Member Info for f15jcm

Everything in this morning's interims from Numis seem to suggest M&A activity is very buoyant:

"Advisory activity continues to be strong, and our M&A pipeline is continuing to grow. We expect to maintain the positive momentum in Advisory revenues through the second half supported by a number of M&A transactions for corporate clients which have been announced and will complete in the coming weeks."

Brazilian g'ment clearly worried about supply shortages: https://www.reuters.com/world/americas/brazil-plans-fertilizer-diplomacy-trip-nafrica-jordan-secure-more-imports-2022-05-03/

'Right product, right place, right time' did start to sound a bit cringeworthy but now nothing could be closer to the truth.

I'm actually very comfortable with this management team. Speak plainly, always buying stock, can't ask for much more. I think overly frequent updates come across as a bit artificial and insecure.

That's useful input, thanks. Worth remembering that K3C is not all about M&A these days though. The recent red flag report from BEG suggests the Quantuma might be getting busy before long.

I've added this morning. Economic uncertainty seems to weighing on the stock but given the positivity of the last update and the recent fall of the shares, I think risk/reward looks very attractive here.

I've added some more <135p. I can see it getting tipped in the weekend papers

Pleasing. Certainly cheap, esp. on a cash adjusted basis. Would be nice if organic growth was a bit more than 10%

Better than being wrong but for the right reasons

I wouldn't be surprised if Simon Thompson picks this for one of his Alpha articles. Lowly rated, cash rich, growth companies are his thing

I think this update is extraordinarily good, especially when taking in conjunction with the recent multi-year contract win. Valued as a junk stock when it's actually a growing, cash rich, tech company

https://twitter.com/F15JCM/status/1519226694099472384

Year end update last year was 22nd April so hopefully soon. Meeting expectations depends on delivering a significant H2 weighting so fingers crossed

I agree. It gets better from here on in. Yes grades at Yanfolila are a bit cr@p as covered in the morning's interview on Vox but at worst they close the mine and Kouroussa will be producing in little over a year

Only £2.50/y but things like energy inflation are going to be much more impactful on consumer spending. Also looks like wage inflation could be real problem in the industry caused by a 'recruitment crisis'
https://www.bbc.co.uk/news/uk-england-london-61149218

Some very poor consumer data coming out:
https://news.sky.com/story/retail-sales-plunge-as-consumer-confidence-nears-financial-crisis-all-time-low-12595596

Correction: 3.2x debt/EBITDA

Profit warnings from Rank and Gear4Music this morning citing consumer squeeze and inflationary pressures. Despite hedging energy costs I don't expect RTN to be a different story. With 3.2x EV/EBITDA forecast for FY2023, this could spell trouble

Bought 1m shares this morning. Seemed to be plenty of stock around. The SP belies the fundamentals (1.57p per share NAV) and recent management comments:

Philip Haydn-Slater, Non-executive Chairman of RGO commented:
"We are very pleased with the progress of our investment portfolio with significant positive developments being achieved at a number of our larger investments. We are confident that we can achieve attractive returns from our portfolio in the short term for the benefit of our shareholders. We look forward to publishing our 2021 results in the coming weeks."

I expect this to re-rate when the final results come out.

I sold out this morning. They don't appear to have done a deal in March and I don't think general business confidence is going to be great for the next 6 months or more. Liquidity was surprisingly good. I still like the business and would buy back in at the right price, just think risk/reward looks poor for the time being.

I spoke to a couple of different builders doing work on my house last week. Both said they were booked up for the foreseeable. Weather has improved dramatically. I don't see any reason for these shares to be languishing. Yield over 4% now.

There was a year end update on 22 April last year