LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg downgraded exploration and development firm Adriatic Metals from 'buy' to 'hold' on Thursday and cut its target price on the stock from 220.0p to 180.0p following Q4 results from the firm a day earlier.
Berenberg said Adriatic Metals' Q4 results revealed disruptions to the ongoing ramp-up at its Vares polymetallic operations in Bosnia and Herzegovina, and included production and cost guidance for 2025/26, which came in below both its expectations and consensus.

"We adjust our model to reflect guidance, which trims our price target and, with 11% downside to the current share price," said Berenberg.

The German bank said ramp-up delays and softer assumptions for recoveries and costs had weighed on its net asset value assumptions for Adriatic Metals.

"We lift our EBITDA multiple from 4x to 4.5x (moving closer to current levels), but our blended valuation yields a lower price target of 180.0p, and we reduce our recommendation to 'hold'. The shares are currently trading on 1.02x NAV and 5.3x 2025E EBITDA," said Berenberg.







Reporting by Iain Gilbert at Sharecast.com

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