GBC AG sets Almonty price target at USD 30, reiterates buy rating
ALM•GBC AG initiates coverage on Almonty
GBC AG initiated coverage on Almonty Industries with a Buy rating, setting a target price of USD 30 by Dec. 31, 2027.
Forecasts and capital structure assumptions
GBC AG forecasts revenue of USD 365.9 million for 2026, rising to USD 1.32 billion in 2027; adjusted EBITDA is seen at USD 329.7 million, then USD 1.22 billion.
Convertible notes of USD 800 million are modeled as debt, with an initial conversion price of about USD 27.4 per share.
Sangdong production ramp and offtake update
The report flags Sangdong’s shift into production, with processing of stockpiled run-of-mine ore starting in July 2026.
An amended Global Tungsten & Powders offtake lifts Phase 1 contracted volume by 40%, extends the term to 21 years, and improves pricing and payability by 6.3%.
