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Is Vodafone using any of this divestment cash to pay down net debt, anyone else thinking they should be paying down the giant net debt.
This needs to be sub 75p and even at that level one requires clarity regarding business viability.
I call 650p in bound then 800p silver and gold are flying, Iran about to get busy and US eclipse.
Currently on way to 2,500p analysts suggest
Outstanding on earnings basis, no geopolitical risks, i call 900p in bound, top analysts suggest Future as a best buy in the media sector.
On the surface the payment RNS doesn't appear negative, it appears they found a way around the dividend payment issues, but i lack understanding of the specific payment method, can anyone explain in basic what is a capital repayment by way of capital reduction, what are the pros and cons of it? i understand dividend and share buy back but have not seen this before.
Come 2023 assuming debt of 1.25b on average interest rate 5.5%, interest cost 68m versus current 28m.
Current mcap 154m, FY22 net assets 607m, net debt 1,451m, Estimated FY23 net debt 1,835m, do i expect net assets of now to be sub 200m, FY24 est net debt 2,104m with possible negative equity. FY 24 est revenue 558m, cost of servicing large net debt will be very expensive and it looks pretty clear to me that the business will be making a statutory loss for FY23 and FY24 , viability of business in question, current mcap or lower justified, opinions?
FY24 i estimate revenue 800m, adjusted OM 30%, adjusted OP 240, -81 adjusted items, -20 incremental costs, -15 investment costs, -28 finance costs, PBT 96, tax 23%, profit after tax 74m, what are your opinions on these numbers?
In regards to shorts i recall when sp was 3768 with mcap of 4.57b significantly overvalued on all basis but today we have an sp of 596 and an mcap of 687m and valuation is at preferable value for entry. Only negative IMO is high goodwill but positives are low manageable debt and business highly cash generative with good profit margin, opinions please?
102 Friday prophecy
FY23 cash 256m (201m) in NGN H124 cash 128 (201m in NGN devalued to 77.4m) managed to repatriate 13m means it repatriated nothing, Nigeria business is 35% of revenue and that 35% cannot be realised, it was not a choice to accumulate £200m usd worth of NGN, the business cannot swap the NGN it's accumulated, considering PZ intends to buy out NCI which has equity of minus 9m for estimated 25-50m. Factoring that in, loss attributable to owners of parent was 87.8m with comprehensive loss of 135.9m not including cost of buying out NCI, until there is evidence PZ can actually effectively repatriate money from Nigeria, PZ is unviable, opinions and thoughts?
Reading Anglo American's recent FY page 21 RE PGM, Anglo noted that due to current PGM prices several producers restructured existing mines or mothballed future plans, Anglo also halted work on a 3rd concentrator and halted expansion opportunities related to PGM operations, given this Tharisa should remain conservative and does anybody know the chrome prices?
Hi All, comparing Assura to Primary Health Properties over 5 year period, they are very similar in terms of numbers i prefer Assura but are there any significant differences in terms of business model / strategy between the two, also can anyone explain the loss/write down Assura took in FY23?
1. H1 23 reporting error? Page 6 net debt of 15.9 m as at 31/12/2022, page 37 net debt of 198.7m as at 32/12/2022.
2. RE going concerns, page 38 interesting to see that a silver price of 18 and gold of 1481 would cause the 889m cash balance to decrease to minimal levels within a 6 month period, anyone care to comment on that?
3. Board concerned about potential actions by government after legal reform to mining law in 2022 " strategic mineral exploitation could be reserved to the state" but isn't that just a given everywhere anyway, if it comes to it GOV takes what it wants etc?
4. Currently looking at silver stream numbers anyone believe actual amount recoverable much less than stated?
Watched Fresnillo over time, bought recently now looking at H1 23 TU, can somebody explain why net debt was 269m as of H123 verse 16m as of FY22?
Can anyone tell me the AISC, the price of silver prod oz and gold prod oz?
Thanks Mike your posts are very helpful
2fartcatz the Head of investors relations is Ilja Graulich who posts on this chat as Tharisa. He has not answered anyone's questions or concerns but instead threatened us all with legal action for asking questions. I really don't think emailing him is going to result in a better response than what we have received on here, perhaps you should go first.
Tharisa instead of all the legal jargon you could of just answered investors concerns.
After looking close here is what i conclude to be going on, Pouroulis /Medway run Thar, also own 40% of Thar shares as of FY22 (now 44%). Pouroulis had a separate project/ idea (Karo holdings) of which Pouroulis/ Medway owned 100%, the project required funds to materialise for example 400m, Option 1 Pouroulis pays entire 400m from own pocket keeping 100%. Option 2 use Pouroulis controlled Tharisa pocket to pay 400m cost to Poroulis 40% of 400m. In addition to this dynamic Pouroulis/ Medway "sells" majority stake of it's idea (Karo) to its 40% self (Thar), 66.3% of Karo for 4.5m and 13.7m Thar shares, those 13.7 m shares increased Medway/Pouroulis stake in Thar by 10%, 13.7m shares equating to roughly 4% of Thar share capital, Medway/Pouroulis now own 44% of Thar, regarding the 93m transfer for 8.7% from 66.3% to 75%. Pretransfer 44% of the 93m belongs to Pouroulis (41m) other 56% to general Thar holders, post transfer due to KH holding structure 25% of the 93m directly belongs to Medway (23.25m) and of the remaining 75% (69.75m) 44% belongs to Medway (30.6M). Pre transfer Medway owns of the 93m 40.9 post transfer 54. What is happening with this Thar money being transferred to K H via acquired additional shares, if going on mine build fine but can someone verify. Thar IR refer to Karo as "they" but as Medway/Pouroulis run and own 44% of Thar and KH is a Pouroulis idea majority sold to Thar 75%, 25% directly held by Pouroulis. Karo is not quote they but clearly us. My end conclusion based on the shareholding structure and general appearance of this is as so, Karo a Pouroulis idea requiring funds, Thar is the pocket to fund idea cost to Pouroulis 40/44%, other 56/60% cost to general Thar holders, benefit to Pouroulis in venture 44% of Tharisa's 75/80% stake in Karo plus Medway/Pouroulis direct 20% stake in Karo holding, so Pouroulis costs 40/44% Pouroulis benefit 55% cost to general Thar holders at 56-60% benefit 45%. This is in regard to Karo holdings and does not take into account Zimbabwean government 15% holding in Karo platinum. Seeing as Pouroulis is doing all the work I'd say that this dynamic is fair, opinions and outstanding concerns?