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Though check the chart where it stopped and why? Seen a few move higher after sell down on super solid news. For some what looked misserable day, it was a great chance to grab a few. So time will show. All recent trading updates where positive, and results simply proved it. Can they repeat or show even better results next year? We shall see. Gla
I am shocked at todays SP finish after what can only be described as excellent full year results.
but it appears that the BOD does not recognise that in the current financial situation that people are looking for income on their savings/investments.
by ignoring this the mr market has decided that there are better short term investments to be taken - ie guilts-bonds etc in fact almost anything .
if the BOD had given even a half a pence dividend the SP would have finished around the 40p mark today.
although i have great belief in this company i do believe that they have missed a trick today and even worse have allowed them selves to become a takeover target with the SP at such a pathetic low valuation.
Renold – a positive business momentum Buy
By HotStockRockets | Saturday 18 February 2023
Manufacturer of industrial chains and related power transmission products used in a wide variety of international industries including manufacturing, transportation, energy, steel and mining, Renold (RNO) recently announced that it “now anticipates that underlying operating profit for the full year will be above current market forecasts” and that there is a “positive market outlook”. This looks far from discounted in the current share price and, as the results and following updates make the financials picture clearer, we expect the shares to spark from here.
The latest trading update also noted “order intake running ahead of sales… the current order book of £104.1m is a further record high for the group (30 September 2022: £99.0m) providing good visibility beyond the financial year end” and “net debt at the financial year end is still expected to be comfortably below 1.5x EBITDA”. However, no bottom-line specifics were provided.
A broker to the company, finnCap, though responded by increasing forecasts – now anticipating a year-ending 31st March adjusted pre-tax profit of £14.3 million (adjusted EBITDA £30.3 million) on revenue of £238.3 million, with net debt of £37 million (equating to 16.4p per current share).
The half-year results showed an adjusted pre-tax profit of £7.3 million on revenue of £116.3 million, with current assets of £130.2 million against current liabilities of £73.9 million, with also £147.8 million of non-current liabilities (including a £61.3 million IAS19 pension deficit, down from £87.1 million six months earlier with increased discount rates) and “property, plant and equipment” 'non-current assets' of £57.3 million.
We now look for the following updates from the company to show the net cash generating capability from the positive trading here, further reassuring on the balance sheet and bringing the valuation more widely into view – the noted full-year profit forecast equating to earnings per share of 4.8p.
With reducing balance sheet liabilities, we suggest a PE of 8x can be quite realistically argued – suggesting a share price of above 38p. FinnCap argues that above 50p is now justified and, although caution should always be applied to house broker views, we can understand the argument for that. However, with even 38p currently approaching 40% upside, at up to 30p, targeting above 38p on the company’s following results and updates, Buy.
Just helped myself to 10k of these this morning, they are still the go to for high quality industrial chains and for the past 20 years I have been involved in the power transmission industry they have maintained that reputation, others have tried to pinch market share but they are so well recognised and trusted they have built a deep moat.
I can only see the need for chains and drives increasing over the next decade and think they are well placed to capitalise or worst case scenario be a buyout target for a bigger fund.
Excellent thanks - yes i agree and had just dug that out.
Appears to be Pensions :-
<
triennial pension valuation the technical provisions deficit of the UK scheme, which is how the trustees and regulator view the scheme,
was only £9.1m. This compares to the IAS 19 deficit for the UK pension fund of £64.1m. The difference represents the valuation of
the capital asset reserve (CAR), currently £49.1m, being the discounted value of guaranteed future cash contributions to the scheme
for a fixed period of 25 years commencing in 2013.
Overseas schemes now account for £23.0m (26%) of the net pension deficits and £22.4m of this is in respect of the German scheme,
which is unfunded, with payments made as pensions fall due>>
Evening all. Saw the news today and did my research. Was initially put off as I thought there was more debt than seems to be the case (at least as assumed in net debt vs EBITDA). In the financials, what are the "Other Non-Current Liabilities 91.80" ? Any info appreciated, many thanks.
sshhh the quiet before the storm.
don't frighten the horses.
quiet ere .
news ,,, ?
yes i agree that trade never did appear however i added some more yesterday and it appeared in no time.
never mind results are good just got to wait for the full year results to come out then i think we will be seeing our first dividend being paid jmho.
I use iweb. It's not unusual for some of my trades not to show up.
I'm not with iweb but surprised to hear your trade not showing up as I understood that all trades should be published direct from the market, not from the broker. May become late reported and appear tomorrow?
I have next update as HY results c.9/16th Nov so not too far away :)
increased my holding by 20% today at 23p although the trade never showed on this site or trade cap site ? this often seems to happen with iweb for some reason they don't seem to publish all there trades. any other people here with iweb account ?
anyway looking forward to next update.
Previously London listed miner WRES with mines in Spain/Portugal has suspended operations and listing due to obscenely high energy prices. So have other companies. Hope RNO has a handle on this, because if not, the YUK purchase could be a complete disaster.
net debt to remain below 1.5 ebitda with earnings to increase 3.1m+ with cross selling other renold premium products sounds good to me.
i think that they must take advantage of the current turmoil as this will be there best opportunity to purchase other companies at low valuations and build the renold brand.
be brave when others are fearful .
Good buy or expensive ? Energy costs are exceptionally high in Iberia. Not convinced this is worth it.
Interest rates set to rise again, this should make the pension deficit reduce notably which should reduce the contributions from the company and raise their available cash level within the balance sheet. Needs some regular news/ corporate activity to remind the market of it's existence and continued progress.
Agree that trading RNO is better for your pension pot than having a RNO pension. IMO pension deficit is the main reason for low valuation.
well i sold half my shares at 28.8 and then bought them all back this week at 24.3 so made a nice lump without a divi how low can it go who knows but do not think you will be seeing 20p again i will be adding at 23p . think they are protecting there financial position at the moment and looking to buy other companies to add and expand this alone will drive the sp up and dividends will follow i'm sure . this is one for my retirement kitty so i hope i am right.
Good to see that RNO passing on cost increases to customers and reducing debt. Had to laugh at fact that higher inflation means higher bond yields that reduces the monster pension deficit. Concerned that EPS forecast to stay same over next few years and no even token dividend in sight. Good that Hunt the Cent now raised from Sell to Hold. Sp retracing from results, how low could it go anyone ?
Could be a run leading up to results on 13th July as the last update was better than expected trading, record high order books and with little or hardly any impact from Russia/Ukraine situation. With Interest rates rising I'm hoping also to hear of pension deficit liabilities being reduced/revised downwards.
Interesting too was that the company pension trustee had built up a stake (8.17%) in the shares earlier this year.
are a mess time to sit on your hands only 3 weeks to results.
if they decide to give a 1p dividend the sp will go to 40p.
then they will be able to raise cash for acquisitions .
perfect time to be brave when others are fearful. exciting times in my opinion.
Good news indeed. More bikes in China than anywhere else in the world.
over the weekend i sent an email to renold asking for information about production and distribution in the china factory during the current covid restrictions.
i was pleased to receive a reply at 9.20 am this morning from the ceo himself stating that the factory is still operating as it is not in a shutdown area but there are some logistical difficulties being caused by other parts of the country suffering covid disruptions.
Expect 30p to be broken this week bet we have blue day. Tomorrow too