Factors affecting the market value of junior mining companies listed on the Alternative Investment Market (AIM) London

• Autorzy: Leśniak Tomasz , Kustra Arkadiusz Jacek , Wilczyński Grzegorz , Tobiasz Rafał

Identyfikatory

DOI

10.24425/gsm.2022.142786

Warianty tytułu

PL

Czynniki wpływające na rynkową wartość górniczych spółek eksploracyjnych notowanych na alternatywnej giełdzie papierów wartościowych (AIM) w Londynie

• Języki publikacji: EN

Abstrakty

EN

The exploration of mineral resources is an area of strategic importance for the pace of further development of all industries. The results of companies deciding to carry out exploration work depend on further investments of mining companies, i.e. the entities purchasing full deposit documentation. Being at the beginning of the entire mining process, junior mines assume a high risk related to investments enabling the commencement of works without providing high guarantees of the project’s success. Companies running these types of projects must seek funding in a variety of ways. One of these is to try to raise capital from the stock trading markets. However, the specificity of junior companies does not allow them to start on the main trading floors, hence the decision to enter alternative markets. In considering the broader context of the activities of junior mines, research was conducted on companies listed on the London Alternative Investment Market (AIM). In the first part, this concerned the market characteristics – the market value added values were determined for selected ranges of market capitalization. In the second part, which is a statistical study, factors that may affect their market value was checked. The analysis covered both traditional value drivers – related to revenues, the demand for net working capital, investment expenses and the cost of equity – and their supplementation with selected values of financial statements. The result of the analysis is a regression equation indicating the factors that have a statistically significant impact on the market value of junior mines listed on AIM London.

PL

Eksploracja surowców mineralnych to obszar o strategicznym znaczeniu dla tempa dalszego rozwoju wszystkich gałęzi przemysłu. Od rezultatów firm decydujących się na prowadzenie prac poszukiwawczych zależą dalsze inwestycje spółek wydobywczych – czyli podmiotów kupujących pełną dokumentację złoża. Będąc na początku całego procesu wydobywczego spółki eksploracyjne biorą na siebie duże ryzyko związane z inwestycjami umożliwiającymi rozpoczęcie prac, nie dając jednocześnie wysokich gwarancji sukcesu projektu. Mając na uwadze szerszy kontekst działalności spółek eksploracyjnych przeprowadzono badania firm notowanych na londyńskiej giełdzie alternatywnej (AIM). W pierwszej części dotyczącej charakterystyki rynku wyznaczono wartości Market Value Added dla wybranych przedziałów kapitalizacji rynkowej. W drugiej części, mającej charakter badań statystycznych sprawdzono jakie czynniki mogą wpływać na ich wartość rynkową. Analiza objęła zarówno tradycyjne drivery wartości – związane z przychodami, zapotrzebowaniem na kąpiel obrotowy netto, wydatkami inwestycyjnymi i kosztem kapitałów własnych – oraz ich uzupełnienie o wybrane wartości sprawozdań finansowych. Rezultatem analizy jest równanie regresji wskazujące na czynniki, które w sposób istotny statystycznie wpływają na wartość rynkową spółek junior mines, notowanych na AIM London.

Słowa kluczowe

EN

stock exchange; junior mines; value drivers; value management; exploration project

PL

Giełda Papierów Wartościowych; eksploracja surowców; wartość przedsiębiorstwa; zarządzanie wartością; projekt poszukiwawczy

• Wydawca: Instytut Gospodarki Surowcami Mineralnymi i Energią PAN ; Komitet Zrównoważonej Gospodarki Surowcami Mineralnymi PAN
• Czasopismo: Gospodarka Surowcami Mineralnymi
• Rocznik: 2022
• Tom: T. 38, z. 3
• Strony: 151--172
• Opis fizyczny: Bibliogr. 42 poz., rys., tab., wykr.

Twórcy

autor

Leśniak Tomasz

• AGH University of Science and Technology, Kraków, Poland

• https://orcid.org/0000-0003-0633-8427

autor

Kustra Arkadiusz Jacek

• AGH University of Science and Technology, Kraków, Poland

• https://orcid.org/0000-0001-8416-4405

autor

Wilczyński Grzegorz

• Bulletprove sp. z o.o., Puławy, Poland

autor

Tobiasz Rafał

• Bulletprove sp. z o.o., Puławy, Poland

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Uwagi

PL

Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023)