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Well that was a nice surprise!
Trading update due soon will hopefully confirm that we co to us to make progress & factors affecting CMCX are not affecting us -although perfectly understandable that The Market will turn cautious ahead of trading news
CMC drop is a bit strange, they already warned about reduced profits and they came in as expected. Not invested there but typical market reaction.
The CMC news will definitely have an affect on Plus's share price today (and over the next week I'm guessing).
They , like most companies, are from faultless, & I sold out completely a few years ago after an unexpected profits warning only a few weeks after a positive trading statement.glad to have bought back in & reporting consistent over recent years & with 155 less shares in issue we currently look strong in these volatile markets I am glad to have a & of my portfolio here as we get a very good yield & the potential for growth
Should be a bigger dividend on H2 results paid in time for Christmas then!. One thing I don't like about Plus and it is only a minor annoyance is the amount of time between ex div and payment - over 4 months which is taking the mickey.
Todays rise puts us back where we were 2 years ago, hopefully the acquisitions and expansions will boost stable earnings to the point where the share price can grow again to new levels, and not just rely on a bit of market turbulence which gives a temporary boost only for it to fall away again.
Most welcome & unexpected positive news & perhaps our SP will move towards broker targets of £19 as our dividends will increase proportionatly,our cash balance will continue growing despite the continuation of ( & increasing) share buy backs .Strong investment for volatile times ,which are, unfortunately , likely to continue
'significantly ahead of current expectations' excellent news.
The general volatility across all markets - it's got to be good for Plus right?
All remains very positive & I cant see any reasons to sell-share buy backs,great yield,growing & substantial bank balance,growing organically & by acquisition,expansion into new markets ( US & Japan) going well etc
1st qtr ebidta was 162m dollars and full year consensus is only 290m! Clearly awfully low estimates still but at least moving up.
Consensus estimates now updated to show around 2.5 usd per share or 2 pounds per share for this year and next. Could well be awfully low numbers but at least higher than they were. pe on these numbers around 8 but valuing the cash at par gives a way lower pe.
Indeed.
https://citywire.com/funds-insider/news/expert-view-lloyds-experian-ashmore-ab-dynamics-and-plus500/a2386147
says:
Peel Hunt upgrades Plus500
Peel Hunt has upgraded Plus500 (PLUS), the contracts-for-difference trading platform, as it is making strategic progress and broadening its reach.
Analyst Stuart Duncan upgraded his recommendation from ‘add’ to ‘buy’ and increased the target price from £16.55 to £18.60 on the stock, which was trading up 3.4% at £15.63 at the time of writing on Wednesday.
‘Despite what we believe to be conservative assumptions, we still increase our forecasts for 2022 by 13% following strong first-quarter results,’ he said.
‘We forecast an investment proposition underpinned by strong earnings momentum, continuing volatile markets, and some interesting strategic developments.’
He noted the development of Plus500 Invest and the group becoming a full clearing firm that opens up business-to-business opportunities ‘with small brokers lacking clearing house access’.
‘There looks to be little of either aspect reflected in the current valuation,’ he said.
‘Plus500 is evolving towards becoming a more broadly based financial services firms, which generates significant levels of cash’.
Peel Hunt upgrade target price to around 19 pounds today.
If shares are undervalued buy backs are good for share holders that hold. If they are over value/neutral then dividends are the best way to return un-needed cash to share holders.
Most buy backs aren't good value for share holders, they are used to manipulate earnings per share which is often a bonus metric for the directors. My view is plus is considerably undervalued so I'm fine with the buy backs.
One opinion I've heard is that a dividend is permanent whereas a buyback can be reversed. Buybacks are a great idea if a stock is "cheap" - which is of course a matter of opinion. In my opinion this stock is very cheap, so (following others in this group) I think reducing the share count is great for those who remain. But the big question is why they bother having a stock quote at all when the share is so lowly rated. The cost of equity for Plus500 is incredibly high - they'd surely never issue stock at this rating and don't need to as long as they keep producing all this cash. Why be public at all?
If the company bought back 10 per cent of its shares it could do easily do this out of cash reserves. That would have all but zero cost to earnings. The number of shares would reduce by 10 per cent and the earnings per share increase by about 19 per cent and the pe drop by about the same. Eventually the share price would presumably respond with a 10 per cent rise. Surprising they do not do more than a few per cent each year.
Question:
Bearing in mind there are only circa 100M shares in issue, why not increase the divi instead of buybacks?
A divi is tangible - it can be reinvested or taken out as cash: buybacks you are really being blown along by the trade winds with little control no?
Or are buybacks simply a wheeze whereby those with comparatively (to me) large holdings can enjoy *ahem* tax efficiencies?
Another 5%(or so )to be bought back before Xmas-increasing our stakes further which together with a fantastic dividend yield results in a strong investment case -no debt ,massive bank balance ,high growth potential ,(organically & by modest acquisitions which will be developed using our tech & marketing expertise)& a reducing number of issued shares
and up she goes , nice
On top of all this good news an extra 50 m dollar buy back.
what do you think , would be profitable , lol
US & Japanese expansion will be interesting & ,hopefully ,profitable -adding substantially to our value
The Board remains confident about the Group's prospects and, at the current time, anticipates that revenue for FY 2022 will be ahead of current market expectations6
Another stupid rating by this broker. Their previous ratings were £5 and £11.
In what world is Plus500 worth £13. Yes there's regulatory risk but eve so Plus500 is a cash cow machine.
Any Discounted Cash Flow valuation puts the intrinsic value far higher. Relative comps are ridiculously low too.
This stock should be £20