Member Info for Alessandro

Thanks NewKOBT you seem to have done a good research on Serica. Much appreciated

Apologies for my inexperience looking at company accounts I may need some help on this.
On the HL website, looking at the financial for Serica, I can see on the income statement the revenue accounting for $45.75M and the profit after tax from continuing operations of $74.72M. I didn't know profits can be higher than revenue. Or am I missing something here?
Thanks guys
This is the link to what I refer to:

https://www.hl.co.uk/shares/shares-search-results/s/serica-energy-plc-ord-usd-0.10/financial-statements-and-reports

Nickel I missed your message sorry. Thanks I was looking at the older balance sheet

Thanks for your view NewKOTB. Can you please re-post the BKR transaction document you referred to?
My take on liabilities (share of profits) is in line with yours as I was watching an interview to what I believe is one of the managing directors.
Is it possible to include projected liabilities in the balance sheets or are these are actual figures that the company needs to meet, especially about the current liabilities?

Hi Nickel, thanks for your comment.
I had a look at the Serica's balance sheet. I can see 16M total liabilities and 18M cash. The current asset is 28M.
What do you refer to by "size of liabilities", is here anything I am missing?

What does GLA mean?

Hi LivintheDream and thanks.
The buyback scheme recently is of a volume of shares worth only a few thousands pounds.
Is there any point in doing so?

Peel Hunt reiterates it's buy recommendation. Is that based on any new insight?

I am curious to see the share price action today considering that Serica had a 15% stake in the drilling, which seemingly didn't pay for the drilling (perhaps paid for some licence?)

Serica's partners in the well were ENI UK Ltd. 32% (operator), JX Nippon 25%,
Mitsui 20% and Equinor 8%.

the question is, with the current asset and production, how does the share price stand today? can it be considered fairly priced?

I enquired directly, results out early April.

Look at the director's deals. At the beginning of the year Antony Mitchell and Timothy Joseph Trankina bought around 220-250K shares in the region of 80p . In the right-most column, "holdings", it shows a zero. Is that the holding before the purchase of those shares?
They sustained a fair loss since then, they must have predicted a share price close to the placing level and possibly seen 80p a good entry point. That didn't prevent the stock from plummeting.
I don't hold shares but I do hope 150p is a fair evaluation for this stock.

After the 50% drop I was expecting a bounce back to 45 as minimum, which hasn't happened despite:
-- Group revenue of $58.9m; an increase of 51.7% (FY 2017: $38.8m)
-- Underlying EBIT* of $16.6m; an increase of 30.3% (FY 2017: $12.7m)
-- Fully diluted underlying net income** per share of 8.32 (cents) ------> with a SP of 70p that sounds pretty good to me!

Now the negatives (if they are):
-- Pre-tax profit of $5.3m; a decrease of 48.8% (FY 2017: $10.3m)
-- Adjusted net income*** of $1.7m; a decrease of 67.9% (FY 2017: $5.5m)
-- Net cash position of $19.4m at 31 March 2018

Factoring out of the pre-tax profit and the net income by the non recurring IPO costs (I understand of about 10M?) we have a very positive statement compared to FY17.

I also see the positively the statement around the "strong relationships television and independent projects, which are seeing growth due to the increased content being produced by streaming companies that do not have traditional post-production capabilities."

Considering the "Fully diluted underlying net income** per share of 8.32 " with the current SP of 32 don't we have a PE of about 4 (?) which sounds pretty cheap to me!

I saw on the HL website the PE quoted at 43. How was that calculated?
I can't envision the SP dropping further, although that's what I thought when the SP hit 50p.

I've seen a stock analysis which quotes "under pressure below 422". Does anyone know the meaning of that statement? Cheers, A