Firering Strategic Minerals: From explorer to producer. Watch the video here.
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What has this company got to do to achieve a sensible P/E?
I get the impression the chairman's description of the £90m profit as 'excepional' is the problem.
It is being interpreted as 'one off' rather than 'incredibly good'.
Edward, not sure what the company needs to do but am sure it needs to say; with the chip shortage we are making good profits in the secondhand market and when the chip shortage eases we will make good profits in the new car market, rather than waffle on about challenges and exceptionals. They need to demonstrate they have tactics for both or sell up to someone who can.
To be fair, the £90m probably is pretty one off, as it's due to unusually favorable market conditions which can't be expected to last forever.
But that didn't come as news yesterday, I too struggle to see why anyone would want to sell after results for 10% less than they could beforehand.
Agree they labour as negative the very things that are actually positive.
It is as if they wish to fuel negative sentiment.
None the less, profit is superb, cash generation immense, and the recent sale of one site which had a book value of £10m for £28m suggests the true value of the freeholds alone is far in excess of market cap.
I actually don't think £90m is a one off. The market conditions that drove it are, if anything, even stronger in Q1 22 than they were in Q1 21.
I agree the positive circumstances are still present. But each quarter they persist is a pleasant surprise.
I bought some more this morning expecting analysts would see this a great buy - time will tell if they do.
They did also confirm FY22 Q1 is excellent already as well. Once brokers re rate and Investors Chronically and Midas etc catch up with this I'm sure we will get to 100p pretty soon. Just a delayed reaction I think.
cant get a quote to buy!!
Something not quite right here i had to buy my shares in lots of just 1000 !
I agree something is up.
Excluding the conservatively valued freeholds of £290m, this is basically a £90m profit business valued at just £35m.
If this was at 500p, it would still make good sense.
why this drop today? doesn't make much sense after yesterday results. I went back in at 84ish with some profits just in case.
(backed by no research, strictly hope)