Member Info for Couerdelion

I'll be keeping an eye on how this trades tomorrow. It looks to me as though the SP has just taking a pause for breath before it sets of on its merry way north.

Failing that? Well I think most of the holders here have already demonstrated an admirable level of patience so a little more won't hurt.

My New Year's wish for 2027 is for a few more people to forget about platinum - or if they can't to post about it where it might be relevant.

Now the shares are nudging into the 260's I think I can safely say that 2025 has been a very profitable year here and not looking at all bad for early 2026. I will almost certainly divest a little by little if the dividend yield continues to fall to 8% and lower and will in all probability look to reinvest proceeds in other high yield stocks will perhaps more upside though certainly more risk. But it is likely to remain my single biggest holding for 2026.

He's not wrong that the business is still at a critical juncture where it needs to start generating meaningful profits. Profit margins of over 50% are not much good if all of those profits are needed to cover fixed costs and for investment capital.

The good news is that the cash buffer effectively means we have something like a stop-loss on the SP but with plenty of upside if the business can demonstrate improved and sustainable profits.

As regards the change in accounting dates, this feels perfectly reasonable - I for one would prefer a better balance between HYs 1 and 2 - but I can see why some a sceptical

Share count is relevant if you are calculating EPS on one figure - typically an average over the previous year - while paying on another lower one: total shares on ex-div date. For example, the adjusted EPS of 1.55 for FY25 equates to after tax profits for the year of £1.9m so with a current share count of c115m can support a dividend of nearly 1.7p. Of course you can always compare earnings to dividends paid in the same financial year but most investors would expect dividends to be funded from the previous year's profits rather than current.

btw, I take your point that the cash generates some profits and that the buybacks will be reducing this. However, if we only expect a cash-like return from this stock, I doubt many investors would still be here.

Trotters, the EPS calculation in the FY25 accounts was based on an older share count (around 8-9% higher than the current figure) so that will go a long way towards your dividend supportability target.

As for the cash figure, that has to go down just because it is too high for a company of this size. Depending on what investment opportunities they are looking at (which one would expect would generate higher earnings), they should use what they don't need as working capital for further buybacks. Another 20 million shares removed would leave the current dividend supported by H2 25 adjusted earnings and still leave us with £27m of spending money.

Did it say anything about these shares being part of the bonus?

All I want for Christmas is for a PGM-free message board. It's not to much to ask.

Not sure you can read too much in a busy store when there's two days to go till Christmas. Yesterday I went to a shop in London for some cheese and decided not to bother when I saw the queue.

....trading now at a 8.3% dividend yield which is still reasonable and the share price may not yet be at peak LGEN but it is a lot closer than it has been at any time in the last 3 months when I was adding significantly.

There will almost certainly be opportunities to pick up a better dividend yield, either here or in stocks with higher growth potential so I'll just bide my time while leaving the other 90%+ of my holding to run on here.

Took a small slice of profit today (

"The Company is pleased to announce that the Retail Offer was oversubscribed..."

By not declaring the level of oversubscription you could read this as a fairly neutral message. Meanwhile there will be some investors still waiting to find out what they have bought.

I could accept 10x EBITDA as not being an unreasonable valuation here but it's worth recognising that the 2026 EBITDA target may be artificially inflated after the shift of earnings from the 2025 target to the 2026 one.

We are certainly starting to moving into "interesting" territory here. My AI friend is even talking about "stretch" targets of 52-54p though this is the highest of the ranges conditional on a confirmed breakout and is based on technical indicators - so very far removed from the questions raised by Trotsky which I would describe as more "fundamentals-based".

At 54p, the dividend yield works out at around 6%.

The closing price was exactly what I was asking about. You're now in a situation where the company is offering to buyback the shares from investors at a discount to the closing price and why would a seller agree to that if they can get more directly from the market.

As regards shares held in treasury, whether these are cancelled or not doesn't make a great deal of difference (though it is good housekeeping). Any dividends for those shares would not be paid (company is effectively paying a dividend to itself) and they would not carry any voting rights. So effectively they disappear.

Not sure I understand how this works. If the plan is to complete £2m of buyback today (4% of total shares) wouldn't that push the share price up beyond the maximum price they can pay thereby undercutting the supply of shares to repurchase. Maybe there's some equilibrium point I can't quite picture yet.

At least we know the plan and the amount so that ought to be positive for the SP, right?

For someone who believes that it is not a good time to be in retail, Percy spends a lot of time on these same message boards.

Contributors will read into that what they will.

It won't be too long before wozzer70 will team up with wozzers 1-1000 and together they will hold a controlling interest in all the message boards on LSE.

Our own wozzer could easily be someone from the company itself and you would never be able to tell the difference because there is no discernible human involved in any of the messages.

Sometimes I miss the times when people would copy-paste from the recently released RNS.

Just plug in the right data to ChatGPT and you'll get the same response.