Mesabi Trust: One More Boom Before The Bust [Seeking Alpha]
Mesabi Trust (MSB)
US:NYSE Investor Relations:
mesabi-trust.com
Company Research
Source: Seeking Alpha
Mesabi Trust: One More Boom Before The Bust Summary A lot of things go right, which is good news for this year’s dividend. A normalized dividend would be closer to $1.85, making the yield just 6.2%. MSB is chronically cheap at a long-run average dividend yield of 15%. My fair value estimate is $28.7 per unit, not enough to make it interesting. With iron ore prices flying high, it is the right time to review Mesabi Trust ( before noticed not long ago Royalty structure As most unitholders are probably aware of, Mesabi Trust doesn’t operate the mine and relies on a third party to extract the ore and turn that into iron ore pellets. MSB receives base royalties based on gross pellet revenue and volumes as well as bonus royalties based on price from Cleveland-Cliffs ( CLF Iron ore pellets. Source: Cleveland-Cliffs. The most important revenue source are the base royalties, the calculation of which is clarified in the table below. Source: MSB 2019 10-K. As mentioned, MSB also gets bonus royal
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Sec Filings
- 4/24/24 - Form ARS
- 4/24/24 - Form 10-K
- 4/16/24 - Form 8-K
- MSB's page on the SEC website