Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
EV/ebit for this year c£1500/£230 or £240, so 6-7
That's not wildly cheap, but the cheap debt, decent management (didn't buy Halfords for some silly price), strong growth make this a buy imv
tp £6
Rev to £1.4-£1.5bn
op margin to high teens
===> mouth wateringly cheap
plenty of execution risks, but I quite like Raby (and he is putting some skin in)
Becomes super enticing
tp £5
EV/annualised EBITDA is 5-7 (dyo work, lads)
Bit pricey relative to other plays, but the growth here is tempting
tp 1.2
On tnw, div yield, comparison with peers etc etc
obvs major shareholder selling down depresses sp temporarily
Truly awful trackrecord is indeed key lol
where's the visibility of sustained decent newsflow? let alone distant visibility on transition to fcf++?
just burning cash and trading at high EV/rev isn't a great look
How does RH make enough to survive?
Excitable
of course, you were saying the same at £7, £5, £3
Looks nailed on
newsflow is needed for any meaningful reverse imv
I am sure that the wonderful JP Morgan has no agenda
I see the shorters as my friends here
If they culminate sub £6, that would sweet indeed
(remember, as a rule of thumb...not scientifically demonstrated..shorts are much better at entry than exits)
Trade not showing
plenty of tricks being played
Classic 2/3rds retrace from bottom would have been 227 ish...just sayin'
Now choice pricing at modest levels
bought 40K more @41.5p
now hold 100k again
Struggling here
shorting/selling down here seems to make st sense, but, in the overall scheme, they must be a little nervous about fundamentals (or worse t/o) risks
Management has been close to a disaster, but there is a new (dynamic?) CEO who knows the business..there must be plenty of efficiency savings (either organically or through t/o)...and then there is the dreaded resumption of top line growth as Identity stops being smashed
EV/rev is ludicrously low, no???
Great sp resilience
even top slicers (like me lol) having no impact
the reason this is crazy price (low) is that exit...not the cash itself...but achieving any decent (mostly cash) exit
Yes, I cannot see a quoted company of any size bothering
but, if Harwood has mates with (a) buy and build play(s) in the sector, then who knows?
So it was wet/bad harvest
not surprising if you live in the country lol
the real glitch here is management
the sp has tested sub £3 before, and, if another substantial shareholder gets fed up, who knows how low...
I doubt it (except if it's a unique size...but even then it's a guess)
plenty of companies with substantial buy backs see the sp fall...even if an illiquid stock
So sold 50k @29p
hold 440k
Titon needs scale
How will Harwood achieve that?
Either buy and build (but that requires confidence in the management team and access to capital) or be taken over