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Dividend up and reasonable growth in Net Asset Value per share.
The insurance market hardening should feed through into performance of many of the investments.
Significant discount to net asset value per share which provides margin of safety.
TeesExile the commercial market insurance rates are hardening which should be good news for brokers as their commission should increase as insurance premiums rise so should feed into profits of broker portfolio.
Yes, I agree @Theanalyzer
BPM seems like a really well-run operation all round. Consistent 11% p.a. NAV growth. Have been a happy holder since 2014. I'm surprised there isn't more interest, but I guess LSE posters are drawn to more dramatic SP fluctuations - i.e. trading rather than investing.
Nice to see Nexus growing its team further.
Some of investee companies have got real momentum
I bought more yesterday but couldn't get all I wanted. They have weathered the storm well and sp should settle around 300p. Shame the buyback is not possible. A lot of hidden value in Mr Marsh's stake
The interim results out this morning make for great reading. To be honest, I was expecting a Covid19 related correction in the valuation of the portfolio from Jan-July 2020. Instead of this, the book value of the company has actually increased and just shy of 400p per share. The LEBC hiccup, that caused a completely unwarranted and disproportionate drop in the SP in 2019 is now ancient history. It's a shame that the Company is unable to start the share buy backs again due to the City Code on Takeovers. Perhaps they should consider a small tender offer instead.
All in all, a little gem of a company tucked away nicely in my SIPP for the future. Couldn't resist a small top up this morning.
Moving up ahead of tomorrow's results. Can't even buy 2000 now
Interims due 13/10. I expect discount to NAV to be even higher, so hoping for some overdue upward movement. Will buy more next week
Results out today showed low impact of COVID 19 on business.
Discount to NAV close to 50% which allows you to reduce PE ratio on investee companies and still have a big safety margin
Paying a dividend
Good spread of business some loss makers but others growing rapidly
I continue to hold hoping for further price recovery
Last NAV given 361p at July 2019. While no new nav will be published until June,it would seem harsh that the shares languish around 260p given that the company has increased nav at 11% pa over many years.
Despite comprehensive and very positive write up today by Simon Thompson, the sp drops back. As he says, more upside than downside....
The divi is one of the reasons I haven't invested here. Static and fairly measly considering advances of some of the investments past year. Trend at the moment of sp falling after results, better to travel than to arrive...
So excellent results in terms of NAV increase BUT compared with last year which perhaps was exceptional, the actual income received from the investments has dropped significantly.
Costs are down
Dividend is up (but is still not as high as it should be)
Some of the investee businesses are doing well others have issues.
It will be interesting to see what Simon Thompson thinks with his next update......
very good results.
NAV above current shareprice
Divi covered 7 times
Cash in bank
I think share price may still be at a discount to nav.
The cash issue will reduced nav per share but LECC profits were up 95% so this will drive a chunky increase in NAV per share
Let’s see what nex5 set of results state
I think some of share momentum is driven by JLTacquisition by Marsh
The way the share price is going, the discount to NAV of £3.21 is about to disappear for the first time ever?
Some strong trading performances and growth by existing portfolio companies.
Hope they can find good use for cash as that will dilute returns although it does create solid net asset backing.
Almost all of the open offer allocation was taken so there were little or no additional shares available for anyone concerned. So pretty much all investors, including the execs, saw value at £2.52, a good sign.
My brokers has returned all the money for the new shares that I was hoping to acquire from the 252p optional offer - did others have a similar disappointment?
Thoughts LEBC represents 42 per cent of BPM investment portfolio before impact of recent placing which will dilute percentage but value uplift will still be big. LEBC was valued at 33.16 m equivalent to 55.7 m for 100% stake. If LEBC interim earnings are doubled for full year that represents 4.8 m so around 12 times earnings ignoring tax which would increase multiple but excluding new acquisition by LEBC which would lower multiple. Resulting PE ratio for LEBC is low for a company growing that fast even if growth slows massively it still looks cheap So I continue to hold BPM and am pleased with recent tops up DYOR
should very positively boost the net asset value of this company as we own nearly 60% of it and profits have doubled.
I tend to agree with your comments about other boards. I could have picked up shares in BPM the other day at 259p, but now I see it has jumped to 268p to buy. Took a small holding in NUM today, but have some cash which could be invested here. The spread here put me off a little. You have done very well here, that's good. Good luck and regards CM
Chequemate It was very quiet but I am up over 160 per cent so not bothered plus receiving dividends. Also many of the busiest boards are get rich overnight shares which typically end in tears except for clever traders (which I am not) and the ramping crews. All markets are frothy at moment which is why I hold large element of portfolio in cash. However, BP Marsh will easily survive a crash and be able to pick up cheaper deals. It also has strong net asset backing. Good luck in your portfolio.
Chequemate It was very quiet but I am up over 160 per cent so not bothered plus receiving dividends. Also many of the busiest boards are get rich overnight shares which typically end in tears except for clever traders (which I am not) and the ramping crews. All markets are frothy at moment which is why I hold large element of portfolio in cash. However, BP Marsh will easily survive a crash and be able to pick up cheaper deals. It also has strong net asset backing. Good luck in your portfolio.
Good evening T. Thanks for the post. I expect you were begining to think you were the only person who had been looking at this share!. Yeap, I have read what the latest RNS said re insurance premiums after the hurricanes and floods which was a concern of mine. Who knows what event is next to hit or when?. Regarding a downturn in the markets. What I am begining to see is companies that report even good results in their RNS or results in line with market expectations are still being marked down. Should a company report anything which may be regarded in any way as disappointing or not quite up to expectations their shares get marked down substantially. In other words there appears no room for disappointment. This applies even more so to the high growth companies with excessive valuations which many investors, including myself, have been pumping or are pumping funds into. Could this be the first signs of a market correction which is long over due?. When good news fails to lift a share price...........If so, it will hit all companies, not just those with plenty of liquid assets and cash. This is very much a time to pick stocks very carefully and to be in no rush. Sitting on the sidelines as an observer not just here but elsewhere too. Regards CM