Arrowhead published an Equity Research Report on Alliance Nickel Limited
February 9, 2023
Alliance Nickel (ASX:AXN) Research Update
Highlights:
- Arrowhead is updating its coverage on Alliance Nickel Limited with a fair value bracket of AUD 0.76 to AUD 1.21 per share (share price on February 09, 2023: AUD 0.10) based on the Discounted Cash Flow methodology.
- The company changed its name from “GME Resources Limited” (ASX: GME) to “Alliance Nickel Limited” (ASX: AXN) effective from January 27, 2023.
- The company recently entered into a non-binding framework agreement with VinES, a subsidiary of Vingroup, related to the future sale of quantities of battery grade nickel and cobalt sulphate products from its NiWest project.
- VinES, a subsidiary of Vingroup, mainly focuses on research, development and manufacturing of battery cells and battery technologies and has already commenced mass production from its cell manufacturing and pack manufacturing facilities in Vietnam.
- “VinFast”, an affiliate company of VinES, has filed for an IPO on the Nasdaq exchange for 2023. “VinFast” has developed an Asian electric vehicle (EV) manufacturing base in Vietnam, thereby delivering its first shipment to the US market in November 2022, and is targeting a sale of 750,000 EVs globally by 2026.