodology, we rate Newcrest Mining Limited (NCM) Underperform with a price target of A$15.50. Our target multiples reflect a discount to comparable global peers (sector averages 1.2x and 17x, respectively) owing to the skew towards two key assets - one of which we believe is genuinely world class, while Lihir will require continued improvement to unlock value. We believe NCM's major peer group has a better spread contribution from a broader asset base.

NST

Our price target for NST of AUD 4.10 is based on a 75:25 blended DACF and NAV valuation. Our unchanged target multiples of 6.0x DACF and 1.0x NAV are slightly above average for our Australian domestic gold coverage universe and generally in line with its closest peers, IGO and RRL. We believe the company's strong returns, potential for resource additions, and good track record underpin this slight premium against its broader peer group. Our price target supports a Sector Perform rating.

OGC

We set our price target at A$4.20/share based on our 12-month NAV (1.0x) and DACF (8.0x). Our 1.0x NAV multiple is generally in line with other producers with multiple assets which we believe have a good track record (such as RRL, IGO, and NST). Our cash flow multiple of 8.0x is also in line with OGC's peer group and, although the mine life at Didipio and Haile is comfortably longer than this, it takes into account a decline in overall output longer-term when the wind-down at NZ commences. Our price target supports a Sector Perform rating on the stock

PRU

Our price target of A$0.30 is based on unchanged multiples of 0.8x NAV and 6x Adj CF. This is a discount to other Tier III miners due to the operating issues that the company has faced. Our price target supports our Sector Perform rating.

RRL

We value RRL using a blend of 25% NAV and 75% DACF. We believe this provides an appropriate balance between the near-term pre-financing cash flow potential of the business and the longer-term optionality of the full asset suite. Our debt-adjusted cash flow (DACF) is based on an 8.0x multiple and a 1.0x multiple for the NAV. The return implied by our price target supports a Sector Perform rating. Our price target is A$2.70/share for RRL.

RSG

Our 12-month price target of A$1.00 is generated from a blend of debt-adjusted cash flow (50%) and sum-of-the-parts NAV (50%). We apply multiples of 0.8x for the NAV and 5.0x for the debt-adjusted cash flow. These multiples are marginally below the average for our remaining Australia-listed gold coverage

due to what we believe to be higher country risk (Mali) and unproven production from Syama Underground, which is in the development phase. Our price target supports a Sector Perform rating.

S2R

Our 12-month price target of A$0.30/share is based on a fully diluted sum-of-the-parts valuation, including cash, corporate expenses, and estimated value of exploration assets. Due to the strong track record and success of the management team, with all projects located in both mining friendly jurisdiction and well known mineral belts, we apply a 1.0x to our NAV to our valuation. Our price target supports our Outperform (Spec Risk) rating.

SLR

Our 12-month price target for SLR is A$0.70, based on a 25:75 blend of our NAV and P/ DACF valuations. Our target multiples of 0.8x and 5.0x, respectively, are below the averages of Tier III gold producers under RBC coverage and Australian peers owing to: (1) the numerous resource locations, which leads to some erosion of confidence in the latter years of our estimates (beyond 2017-18); (2) the potential for incremental capital costs as each of these sources is tested and prepared for mining; and (3) the rolling 2-3 year reserve base and the operational exposure of a single processing facility, which may increase production volatility. Our price target and the implied return support our Outperform, Speculative Risk rating

SAR

Our 12-month price target is derived from a 75:25 blend of debt-adjusted cash flow (7x) and our sum-of-the-parts NAV (1.1x). Due to the significant growth phase that the company is in, strong track record of management, and significant exploration upside, we incorporate a slight premium in NAV against the remaining peer group in our Australian gold coverage. We view this exploration upside, and, therefore, potential for mine life extension, to be the main driver in delivering additional valuation upside into the price, which we believe is not fully recognised by the general market. This supports our Outperform rating and A$1.50/share price target.

Lire la suite de l'article sur www.publicnow.com
Données et statistiques pour les pays mentionnés : Canada | Mali | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Mali | Tous

Saracen Mineral Holdings Ltd

PRODUCTEUR
CODE : SAR.AX
ISIN : AU000000SAR9
Suivi et investissement
Add to watch list Add to your portfolio Add or edit a note
Ajouter une alerte Ajouter aux Watchlists Ajouter au portefeuille Ajouter une note
ProfilIndicateurs
de Marché
VALEUR :
Projets & res.
Communiqués
de Presse
Rapport
annuel
RISQUE :
Profile actifs
Contactez la cie

Saracen Minerals Holdings est une société de production minière d'or basée en Australie.

Saracen Minerals Holdings détient divers projets d'exploration en Australie.

Ses principaux projets en production sont CAROSUE DAM et SOUTH LAVERTON en Australie, ses principaux projets en développement sont PORPHYRY, SAFARI BORE et RED OCTOBER en Australie et ses principaux projets en exploration sont DEEP SOUTH UNDERGROUND, MEXICO, ELLIOTS LODE, MILLION DOLLAR, MONTYS DAM, MARGARET, YUNDAMINDERA, TWIN PEAKS, BUTCHER WELL, ENTERPRISE, DEEP SOUTH, WALLBROOK, PORPHYRY UNDERGROUND, KARARI et WHIRLING DERVISH en Australie.

