Member Info for Hexam

Like most (all?) miners at the moment ARB is making losses with BTC at $25k so P/E ratio cannot be applied as earnings are negative.

"At the moment, buys are some 74% higher if there is any accuracy to trade reporting."

Sadly, there isn't.

"9 Billion was the figure in June, Income is down, interest rates are up and rising , This bad debt will be rising by the week, more than the companies total market cap in a couple of months. Signing out now .Good luck but beware the rampers they might be dishonest at best ."

Actually debt is around $5bn, income is significantly up (though less than CINE expected) and the business has been broadly breakeven on a cash basis recently (certainly May to July) so debt hasn't been 'rising by the week'.

So yes, beware posters today...they may be dishonest at best.

It's one thing to have to put up with the usual bashers that knock stocks routinely - it's their job.. I don't know what exactly their motive is and frankly I don't care.

But when someone who often gets so wound up by anybody that knocks his stocks then does exactly the same to another one then that's just not cricket.

So to me you're not like Todd - you're worse. But just my view.

Give it a rest Todd.

Yes Jamesy I suspect so as the results are not really any surprise as everyone can see how BTC has fallen so as long as there isn't a significant 'extra' item in the results I doubt there will be much movement come results day.

Personally I'm more interested in the cash position of ARB (and the rest of the balance sheet), commentary on progress at Helios (Immersion etc.), what outstanding financial commitments they have on new machines (something BITF laid out very clearly in their report) and outlook generally. Plus anything on Terrapool, Pluto and Argo labs.

"Miners have dropped much more than Bitcoin because the ‘all in’ margins are disproportionately affected by the drops and may even have gone negative."

I suspect all miners are currently operating with negative all-in margins. For example the 'all-in' cost for Bitfarm in Q2 was over $40k per BTC mined, obviously well above current BTC value, and I think this is fairly typical of miners (including ARB).

This contributed to their huge operating loss for Q2 of $173m although that was mainly due to the impact of the fall in value of BTC on both HODL and those that they sold in the quarter (total impact $148m loss).

Q2 results (in profit terms) are grim for everybody and ARB will be no exception I'm afraid when its results appear in the next few days/weeks.

Some debt (at least) can be paid off anytime - for example Revolving Credit Facilities can be drawn upon (and paid off) anytime and indeed this represented £40m of the repayment of debt in H1. There is now no remaining money drawn down on this facility so nothing more to pay back on this.

...should have added that net debt in 2021 reduced by £197m - so over the last 18 months net debt has reduced by £367m - so about half the sale proceeds. The rest has gone on other items like those I listed - plus the £223m this year included about £50m cash passed across as part of the disposals.

As well as the £170m only referring to H1 the other, main reason for the gap is that some of the £750m over the last 18 months has been used for things like pension deficit contributions, paying outstanding VAT and restructuring costs. None of these impact 'debt' as included in net debt but all reduce the available cash.

"I for a fact don't actually like your posted reply to my comment because you missed the point that the stock market including the crypto had an usually high rally"

Genuinely baffled by your post as you made no mention of the stock market at all in the post that I was responding to which was, in its entirety, "Even the crypto currencies have shoot up and holding up like never seen before". So how I was meant to read all what you suggest into that one line beats me. I was just pointing out that it simply isn't true for crypto and anybody who knows anything about crypto knows the rally in the last few weeks is not unusual at all and it has seen far more dramatic ups and downs many times in the past.

As to the rest of your post It is just fantasy and I certainly don't know who upticked my comment or why - perhaps they just appreciate the truth? But if you want to believe I am not invested in CPI and I am in collusion with other posters then be my guest. Personally instead of engaging in a petty feud I'd rather talk about CPI, the solid results results recently and the prospect of better ones to come given the comments they've made about H2.

We're shareholders in CPI, we're meant to want the same thing and this board in my view should be about sharing accurate and relevant information and analysis, as well as opinions, that may help us understand the company's possible future better (like the excellent recent post by @GoCPI on the mid-year numbers and outlook). And that can mean both positive and negative views.

This board is about CPI, not about one or two individuals that hog the board either ramping or de-ramping. So I will try my best not to respond to any more of your bizarre posts unless they are blatantly misleading.

"Even the crypto currencies have shoot up and holding up like never seen before"

Simply not true. They've rallied a bit in the last few weeks after steep falls since their ATHs in the autumn - but still generally less than half the value they were beck then. So they've crept up rather than shot up and the 'never seen before' has been seen plenty of times before and much more so at that.

Not sure what the link with CPI is though anyway.

Good grief

Totally agree. Cinema recovery is assured I think - just the short-term issues to deal with.

I don't think I know it all - far from it. As I've said before though I think the Bloomberg data you go on about so much is next to useless for LTHs. I gave my reasons before and it is only my view so I'll leave it there.

As to saying something like "forget it as I know much [more] than you do" it just sums up why I don't listen to you. I would never say that to anybody certainly in the way you've just said it - and to a complete stranger. Similarly with your "Don't mess with the best" line. Surely a parody?

In fact I don't need to say anything - your own words are more than enough.

No Huss - not you in particular just generally from the comments.

As you say they've made a tiny profit which is indeed impressive on 72% Box Office v 2019 and that's actually a very similar number to the US (+Canada) generally. But it is small and they needed disposals to get that. My main point though is that it is harder to compare Cineplex and CINE than it is AMC and CINE and given AMC's results were much worse it may be better to temper our enthusiasm a bit.

Mind you as I'm typing this I feel like Mr Grouch given that we've had so little to cheer of late (apart from the improving Q2 BO + July) so maybe a little unfettered joy is needed? Just conscious though that it's the hope that kills so I don't want to get my own hopes up too much just yet :-)

"Cineplex makes a profit?"

It looks like they made a loss of $42m (CAD) in Q1 and a tiny profit in Q2 of just over $1m which would actually have been a loss but for a gain of over $4m on some disposals they made.

So on the face of it they show good progress and better results than AMC, including on cash flow as well as profit. Unlike AMC, their concessions per patron went up (over 12% in Q2 and nearly 20% YTD) which is at least one reason for the better results. So I don't think the results are as great as some perhaps are suggesting but certainly more encouraging for CINE than amc's were though obviously they operate in a different market, so hard to draw that much from them.

"So, get used to see my posts pooping the odd joke comment with the more serious posts that I'm also very known to do here and elsewhere."

Or we could just filter all your pompous, self-important nonsense?

btw we can see what you have posted under your lse name by just looking at your history - you don't have to 'let' us - and no, it certainly wouldn't change my view as I've seen quite enough already over the months. Just my view though and I'm sure some others appreciate your posts. I'm just not one of them.

"Hut8 were down a good bit on Btc per EH with 5 days shut down at one of their mines, so August number should see a good improvement".

I still don't think they're quite top tier though with those that do over 130 BTC per EH (including BITF, CLSK and HIVE I think from memory?) but take your point. I top-sliced as well - but yesterday, not looking so smart now but holding on too long on miners is very risky given past experience!

Well done Jamesy! I've still got a bit to go to get to my average but then I'll be doing the same. Not the same scale though!

No probs - I wish I could be more help but don't know them as well as I should given I invested in them a few weeks ago. Their balance sheet just looked so strong though I just thought they would benefit a lot from any upturn in BTC compared to most - even though they don't have the best efficiency (per EH or cost-wise). Working out well so far :)