Member Info for Corriedog

This is a very well managed company and the management team are delivering very good results.
It is labelled quite rightly as a growth share and it is growing. The share price will eventually catch up.
The share price was knocked down from over 100p to around 40p by persistent selling by an institutional shareholder.
Next year Rodney.

Just shows what high taxes do.

The brains and the investment monies leave the UK and the country’s tax take and wealth go down.

Very, very shortsighted.

And Labour will be even worse! Oh dear.

Yes. 275p

How about the Falklands?

It comes down to whether one trusts Rothschild to be producing honest numbers. There are lots of highly qualified and respected individuals involved here.

Great November result. Poor share price performance must have been impacted by stock overhang. Glad that I have been buying as high discount should narrow. ‘Real’ price is at least 10% higher but we will see

The tax that Harbour pays on UK profits is 75% not 35%.
The 35% is on top of the 40% paid previously.
Various costs and losses from earlier years are not deductible in calculating the profit on which the 35% is payable.
The golden goose is dying from over plucking. Rip NS oil industry.

When the Premier tax losses have been used up shortly then on current price of oil the post tax profit will be only £500m or less.
A very short sighted and political policy to tax at 75%.
This company and any UK oil producer are almost uninvestable.
No fuel at the pumps and lights off next year.

Valued at once times cash and the business in for nothing. Company isn’t trusted to avoid banana skins and improve margins.
The real worth here has to be at least three times higher if they can restore trust and boost margins.
Hard to see it much lower than current share price. Quite a take over target for a foreign buyer.

Maybe Blackrock have now stopped selling and driving down the share price. The big boys don’t like smaller and indebted companies in a recession.
The fundamentals and management here are outstanding and quality will win in the end.

P/E ratio of about 1

This looks to me like saying that Ebitda is about $1bn or £900m.
Net debt is $750m or £700m.
So an enterprise value now of £1.2bn. Or maybe 3 times free cash flow.
Cheap isn’t it

It is not valued as a proper company.

Where else can you buy a company on a PE of 1?

Enterprise value of little more than once times Ebitda?

Still only 22/23p in old money. Same as ‘merger’ with Harbour.
Only very good news since then apart from windfall tax.

It needs to start generating some cash.

Hopefully Blackrock cleared out and share price can return to a more normal level.

The price is going to keep going down until Blackrock selling stops. Pretty obvious.

The company has lost its growth company rating but it hasn’t become a bad company with bad management.
Tricky macro situation and too much debt for the current situation that wouldn’t matter for a larger company.
An enterprise value of about 7 times Ebitda looks about right.
Management just need to get their head down and churn out cash and ride out the storm.
Would be better currently as a private company with PE backing.
As a listed company then the SP is unlikely to recover for a while and I think that it could go to 35p.

Fundamentals don’t seem to matter much here any more. Poor liquidity and persistent selling by Blackrock.
The corporate broker should do their job and take them out in one go rather than drip drip.
Or company use facility to buy them back. Better for shareholder value than an acquisition currently

As Mr Blair Thomas is so keen on selling shares rather than buying them, he should resign as chairman.
No improvement in share price since merger.
Website says that he adds significant benefit to the company but zero evidence of that. The chairman should be totally independent of EIG.