Member Info for Culpepper

You must be right. Reading back, Greatland refer to it as delivering substantial medium to long term value. On dilution, less eps arising from that, but it will be from a bigger slice of the Havieron pie.

Lebugue. That is the sort of thinking I am advocating. As you point out, we are short on detail. I wait for things to become much clearer, as they will with forthcoming announcements, and with EBITDA in the first instance when revenue starts to flow.

I stole this. Thankyou.
Note last para demerger costs, reiterated from Liberum previous comment. Liberum has always been a high end outlier on price.
Wickes valuation ‘out of kilter’, says Liberum

Wickes (WIX) is ‘too cheap’ considering the future prospects of the DIY and building supplies retailer, says Liberum.

Analyst Wayne Brown retained his ‘buy’ recommendation and target price of 360p on the stock, which fell 4.4%, or 7p, to 151p yesterday.

The group delivered ‘robust’ performance in the fourth quarter boosted by home insulation sales amid the energy crisis, enabling management to reiterate full-year guidance for 2022.

‘Into full-year 2023, management is cautiously optimistic, although higher energy costs and bringing forward pay awards mean we expect consensus full-year 2023 profit before tax to lower by £2m-3m from the current £59m,’ Brown said.

‘Despite this, Wickes is delivering good underlying momentum, reflecting its balanced model and continued market share gains.’

The shares are up 31% since their September lows but Brown said they ‘still trade on a current full-year 2023 price-to-earnings ratio of 0.5x’.

‘A strong net cash balance sheet, 13% free cashflow yield when demerger costs fall away, and a dividend yield of 6.9% all highlight a valuation that is significantly out of kilter with what the group is delivering and its future prospects,’ he said.

I’m no apologist for him. CEO doing his job. I don’t think he’s done anything wrong, has he ? The only thing happening recently is conversation about updating the resource, and NCM will have pointed out it’s Ggp who will have to get itself in alignment, junior partner, not the developer, etc. Tail trying to wag dog. So what choice has he on that, really?
Anyway, nowadays it’s more down to the board, representing Ggp best interests in the Havieron project - and whatever else they might have on.

The RXUK range of research presents an independent and unbiased review of the performance of the continents’ best ecommerce and multichannel retailers. Seven reports are published every year with a comprehensive ranking and analysis against six key performance dimensions, providing an accurate benchmarking tool to help you stay ahead of competition.

Wickes, which sells online and through 230 shops offering multichannel services, is ranked Top50 in RXUK Top500 research.

Finally, ‘ Our new store in Bolton opened in October, and there are plans for further openings in 2023.’
So there’s no change to the ongoing plans to spend cash on going for growth

We know at least not to expect any surprises on last year when the results come out. Similarly I think on the dividend.

I rather hope that Matthew Riley coming on board, and having resigned as a director of Alvotec Sept last, just might be indicative of them holding onto Tialis shares anyway. The deal must be beneficial to both companies, and he should have knowledge we do not have, for the good one would think.

Don't know about 'the market.' I didn't. Would prefer they had set the PBC between the 2 figures, rather than 'in line with.' Perhaps others think the same.

Obviously dependent on how trading this quarter goes, it seems possible the outlook that’ll come with results will be relatively positive on figures for the current year, with raised energy costs offset against one-off de-merger costs not repeating this year.

https://www.aol.co.uk/money/wickes-boosted-home-insultation-sales-081031646.html?guccounter=1&guce_referrer=aHR0cHM6Ly9jLm5ld3Nub3cuY28udWsv&guce_referrer_sig=AQAAANqJglQDq5ielISU5KcgoqdmnJo_CpdoBiUYYZZRIxGZKKb7n8PTibH4KGnZtM-up29JhJLUN7slmNMZDNuEzE-tthRroSfQOfvsIbagonZiEKXUhe1WKfbIopcxsqN4LQjhNlRFSP_N8U48C1ijyproWMjJxKlCehXfsZOIwIHB

https://www.lse.co.uk/rns/WIX/wickes-group-plc-trading-update-4y660cpfwrjmtuo.html

Taken as a whole, showing resilience, with 25.8% increase over the quarter, and 3.5% over the year. Appears that PBT will support dividend.

Anticipating a feasibility study, updated in all respects, I found it quite interesting to revisit what was said before.
https://greatlandgold.com/news/project-updates/havieron-south-east-crescent-pre-feasibility-study-released/

It’s my take on it, and am pleased a couple of you agree. A simple outlook. Decline and other progress goes to timing, resource to continuity of earnings, and product sales to profit.

At the moment, my thoughts are to hold for at least the first reported full year of commercial revenue, which according to what I take as consensus on here will at earliest be July 2024 on, later, going to the 2025 and on, ramping up production periods. It’s a fair way off, and all sorts can happen, I accept that.
It’ll become much clearer then, with price stabilising around economy of production/revenue/price of gold, on an annual basis, with a premium for visibility of earnings over the future years on the known resource. Actual earnings will, I imagine take longer to flow through as production increases, to put to growth/return to shareholders.

I’m hoping for bigger numbers from institutions, patient capital, to tie up some of the float.

I found that pretty much alright, actually. Perspective giving in it’s relative simplicity.

That’s on all my stuff to put that last in perspective.

I hope for the best for all shareholders, which will include me. There are differences though, as you well appreciate. Get in profit than a bird in the hand, for me. Why I wouldn’t complain about any bid seeing me alright. But I don’t foresee it just now.

You should squeeze it in on the business plan.
‘One day at a time’ might be more appropriate, with shares.