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Your PE of 3.5 is way out of date - it made £21m in the first half of the year alone, and has a market cap of just £16m!
Was a per of 3.5 too high for this share!
This is now (after the latest results) is now trading on a historic per of 3.5, which is cheap considering how BISI has transformed its financial position. The icing on the cake will be if these guys can announce a divi payment at the next update.
So. LAS just made 42% of £21m in H1 2022 (i.e. £8.8m in 6 months).
And it has £40m (net) of property assets.
And LAS has a market cap today of £17m.
Is there a more ridiculously cheap share on the market?
I guess the city folk were expecting a larger divi from BISI.
Hi Edward, yes, if you have 19,700 (approx) Las shares then you have a stake in 1000 BISI shares. So approx 1000 shares bought in BISI would cost you around £3600 and 19,700 LAS shares around £5000. BISI pays a divi, LAS doesn’t, at the moment.
What sort of lunatic has sold 20000 shares today?
This is a 'Buy £20 for £5' company.
For £21m, you could buy 42% of Bisichi, which has a maket cap of £45m and rapidly rising, and get £40m or property for free.
Sheer madness...
Yes, they say cash is king, and LAP won’t object to a nice divi. They’re currently refinancing a couple of chunky loans and the more cash they have, the better the terms are likely to be. A decent divi from BISI might also result in LAS reinstating their own dividend. For example, if LAS fully passed on a 20p per share divi from BISI, LAS’s divi would be 1.04p, currently a yield of about 4%.
Tim, I will purchase a few more here if I can get some on a down day. You could say that in BISI London Associated have a guardian angel! Any special divi’s will be very beneficial to LAS’s balance sheet.
Beza, I too have been buying yesterday and today. The mkt cap is basically more than fully covered by the underlying value of BISI shares, leaving £40 mn of property assets (after netting off net debt) in for free.
I took a small position here yesterday in anticipation of stellar results from BISI later in the month. I believe LAS’s results are due this month too.
… I thought that in Bisichi’s recent market update they said that they had increased the life of their coal mine from 4 to 8 years?
It is very hard to pick possible winners in this market. Stumbled on this and read up everything.My verdict is that overall it is correctly valued. Bisichi will be out of coal in 3-4 years unless it invests in more. My guesstimate is that it is going to reinvest in property rather than take on more coal. LAP is small but well managed and its likely future is merger/takeover within property, probably offering a Main listing to an AIM stock.
I am aware that its figures are a bit overdue and I expect them to improve. So I intend to watch carefully and if I can take a few at or below 20p, then I shall, because that would represent value with minimal downside.
Latest annual report out today - NAV still circa 35p a share - property valued at £61 million dividend from BISI expected to be £300k CEO salary £590k -- skim read it very lightly -- nothing surprising or interesting to me even - possibly a harmless but crap position!
according to my hand written notes from July last year I had £71million for the property portfolio and Net Assets per share at 35p -- loss per share 8p and an "I think rental income has not covered company overheads - so may be LAS is in terminal decline" --- I think all that came from a casual read of the last annual report .. guessing now that we are sort of more post covid than then things could be a bit better?
…. I was just checking that I wasn’t missing something! No worries. So what do we think LAS’s property portfolio is valued at?
Sold 20k at 22p - holding 30k -- rightly or wrongly -- oops! Thanks for the correction Beza.
Hi Beza,
Sorry about that yes you are right for some reason I thought LAS had 20m shares but that is wrong LAS has 85 million as you say - So that knocks about 50% off my ramp!
Do any of you guys have a valuation figure for LAS’s property? Regards
Lemmink,
Just trying to get my head around the figures here and I’m probably wrong (!) but yesterday’s 40% stake in Bisi was worth £9.84M (40% of Bisi’s market cap). LAS has 85M shares in issue is wouldn’t this 9.84M over 85M shares equate to around 11/12 pence… I much prefer your valuation of 43p but I can’t quite see how you arrived at it… I’m a holder of Bisichi so very pleased with the results and contemplating buying.
Sold 25k at 24p each - holding 50k - got mixed feelings bit selling because on the one hand due to agency type concerns I have been quietly hating this share for a few years - however on the other hand BISI is now trading at £2.30 share - making the 40% stake owned by LAS worth circa 47p a share -- LAS excluding BISI I think may be worth 20p to 30p -- so quite a substantial valuation anomaly may exist?
Sold 2 lots of 25k @18.9p -- holding 75k -- thanks to whoever helped me out with this
Well well well 17m mcap, much better looking now, not as undervalued anymore.
20-25m should be all it has got due to earnings but if the horde comes running in I'll be very happy :)
£26m revenue gives them a PE of about 2.5 - perfectly good.
LSE PLEASE UPDATE IT'S NOT -7
Who called that the numbers were way too low and had to bounce back? - though £26mn was above my 20m pessimistic expectaions.
Potential bagger down the road depending if things get back to how they were with another positive half year report / accounting releases.
Promising times to come for a nice fundamentally strong long term hold.