Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
I have absolutely no problem if they do a raise to buy an accretive asset at the appropriate time, but I suspect they'll primarily (or wholly) use debt instead.
Ok, this is more complicated than I thought. It's not really a debt fund. Their revenue is directly linked to renewable power sales. This sounds like the worst of both worlds, without any real control over the assets but beholden to them. And if power prices drop further, so will their revenue.
I thought this was primarily a debt fund, holding loans and bonds rather than physical infrastucture assets? if so, why is the management blaming the big drop on lower electricity prices? They clearly must have a significant amount of equity in these projects as well, which means it's not a debt fund...
This is starting to look interesting with the yield approaching 8%
My concern is what it will cost to refinance the £140m of unsecured debt due in 2024. They have an investment grade credit rating and Edison assumes it will cost around 5%, but what if SONIA is at 6% or even 7% by then?
@Agricore: One point. According to Edison, the £50m retail bond needs refinancing in Aug 2024 (1y time).
"I personally don’t care what anyone says, THG, BOO, ASOS do not deserve to be 90-95% down off highs. It’s just stupidity. No wonder Ashley is buying."
Another possibility is that it was stupidity for them ever to be priced so high...
Attractive divi; lots of upside; solid balance sheet; good results which exceeded expectations.
Seeing the shorts reduce and takeover talk has gained my attention. Looks very risk to be holding this short now.
"Now with O&G prices back to about average levels, I believe the WT may disappear pretty soon as it’s done many times on similar previous occasions."
There is absolutely zero (0) chance of that happening...
Either this is a fantastic bargain or somebody knows something that we do not. If it falls much more, which one of those is going to start to become irrelevant as the new investors also exit after hitting stops.
"Look at CU / Zinc prices 5yrs out Vs CAML SP."
Personally, I find that copper/zinc price forecasts are lousy, even 1m out, let alone 5y... IF they're good, I can see CAML much higher than £2.30, but who knows!
Guys, you can safely ignore 'Mr Porsche'. His modus operandi is to open short positions and then to descend on the LSE board and use the word dogxxxx a lot and whinge about the UK - as if he's going to have any effect is laughable... but he thinks he's spome sought of market oracle - more like a spiv talking his own book.
@Porsche1946: "Aviva a capital destructive dog. "
Man, why do you hang around? Presumably you're short?
Looking at the long-term chart for Aviva - your statemnet is incorrect... Almost every financial stock fell after the highs of 2006. Aviva has traded more-or-les flat for more than a decade now.
It's easy to find lots of shares that have fallen since their peak. Almost all Japanese stocks are still below their 1990 peaks.
This no longer looks like an imminent recovery, nor is there a decent dividend, while profits have collapsed. There are too many other interesting companies to invest in, to be stuck in a 'cheap', deteriorating company.
The results look very weak.
I see no reason at all that the sp can't return to 200p at the very least, but 300-400p is achievable over 1-2y if profitability is maintained and debt is managed. I have no interest in grabbing a 20% gain and it makes no sense from a RR perspective.