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Think I've spotted a typo in the forecast 2022 EPS figure: https://www.marketscreener.com/quote/stock/MORGAN-SINDALL-GROUP-PLC-4002325/financials/

EBITDA, EBIT, PTP and Net Income all show an increase

Much more likely to be acquired than acquire I would have thought

Couldn't resist the urge to add more below 7p. When is the election? Is the next vote the final one?

You have clearly mixed up AUD/USD given selling price in H1 was 78AUD

Don't be ridiculous. 100AUD at absolute best. I feel for Brian *facepalm*

He couldn't have been more transparent and answered all three of my questions. If people don't understand the business now it's nobody's fault but their own. I hope some heed his advice and clear off.

Agree with all of that. In the new era of attractive bond yields, I think stocks with high FCF yield are going to perform the best.

I've added over the last week.

Well he told us they've already invoiced 125kt (35 H1 + 90 Q3) YTD so the 150kt target looks likely to be exceeded. I was pleasantly surprised to hear that nearly all orders taken will invoice this year. Ditto that debtor days are 30 days (sounds like the customer credit arrangement with bank has made a big improvement here).

Most of this was covered on the last IMC interview in July. Deposit is 10% (doubt it's refundable or what would be the point?). The bigger question is what is the revenue recognition policy for deposits? Customers pay on 'harvest terms' i.e. pay after they have sold their crop. That will depend on how long the crop in question takes to grow and the mix of intended crop will probably vary year to year. As long as bad debts don't start appearing I'm not too focused on this, you'll see revenues, cash and trade receivables grow when the product is delivered. I believe the arrangement with the bank provides some kind of factoring facility which will see some invoices paid immediately.

I wouldn't be surprised if some orders already placed this year are for delivery in 2023 and the clarification RNS supports this 'The difference between these two numbers of 82,525 tonnes relates to the orders that are to be processed and invoiced post 30 June 2022'. The original interim results RNS however, told us that the company expects to invoice 150kt this financial year 'The Company is maintaining its 2022 year-end sales target of 150,000 tonnes of KP Fértil'. Some have suggested that figure refers to sales orders but that would make no sense as we are already past 150kt at the 9 month point.

I'm talking about *2021* figures. The 2021 column in yesterday's interims doesn't match what was published last September. The numbers have been restated

Think you've missed my point. Cost of goods sold was revised upward by 190k. Rehabilitation only accounts for 31k

Thanks. And the restated operating costs?

But the main discrepancy is in Mine Operating Costs. Restated with an increase of nearly 160k

You don't have to be an expert, I've circled the discrepancies in red on the pictures. The 2021 H1 costs shown today don't match the 2021 H1 costs published this time last year. Historical numbers shouldn't change. No explanation is offered. I've never seen this before.

Anyone spot the restatement of 2021 costs? Will go some way to explain the reduction in margin. Restatement should have come with an explanation though. It didn't.
https://twitter.com/F15JCM/status/1575601782494924800

The question mark over deposits is quite a big one IMO. Given orders are outpacing billings, if 10% deposits were recognised as revenue, it would reduce what we have interpreted to be the selling price. Going back to a presentation published in 2019, Brian was talking about an operating margin of 86%, so clearly margin expectations have come down quite a lot. Broker forecasts would be helpful.
https://harvestminerals.net/wp-content/uploads/2021/07/harvest-corp-presentation-q1-2019.pdf

PS: I do think the Brian's line about keeping stuff confidential is a load of *******s. How hard is it for a rival salesman to ask a farmer how much he has been quoted for KP Fertil?

Not sure either. What are 'Cash Advances' under TRADE AND OTHER RECEIVABLES?

It's pretty obvious that the disruption to the fertiliser market caused farmers to bring forward their Q3 orders to H1 to guarantee them supply. With Nordstream now in bits, European supply is clearly going to be disrupted for the foreseeable, keeping global prices elevated.

London listed. Brazil based. Australian registered