Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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FYI from Finncap's note last week - they say Buy with a 45p target. They go for 3.1c EPS this year, rising to 3.3c EPS next year, with a 0.7c dividend each year: "Clearer skies ahead The FY 2016 results are in linewith expectations which were downgraded in February. Affected by delays to a large Israeli Air Force contract which could not be recognised in the period, revenue was down 13% YoY to $6.0m. With the high gearing in the business model, this meant earnings fell 80% YoY to $0.4m. More positively, cash owed at the end of 2015 was received in the year to deliver $1.0m of FCF, and after the $0.3m dividend distribution, this lifted net cash from $7.4m to $8.1m at the year end. This year¡¦s declared dividend is lower ($0.1m or 19% of earnings); however, there will be a $0.2m share buyback to make up the distribution to shareholders to previous levels. Away from the revenue recognition issue, underlying business remains profitable and performing well, in terms of new business wins and pipeline, as well as building a base of recurring revenue. ƒ¤Organic growth strategy is focused on winning new strategic customers, and growing engagement within the existing base. SimiGon is delivering on all major contracts and increasing its market visibility while seeking new opportunities as both a prime contractor and strategic partner. ƒ¤New markets: Progress is being made in both civil-aviation and industry, and although mass-market adoption is at an early stage, the company is ideally positioned to gain traction in it, given its blue-chip client base, strong IP and wealth of experience with the technology. ƒ¤The large $6.7m prime contract won in 2013 continued during 2016 although on a slowed by supplementary client requests outside of the original contract. The company has been meeting these demands with a view to follow-on work and the contract is finally due for completion in H1 2017 and we anticipate news on any subsequent opportunities thereafter."
The only way is up at the moment with this share as buy back underway and no one wants to sell. Could be a very nice gain here in a relatively short time. 5000 shares traded and up 10%
Looks like the real reason for today's rise has just been revealed - a 79k buy at 22p. Nice.
Unusually busy today by SIM's standards with 380,000 shares traded.