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It's the same merrygo round that has repeatedly played out over last 2 years, ever since the SFO scandal broke in April 2017. At the time it was trading nearer £8 with $ 1.2B debt. Thereafter, several times saw £5 and £6, during which time PFC has become leaner and fitter, and I am so pleased that it is now debt free. That is under the stewardship of Ayman Asfari, who put in some £ 10 M of his family money, when the SP was higher than now. He is not losing sleep and nor am I! I have invested long in this and ma immu nest egg.
Additionally, whilst we see infrequent contract awards, these are quality ones that yield high profits.
I cannot fathom how on earth SP valuation is done (I know buyers vs sellers), with PFC actually performing better, albeit reduced profits, but now no debts or gearing costs. I would foresee the dividend to be increased 50% to previous historical levels of 63cents by August this year and that's when I would foresee the SP to go north!
My view nad opinion only and GLA and DYOR at all times.
I have watched this BB for 2 w since the hit by SFO! On that day, when the priced dropped almost 150 p, I thought back to 2017, when the price had gone down from 800 odd to as far down as 360p. And yet, PFC has become leaner and fitter and has full order books. I also reasoned why Asfari would put 10 M of his own money if he had any insider suspicion. That investment is in itself a very powerful message. The last point is what has kept me to keep my head above water and not react by selling the lot. I have 90% of my nest egg committed to PFC, with the wonderful dividends.It would only matter if I had to cash in suddenly now, but I am an ongoing strong holder!
GLA
where other shares have suffered with the brexit hoohaa, this one has been stable. imagine when brexit issues resolved (WHEN????), I reckon this will fly. A niggle suggests that this is also likely to be on radar of a good brit company for a lurking predator (certainly not Mike Ashley).
I can understand BBrs getting wrong with their predictions, looking at examples only this morning. But Numis spend shed loads to predict accurately. Surely, now this share is going to become even more popular, with high dividend, consistent performance and trimmed to rude health. I wish I had spare dough to plough in again, but already have serious investment in it.
How wrong did Numis get it! It estimated debt at 657M! How? When the debt declared in statement to be nearer to 250M? Recall that PFC sold its Mexican oil services and als o the North Sea asset with view to settling its rather stupid debt which stood at 1.2 B and the last year ~ 700 M.
It makes a mockery of analysts, doesn't it!
(Sharecast News) - The market spotlight on Tuesday, barring surprises, will be on the IFO institute's closely-followed business confidence gauge covering the month of December.
It will come close on the heels of very weak readings on euro area manufacturing sector activity and less than a week after the IFO slashed its forecast for German GDP growth in 2019 down to 1.1% after what the research centre's economists now believe will be an expansion of 1.5% in 2018, although a recovery to a pace of growth of 1.6% is expected in 2020.
Nevertheless, as recently as early September the IFO had been anticipating German GDP growth of 1.9% in both 2018 and 2019.
Against that backdrop, investors will be waiting on US housing starts data for November.
GfK may also release the results of its UK consumer confidence survey for December.
Oilfield services group Petrofac is among the few corporates that is set to update markets on Tuesday, with management set to provide a trading update.
Numis's James Hubbard has penciled in 'clean' net income for the fiscal year of $352m, versus consensus a just $315m.
Hubbard told clients the disparity was likely the result of "some confusion" around the possible impact of upstream asset sales from its Integrated Energy Services arm.
The analyst also highlighted how Petrofac was thus far apparently falling short of its stated target for roughly $6.0bn of new awards for the year.
But that might be the result of a larger number of smaller - and so far unannounced - awards having been won, Hubbard said.
Including $200m of cash from asset sales, for which the timing of the receipts was difficult to predict - Numis anticipates a year-end level of net debt of $647m.
In any case, the shares were trading at an "undemanding" 2019 EV/EBITDA multiple of 4.4 times' and a price-to-earnings multiple of 5.5 times' with an estimated 2018 dividend yield of 6.8%.
this is just one amazing share. note WG, a Ft100 and pfca Ft250, both have lost 30% in a matter of 2 weeks! pfc is at levels last seen in july 2017! i am seriously hoping for positive news with all of the sales and trimming of debts. <br /><br />fingers crossed tomorrow <br /><br />
Hi Mark. These figures are straight out of Stockopedia, but how up to date are they, bearing in mind several sales to reduce net debt. Is the TTM really up to date?
Weird how WG drops on caution re oil price and yet this ridiculously difficult to predict PFC rises!
Welcome back MBUK. Just need RdR back to complete the team!
Relax, this is a vulnerable FTSE 250 company, vulnerable to wild swings determined by algos. The ridiculousness of the SP drop ( from 650 to 450 in space of 4 weeks ) in absence of any sensible negativity just defies logic. PFC has done everything right to become lean and fit with debt pushed right down.
Big funds piled in at higher price almost 12 months ago and more latterly, the CEO put 10 M of his money into it at much higher price. The shorters, I think, have reduced significantly, but please correct me if wrong.
This is not Interserve or Carillion, but a safe profitable company, earning in dollars ( which should push SP up, surely, with the brexit shit) and very markedly reduced debt and earnings related to services!
The corner will turn, but I don't have the appetite to invest even more, beyond my entire nest egg thus far.
Hey Alto. Your assertion re AQR and SFO office. That's already been played out on this BB 18 m ago. I would like to agree with you, but the PFC share drop and rise Has no logical explanation and never has done. Retrospective analysis is always rocket science and yes I could have made a fortune by sellling and buying during these waves of ups and downs. However, I am in this for the long run and always remind myself that the fundamentals of this company are so good, and the dIvidend, that ultimately, PFc will achieve the SP it deserves. I bet the balance sheet will be incredibly heathy at year end, having gone through the N Sea sales, Mexico sales and hopefully the debt reduced even further from £600 M to a more healthy working debt. In meantime, pfc keeps beavering away at new contracts which are profitable and sustainable, rather than just to keep pace with competitors. Look at its website. There's always good new stuff of best something award. ATB.