CINR - Ciner Resources: Cash Burn But Record Volumes Hopefully Foretell An Impending Recovery

• Ciner Resources was impacted severely during the Covid-19 economic downturn of 2020.
• Sadly, 2021 has started off with a cash burn and operating cash flow trending downwards.
• On the other hand, their volumes reached a new record and management believes that pricing should follow soon, thereby showing green shoots that hopefully foretell of an impending recovery.
• Whilst their net debt has increased, their leverage remains only moderate and liquidity remains strong, but at the same time, their debt maturities for 2022 require a close eye.
• Given this improving short- to medium-term outlook, I now believe that upgrading to a bullish rating is appropriate.

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