RE: Dennis on Linkedin29 Aug 2025 09:33
Leapfroggy, agree with your view on prospects - don't agree they were a basket case before (but then I never thought RR was either) - start-up, scaling issues yes and as Bilbo had been active in pointing out, a lack of sales and direction by previous management, but basket-case, no.
I'm on record here as saying previously that the sell-off from £1 down to 25p was over-done and unjustified, basically the new management being hammered for the mistakes of the previous. That I thought back at the start of the year and before that a £1 valuation then was justified. Based on the progress since then, I consider £1.50 a fair valuation today, so it is still currently still over-sold and under-valued. If the large FIDs come in for Tridents to make the 400MW target then this should be back closer to the £2-3 range and if more Neptunes or Hydropulse orders materialise with a lower MW requirement for breakeven (from last year's presentation) and providing recurring revenue then £4 and above is reasonable. At the moment the SP is backward looking and not got any valuation in it for future prospects - but that is why I'm invested and added heavily sub 50p as a Contrarian.