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The price action on the JSE in SA is fine.
Where would you rather invest - London/UK or SA?
Mulder, that is exactly part of the Brexit issue that's been widely written about. It's got worse in recent years. I'm just being the messenger.
Anyway, PAF SP is very deflated despite the GP constantly above 2000 and I bet there are many like myself hoping the 14th Feb can provide a turn of sentiment... An extra dividend would do it for me ))
Nothing to do with that either.
Short sellers and MMs have far too great a grip in London and the FCA are utterly useless and incompetent.
Hi Mulder,
Yes, but I thought the complaint you had was about daily outflows from the LSE which look institutional, which this explains.
Overall, I am not worried at all. I have never been bothered by differences between the exchanges with PAF, as just as you say, it all pretty much evens out. That 5% difference could just as easily disappear within a few hours of it appearing, or hang around for a while, then not.
If you are talking about the FTSE as a whole then yes it is trading at a very low multiple compared to the S&P for example which is at a 20x P/E.
FTSE is sub 10 and shares like this mid single digit only.
However, when a share is listed on more than one exchange then the prices should match! Give or take 0.1 or 0.2%, not 5%!
I would have to disagree. We have a diverse portfolio of 100+ stocks including African based companies such as Gemfields and that is trading at a premium to JSE actually while others match the overseas price.
Your Seplat example is an extreme one and is mostly due to the huge depreciation of the Nigerian Naira which seems to depreciate by 50% every few weeks!
Hi Mulder
I think you'll find this is all too common with many shares and companies listed in the UK, since Brexit there has been constant outflows from the LSE.
Even the right-wing papers like the "ToryGraph" are on to it.
It would explain the constant sells and price suppression that's across the LSE.
https://www.telegraph.co.uk/business/2024/01/13/brexit-prime-suspect-death-london-stock-market/
https://www.bloomberg.com/news/articles/2023-12-18/-screamingly-cheap-british-stocks-are-again-a-hard-sell-in-2024?leadSource=uverify%20wall
Another one of my African investments Seplat, has a constant 20% to 40% discount to it's African listing.
This has got absolutely nothing to do with the gold price.
Or FX. Or liquidity.
Posters on this board have admitted trading and manipulating the SP day to day.
It's been going on for years now.
FCA teams are not acting on the data and information. Everything has been recorded, forms have been submitted, PAFs own brokers are allegedly 'on to it' yet the same pattern and gross underperformance day after day.
We have informed the FCA market abuse teams - there's plenty of data and evidence now, over a long duration of time. Clear rigging and market manipulation.
Hopefully a takeover RNS will come out any day now and teach the traders and short sellers a harsh lesson.
Results a week away and an interim dividend is not out of the question.
Crazy price movement, gold going up… every day similar story (traders paradiso this…)
1415 was the time today when the market manipulators drove the SP down.
FCA informed.
SP reacted on price of gold which dropped 1% today
Day after day its the same pattern. Sell off from 1430 onwards.
The real closing price today should have been 18p NOT 17.3p
So WTF AGAIN?
Next few weeks should be volatile
Can’t believe we are at these levels esp after todays news, what’s wrong with this market!!
2.2m share trade.406k at 18.4545. Above mid.
Don’t see many of them here.
Usual caveats
Trek
Solid numbers, I make a projected PE below 5 for the current year, this without considering any further increase in gold price. More to come from POG and extra 50k/oz production by year end, no debt worries and plenty of visibility with reserves/resources. PAF imo is the best UK gold miner at the moment and for the rest of the year.
We're up 4%, but to be honest we should be up by 4% just on the gold price movements already let alone a 45% increase in earnings. Surely the PAF SP is heading to the mid 20s, an extra 50k oz of production next year should take us to the 30s, even if it does the P/E will probably still be less than 4 or thereabouts.
A rising tide.
Good numbers those. Can't argue with more gold and a higher price. On a much stronger footing than last year, it will be interesting to see the market reaction today!
Anyone think PAF could be a takeover target before the increased production comes online at the end of the year?
PAF is due for a re-rating.
According to data from Investing.com PAF is one of the best net profit margins out there at 20%, with gold price set to increase further, while the worries of increasing inflation and cost will subside.
Next year also production will increase, this is easily a double you money 12 months investment, I whish I bought more at recent 15p.
Their figures are underestimates.
Results in 2 weeks will beat.
EPS will also be higher.
Gold higher again today.
'Anticipating a happy valentine'
https://www.edisongroup.com/research/anticipating-a-happy-valentine/33168/
Valuation: Steady at 42.27c (33.46p)
As expected. lots of "Jam tomorrow" but we know Mintails is happening and the target of several 10s of 1000s above 200k annual production is where we are heading.
Page 7.
Alternatively, applying PAF’s peer average year one P/E ratio of 12.1x to our normalised HEPS forecast of 5.31c per share for FY24 implies a share price for the company of 51.04p. Applying its peer average year two P/E ratio of 9.2x to our normalised HEPS forecast of 6.00c per share implies a share price of 43.90p.
Readers’ attention is also drawn to the decline evident in the market’s year one yield estimate for PAF, which appears to suggest that it believes the company will cut its dividend in FY24 (or that the rand will fall very sharply versus the US dollar, but that this will otherwise not be reflected in the company’s results), which we regard as highly unlikely, except in extenuating circumstances.