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nice one, son
Jolly fun pity no one to chortle with
to Argo-land, modest buyers late Friday Hope we all have fun here Don't be shy & have a chat with Jolly lonely here
from time to time. Anyone else on this BB to share the fun (or comment on the share). Wexboy?
rns on its way?
Any more thoughts here? Are we worried about sharp fall off in cash? Last year of sizeable dividends?
Uhoh, I tell a lie! Avangardco (AVGR:LN) doesn't actually have the cheapest P/E in my portfolio... That honour should go to Argo Group (ARGO:LN) - if you check on an ex-Cash basis - a bloody NEGATIVE P/E of 7.7! http://wexboy.wordpress.com/2012/07/03/hitting-the-century-iii/
Hey folks, Taking a closer look at Argo Group vs. other emerging markets/alternative asset managers in my latest writeup here: http://wexboy.wordpress.com/2012/05/23/asset-managers-cash-hogs-whats-hot-whats-not/ Cheers, Wexboy
So, Argo's now on an ex-cash (2.6)% (yes, negative!!) of AUM - see how that stacks up vs. other alternative asset managers, and in terms of absolute value: http://wexboy.wordpress.com/2012/05/14/asset-managers-a-first-look-at-the-alternatives/ Cheers, Wexboy
Fresh look at Argo Group (ARGO:LN), AUM, Flub Med, Div Yield, Margin of Safety, Ex-Cash Ratios, % of AUM Val: http://wexboy.wordpress.com/2012/05/01/sailing-on-the-good-ship-argo/ Cheers, Wexboy
Buy back is progressing well- approaching 10% to date (I note that most of the purchases have been recorded as sales on this site). Quietly confident in this company. I can not see a huge risk looking at the balance sheet and taking the security of the assets into consideration, however upside is very attractive.
Commenting on the results and outlook, Kyriakos Rialas, Chief Executive of Argo said: "Against a continuing difficult and volatile trading environment I am pleased to report another profitable set of results for the first half of this year. We have maintained our balance sheet strength and liquidity after paying a dividend and buying back shares. Our recent announcement of the intention to consolidate our retail property holdings in Romania in a listed vehicle, coupled with further stability generated from the accelerated payment of redemptions are steps that will strengthen the company further. We remain confident in the future of the business in our operating sector in global emerging markets."
Argo today announces its interim results for the six months ended 30 June 2011. The Company will today make available its interim report for the six month period ended 30 June 2011 on the Company's website www.argogrouplimited.com. Key Highlights for the six month period ended 30 June 2011 - Revenues of US$6.2 million (six months to June 2010: US$5.6 million) - Operating profit of US$1.0 million (six months to June 2010: US$1.1 million) - Profit before tax of US$1.2 million (six months to June 2010: US$1.2 million) - Operating profit and profit before tax are stated after bonus accrual of US$1.1 million (six months to June 2010: US$0.84 million) - Maintained balance sheet strength: net assets of US$43.5 million (December 2010: US$44.4 million) after dividend payment and share buyback totalling US$2.3 million - Announcement of intention to purchase two shopping centres which will result in AREOF becoming the largest listed retail property company operating in Romania - First grant of options over 5,900,000 shares to directors and employees
http://www.investegate.co.uk/Article.aspx?id=201108191104036893M
Significant rise in over the last few days. Can't find any news. Am I missing it or is something on the way?
Key take aways: - little erosion of FUM and revenue in a challenging environment - ARgo managed to stay profitable delivering around 700k pounds in net profit which is a good performance as investment income from its argo fund holdings was nil. -That puts the group on an annualized PE of 6.7X - The group remains cash holding more cash han its market cap with 25.8M USD of cash and investmentsin its funds. That is equivalent to 22p per share. Just have one thing to say : buy as the share price is nearly half the amount of cash held by the company. The company has been repurchasing progressively some shares which has increased the NAV.
I am also not too worried about the litigation as it also did not appear on the annual report. Moreover the litigation concerned ACMh at the first and was dismissed by the justice it would not be coherent to make Argo guilty. We have a company with 23p of net cash which generates positive cash flow and is distributing a div. If this ompany was trading on the official list it would be trading at least at 30 p. If we have buy backs at the current level, the net cash could go up to 25 p so you see there is still someway to go. I guess the only problem is that the stock is not well known by the public not even commented by financial newspapers. Moreover, it is positioned on the Emerging markets space which is quite trendy at the moment. Unless there is another big financial crisis, the downside seems really limited to me.
Wouldn't worry too much about the litigation. Have a quick scan through this http://securities.stanford.edu/1040/AMGHF_01/2008630_f01c_0801381.pdf. I do not doubt there were irregular goings on at ACMH. I'm not sure how ARGO could be held accountable, especially as ARGO stock was distributed among sufferers in the ACMH saga. I see the buy back has began with 750,000 shares on the 6th Apr. I hope that you are right that the only reason for the current discount is the cascade claim as I believe this will get nowhere.
Hi all, it seems that some major news was released on the 1st Of April (!!0 regarding the impending claim from Cascade against Argo. It seems that it was one of the major reasons why ARgo was trading well below its cash assets. Would be interesting to hear your thoughts on that ? --------------------------------------------------------------------------------
the company has decided to buy back up to 2M$ of shares (that is around 13% of share capital) the more the sp will fall the better it will be for existing shareholders given the discount to nav.It will also enhance eps for shareholders. Moreover, I do not see any point of selling now as we are getting 1p of dividend that is more than 8% and the company will distribute progressively all the cash. To update you on how the beginning of this year is going, the company had 66 435 units of Argo fund ( valued 14.343M at end of dec) and fund is roughly up 1% YTD ( end of feb) If markets continue their run as it is the fund could have an overall performance of 5% this year => profit of 700 k$ (460 K£ which makes 0.6p ineps !!) If the fund makes 10% this year ( average annualized performance of the fund is 9.6% !!), you have an eps gain of 1.2 p. The good thing is that half of the cash is invested in the Argo fund which should generate good returns so the discount to cash is unjustified.
The company will start buying shares from tomorrow and the maangement will be allowed as well.
Could we break the 52 week high today? Why does ARGO not show up on the top risers on the homepage? Is there a Min Market Cap to be included in the table?
is that the company is going to do 2m USD of share buy back from april 1st and is distributing a dividend so basically investors will have access to the cash. All this will sustain the sp and be sure that if the sp goes back to 8 p the company will be buying aggressively which will enchance the NAV per share. The discount to NAV should not exist.
Couldn't agree more. As you'll see from the previous posts here I've been in since 8p and share a lot of your thoughts on the current valuation. I thought we would break the 20p mark on the last rise based purely on fundamentals. I certainly didn't see the fall back to my buy in price coming. I hope today is only the start.
The company made a profit of 0.04 usd in 09 a really tough year which makes 2.5p at current rates. The stock is strading on a triailing pe less than 4x Above all they are issuing a div of 1p which makes a 10%+ yield and they had around 27M$ of net cash (investmenst + cash) and the share market cap is just 10M$ !! Look at the results release today. I have bought as much as i could this morning at 8.5 p as this is going to rocket to at least the value of of the cash which would make 20-23p.