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CJ62 - just based on a full year's earnings from $700m AUM ALGW should record revenue in excess of $6.5m. Say their costs increase to $2m on a PER of 10 that would value the company (after allowing for CT) at > $30m ie suggesting a SP of 5-6p.
Then consider what an AUM of $2bn would achieve!
This company is so undervalued, possibly because potential investors do not understand the business, but based on this confirmation of the deal and the additional positive comments from GS re achieving the $2bn AUM faster than 2025 this company deserves a massive re-rating.
Puts us on a PER of just 3! This share is ludicrously cheap and deserves a significant re-rate.
As an ex-auditor from a top 4 firm of accountants the reference to the qualified opinion is a technical matter and should not be anything to worry about.
Also in the Audit Report it refers to "Material uncertainty relating to going concern" ie future solvency and ability to continue trading. The auditor's comment was "In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. "
Whilst it is never an ideal position to have a qualified audit opinion etc I am reasonably relaxed with this outcome.
GLA
Barraband
Full financial statements have now been uploaded to the company website including the Auditor's Report.
https://caracalgold.com/wp-content/uploads/2022/11/REPORT-AND-FINANCIAL-STATEMENTS-November-2022.pdf
I’m happy to wait years, not months, for this investment to, literally, pay dividends. As MT has highlighted this company is being run by a top management team and I’m very confident they will deliver