Baker Steel Resources Trust's (BSRT's) recently published June 2023 NAV, reflecting the usual half yearly review of portfolio valuations, resulted in a 5.2% NAV decline versus end-May 2023 (bringing the year-to-date fall to c 18%). This fall was mainly the result of lower listed peer multiples and updated royalty models, with key individual drivers being Futura Resources (fair value down c 17% in sterling terms during June 2023), Kanga Potash (down 21%), Caledonia Mining Corporation (down 6%) and Nussir (down 11%). A major positive contributor was Cemos (revalued upwards by 9%). BSRT is trading at a 38% discount to last reported NAV.Den vollständigen Artikel lesen ...