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Baker Steel Resources Trust (LSE: BSRT)

Last close As at 04/11/2024

GBP0.49

▲ 1.00 (2.11%)

Market capitalisation

GBP52m

Baker Steel Resources Trust (BSRT) is a closed-ended investment company aiming to achieve long-term capital growth through investing in equity, loans and related instruments issued by private natural resources companies. It targets a global, concentrated portfolio of 10–20 investments. BSRT’s objective is to create value through driving the development of investee companies, as well as exploiting market inefficiencies and pricing anomalies.

Latest Insights

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Investment Companies | Update

Baker Steel Resources Trust — Key takeaways from the Cemos site visit

Investment Companies | podcast

Uncovering Trusts – Baker Steel Resources Trust (BSRT)

Investment Companies | Update

Baker Steel Resources Trust — Interim revaluations bring H124 NAV TR to c 5%

Investment Companies | audiovisual

Baker Steel Resources Trust in 60 seconds
Businessman talking about investment stock market and graph from computer laptop with broker trader, giving money plan management and analysis
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Equity Analyst

Milosz Papst

Milosz Papst

Head of Content, Investment Trusts

Key Management

  • Cosmo Sturge

    IR Associate

  • Francis Johnstone

    Investment Adviser to BSRT

  • Trevor Steel

    Chief Investment Officer and Managing Partner

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.0) (11.8) 42.7
Relative 0.3 (11.7) 28.6
52 week high/low 56.0p/34.0p

Overview

We recently visited the Tarfaya cement grinding line of Cemos Group, one of the two largest holdings of Baker Steel Resources Trust (BSRT), which made up 30.8% of the trust’s NAV as of end-September 2024. The facility’s location in Southern Morocco allows it to benefit from the extensive public infrastructure investments in the region. Cemos’s two major investment projects (a compact calcination unit (CCU) and second grinding line) offer the prospect of a significant increase in earnings from 2025. The business is considering, on successful completion of these investments, an IPO on the Casablanca Stock Exchange, where we believe it could command an attractive valuation.

Research

podcast

Investment Companies

Uncovering Trusts – Baker Steel Resources Trust (BSRT)

Update

Investment Companies

Baker Steel Resources Trust — Interim revaluations bring H124 NAV TR to c 5%

Investment Companies

Update

Baker Steel Resources Trust — Key takeaways from the Cemos site visit

audiovisual

Investment Companies

Baker Steel Resources Trust in 60 seconds

Update

Investment Companies

Baker Steel Resources Trust — Potential to generate a 20%+ yield
Businessman talking about investment stock market and graph from computer laptop with broker trader, giving money plan management and analysis

Flash note

Investment Companies

Baker Steel Resources Trust — Strong revaluation boost from Futura

edison tv

Investment Companies

Executive interview: Discussing BSRT’s NAV and income potential
Businessman talking about investment stock market and graph from computer laptop with broker trader, giving money plan management and analysis

Update

Investment Companies

Baker Steel Resources Trust — Futura Resources financing is a major milestone
Businessman talking about investment stock market and graph from computer laptop with broker trader, giving money plan management and analysis

Flash note

Investment Companies

Baker Steel Resources Trust — Valuation headwinds reflected in June 2023 NAV

Update

Investment Companies

Baker Steel Resources Trust — Facing a challenging funding environment
Businessman talking about investment stock market and graph from computer laptop with broker trader, giving money plan management and analysis

Update

Investment Companies

Baker Steel Resources Trust — Upside potential from successful project funding
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