Saracen Minerals Holdings est cotée en Australie. Sa capitalisation boursière aujourd'hui est 3,8 milliards AU$ (2,9 milliards US$, 2,4 milliards €).

La valeur de son action a atteint son plus bas niveau récent le 12 juillet 2013 à 0,09 AU$, et son plus haut niveau récent le 31 juillet 2020 à 6,75 AU$.

Saracen Minerals Holdings possède 807 550 016 actions en circulation.

Votre avis nous interesse, merci de laisser un commentaire ou de noter cet article.
Evaluer : Note moyenne :0 (0 vote) Voir les mieux notés
 
Présentations des Compagnies de Saracen Mineral Holdings Ltd
30/01/2008Upgrade in Resources to 2.6m Ounces
Projets de Saracen Mineral Holdings Ltd
20/08/2015150820 ASX - KOTH and Kailis acquisition
04/11/2009(Carosue Dam)Major Gold Ore Reserves increase at Carosue Dam
25/05/2009(South Laverton)South Laverton Gold Project – 60% Ore Reserve Increase
29/01/2008(Whirling Dervish)Whirling Dervish - Substantial Resource Increase
Communiqués de Presse de Saracen Mineral Holdings Ltd
18/08/2016Corporate Update -
29/07/2016RBC - SAR Outperform PT$1.80
27/07/2016FY17 Exploration and production outlook
07/07/2016June Qtr Pre-release 160707
15/06/2016UK Asia Corporate Presentation 160614
24/05/2016Resources Rising Stars Corporate Presentation 160524
19/05/2016RBC - Saracen Upside PT $1.50
17/05/2016RBC - Saracen Outperform -160512
11/05/2016Deep South ramp-up
10/05/2016Commercial production declared at Thunderbox -160510ASX
04/05/2016SAR Corporate Presentation - 160504
03/05/2016SAR Added to ASX200
27/04/2016March 2016 Quarterly Report-160427 ASX
21/04/2016Purchase of Thunderbox royalty - 160421 ASX
14/04/2016Saracen Ready to Flex its Muscles - RBC
13/04/2016Karari Resource and Reserve Growth - 160413 ASX
06/04/2016160406 ASX - March Qtr Pre-release
01/02/2016Thunderbox commissioning underway - 160201 ASX
29/01/2016Dec 2015 Quarterly
21/01/2016High Grade Gold Intersections at Pinnacles JV Gold Project -...
15/01/2016160115 Hartleys upgrade target price to 88c
11/01/2016160111 ASX - December Qtr Pre-release
22/12/2015151222 ASX - TBO update
25/11/2015151125 ASX - TBO update
15/10/2015Low Cost Growth Presentation - MBL
15/10/2015151015 ASX - CDO Robust 5 Year Outlook
07/10/2015Sept 2015 Qtly production summary
30/09/2015Full Year Statutory Accounts
16/09/2015Thunderbox progress & guidance
27/08/20152015 Financial Year Results
05/08/2015SAR Presentation Diggers 2015
03/08/2015150731 ASX Thunderbox Site Visit Presentation
22/07/2015June 2015 Quarterly Final
08/07/2015Kalpini Project - High grade intersections
07/07/2015June 2015 Quarterly
03/07/2015150702 ASX - Karari Drilling Update
10/06/2015150609 ASX - Blue Manna Exploration Update
09/04/2015March 2015 Quarterly Report
23/03/2015150323 ASX - MBL Debt Hedging Thunderbox Decision
17/11/2014Notice of General Meeting/Proxy Form
05/11/2014Capital return and special dividend
Publication de commentaires terminée
 
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
AUSTRALIA (SAR.AX)
4,69+0.00%
AUSTRALIA
AU$ 4,69
12/02 10:00 -
0%
Cours préc. Ouverture
4,69 4,69
Bas haut
4,69 4,69
Année b/h Var. YTD
 -  -
52 sem. b/h var. 52 sem.
- -  4,69 -%
Volume var. 1 mois
0 -%
24hGold TrendPower© : -32
Produit Gold
Développe Gold
Recherche Gold
 
 
 
Analyse
Interactive chart Add to compare
Graphique
interactif
Imprimer Comparer Exporter
Dernière mise à jour le : 13/01/2010
Vous devez être connecté pour accéder au portefeuille (gratuit)
Top Newsreleases
LES PLUS LUS
Variation annuelle
DateVariationMaxiMini
2021-1,26%5,224,64
202047,52%6,752,82
 
Graphique 5 ans
 
Graphique 3 mois
 
Graphique volume 3 mois
 
 
Nouvelles des Sociétés Minières
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
0,12 AU$-8,00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
7,68 AU$-0,45%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
2,20 AU$+0,00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
3,86 AU$+0,00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
0,12 CA$+4,55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
0,02 CA$+100,00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
10,89 US$-1,36%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
0,20 US$-12,28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
0,55 GBX-0,72%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
0,06 CA$+0,00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
2,36 CA$-3,28%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
1,84 CA$+0,00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
15,64 CA$+2,69%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
0,24 CA$+2,17%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
0,20 AU$+2,63%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
6,80 US$-2,86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
1,87 CA$+6,25%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
51,67 US$-0,98%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
8,66 CA$-0,35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
0,03 AU$-2,94%Trend Power :