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"I am not aware of Quadrise being involved in cement"
Hi HF14, they are in as much as they're involved in anything else. HFO is used in cement production and MSAR is a cost saving for this, so it's a commercial avenue for Quadrise. Smaller than power I suppose but still huge.
What about Deliveroo? A loss making company, 5bn GBP market cap, rising share price, no original technology, no USP, shaky legal ground to even exist as a company. All to use a guy on a bike to bring you a cold Big Mac?
I've always said eventual/post-commercialisation share price was always pretty underrated here.
So....let's do a little thought experiment. Share prices are determined by a share price to earnings (profit) ratio and that ratio is determined by the market's view of future earnings prospects. So a crude oil company or copper mining company wil have a low ratio because not only is it very unlikely that that total crude oil market or copper market will grow much in the next 5 to 10 years but that it's incredibly expensive to open new oil wells or copper mines and you'd also have to steal market share from your competitors at the same time. Quadrise isn't a commercial company so the share price floats between 3p and 12p most of the time on whispy future expectations. Let's call it a 7p rough average.
So...what would happen if Quadrise got a single commercial deal that produced £3M in revenue per year, every year for the very long term. It was still working on all its other deals as it is now. Now ...Quadrise's earnings would still be zero, it wouldn't be a profitable company, it would just be covering all it's costs and being debt free, be an almost completely zero risk company (of going bankrupt). And now that it would.be a commercial company with a proven in-use product that would act as a storefront for every other potential user to look at and see it in commercial action, there'd be a far greater chance of further contracts. But still none to speak of and still no profit.
So what would the share price then be and why do I always have a problem with PEs of 30 or whatever? Any share price at all (any!) would mean a PE ratio of infinity. And in such a circumstance you'd imagine that at a plausible minimum the share price would be, say, the highest pre-commercial share price Quadrise has seen- about 25p adjusted for increased float.
Now let's say Quadrise starts to take off and gets a second commercial deal from somewhere. This time it's all profit and produces the same small income of £3M per year.
Still lots of deals in the pipeline. 2 deals done. £3M clear profit every year. What should we guess that share price to be now? Still 25p? Of course not. So let's stay as conservative as we can possibly be. 50p.
So, that's an earnings per share of about 0.26p giving a PE ratio of nearly 2000!
"But that's not possible! No company has a PE ratio of 2000! Look at BP, that's about 12!" I hear you call.
Actually most companies, even the really big ones have negative PE ratios - that is, they're loss making. Some, called zombie companies, actually have no plans to make money in the near future. Most of these companies attract investment because they have technological promise, scalability and a vast eventual market. That's us. It's tough to imagine a £1 share price, a £5 share price, a £20 share price, when we've been stuck on 5p or 1
Poor Lebanon, my heart bleeds for them, an artificially glued-together country that's been abused by every leader it's been unfortunate enough to have. What a shame. But no, I like their problems may be beyond even the power of MSAR to solve. Although if we crack KSA, MSAR may make its way to Lebanon via them.
I'd say that the latter two items for Site A aren't even guidelines really - Jason made it really clear that while Site B would be done and dusted very soon, it would be more difficult to get fuel changeovers done for Site A so to some extent it happens when it happens.
As for SP, I've held this since January 2016 and we've never been in a better spot than now, nor have we seen a much lower share price. So I'm not holding my breath for any price improvement in response to successful tests.