Ringler Consulting and Research GmbH offers various consulting services to mining companies and institutional capital market participants.

This include, for example, the creation and distribution of research studies on mining companies´ stocks.
Ringler Consulting and Research GmbH was founded in 2014 by Mr. Carsten Ringler, who represents the company as Managing Director. Mr. Carsten Ringler has extensive capital markets experience in trading and valuation of stocks, fixed income and money market products. His Trader career began in 1991 when he worked for Deutsche Bank AG on the trading floor of the German stock exchange in Frankfurt.
In his last position as managing director of a securities trading bank he was, inter alia, responsible for the fields of compliance, risk management and commodity trading. During this time he developed a mutual fund with a focus on mining companies and was responsible for the stock selection process and Fund Advisory.

Ringler Consulting and Research GmbH has excellent contacts to decision makers from various sectors of the mining and financial services industry such as

  • Fund management, portfolio management, trading desks and analysts
  • Family offices, asset managers and wealthy private investors
  • Geologists, mining engineers and many CEO’s / COO’s / CFO’s from mining companies
 An increasing number of decision-makers are already familiar with our international network of experts and analytical „know-how“ in the identification and independent non-bank analysis of mining companies.

We have developed a unique quantitative scoring model („RR score“) which includes 65 different balance sheet numbers, indicators and ratios. The scoring results provide an pre-selection of the most attractive stocks from our database that contains 3.145 firms. With our multi-dimensional viewing and analysis tools of the sector also LONG / SHORT trading strategies on individual stocks can be set up by using CFD-s.

We and investors from our network make countercyclical investments in promising, undervalued companies in the mining sector. Such a company should meet a following investment criteria:

On the company level:

 A solid balance sheet with adequate financial resources to fund all planned activities and expenditures such as salaries, listing fees on the stock market, an exploration budget and the budget of completing feasibility and metallurgical studies within the next 12-24 months without issuing new shares.
  • During a precise statement analysis, attention is paid to the level and structure of the liabilities. Thus, for example, the current assets“ should always be above the „current liabilities“,  so that a positive working capital“ is available. We also pay attention to the ratio of total liabilities compared to equity capital and the annual free cash flow generated.
  • The company should be headed by an excellent management team, which can look back on past successes.
  • The Management should have a significant stake in the company. So one can expect that all decisions are “in line” with those of all the shareholders.
  • The level of management salaries in absolute terms and in relation to market capitalization of the company should also be at a reasonable level.
  • Due to the strong downward trend in the commodities sector since mid 2011, companies whose market capitalization is below the reported net cash holdings in the treasury can be found. In such cases, investors participate virtually free of cost in the companies projects and in the resources.
  • Indicators for undervalued companies may also have low ratios such as the Price to book ratio below 0.4 or low cash flow multiples below 4.

At the project level:

 We especially prefer companies, whose flagship projects are either already in production or at an advanced stage of development.
  • During the analysis of projects, we take the following parameters into account: size of the ore body, ore grades, easy metallurgy, low production costs, low construction costs (capex), good project economics as a high internal rate of return of capital (IRR> 30), short repayment of the loan within 2-3 years, high after-tax net present values (NPV’s), which should be a multiple of the current market capitalization.
  • Also the location of the project is quite important. Is it in a fairly safe country with low royalties and taxes? Is a good existing infrastructure available, which includes nearby roads, electricity, ports and water? Does the mining project support the local community?