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https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/13843272.html
Extract ... "we are confident this valuation anomaly will soon begin to close."
My comment ... don't see that sort of line every day! ... and with instis on the register?! ... where do they think it should be ?
Bought 15k @ 70p ... holding 190k ... big red day yesterday! ... Across the market
Based on an hour or so looking at stuff —- Russian asset costs 72p a share in cash and circa 10% dilution by new shares (struck notionally at £8.15) —- underlying eps appears to be running at £1 — assuming extra borrowing costs and the dilution could reduce this run rate to 85p ?? With copper averaging $6900 per tonne (from half year results) —- sensitivity to copper guessed at $2000 off per tonne wipes out all eps ... current copper price is $6259 per tonne —- so current eps run rate could be 53.5p ... P/E ratio of 10 implies intrinsic value of £5.35 (plus or minus whatever margin of error!) ... not been invested here for a while .. and still not..... just looking .... lol sorry to have missed the pain I was busy getting fried in fxpo at the time—- is it basically just tracking copper again?
LAP is the property company and main constituent of LAS group ... it probably does a bit more than break even from rental income? But I think it is difficult to reasonably expect it to generate meaningful dividends for shareholders? ... how and when are shareholders meant to obtain returns from their investment in LAP?
BISI (listed) is a coal mine in South Africa it seems to pay ok dividends it is 41.25% owned by LAS ... don't know what to make of it, but from memory the (possibly) active investor (cavendish?) owns a disproportionate amount of BISI directly. ... I don't want to pay over 30p again currently.
You could sell half? ... I think sensible advice would need to be based on more info than just your entry price and position size though ... such as how significant is that amount against your net worth/ portfolio ... how strong is your opinion about the shares value ... and risk appetite - personality - skills - time frame preferences - willingness / unwillingness to endure stress ... etc
Bought 25k @ a little over 30p ... holding 75k
Bought two lots of 25k @ 28p ... holding 50k ... discount to NAV primary lure + large cash balance ... possible agency issues re Heller family - possibly being adequately addressed by active investor over last couple of years?
extract --- interim results will show operating profit (stated prior to the impact of transaction costs and amortisation associated with the H Peel acquisition) ahead of prior year results.
My comment...
Not really sure what that actually means in terms of underlying EPS implications ... possibly an improvement? but could go either way?
I suspect it’s rattling around fair value currently ... the P/E ratio (sub 4?) looks good but implied valuations may warrant a discount of upto 35% for Swiss dividend witholding tax ... also the dividend policy may imply sustainable dividends are not believed by management to be quite as high as some market participants (myself included) have been inclined to assume?
Bought 2.5k @ £1.43 ish ... holding 27.5k ... Argentina crisis, turkey crisis ... contagion ... feels like some macro economic stuff brewing ... stock market generally may be transitioning to a buyers market? ... haven't heard anyone say cash is king yet?
The second largest shareholder sold on the way up in two tranches... can't remember what the selling price estimates were? ... somewhere within £1-£1.30 on average I think ... lol this market could treat those numbers as a ceiling!! ... I don't think I'll rush to add today
Sold 3k earlier at £6.63 ish ... I've been losing interest in this position lately, my exposure wasn't high enough to keep me sufficiently motivated/worried to monitor ... I was slow to react to the card holder data theft issue affecting 380,000 (from memory) customers... also IAG is a big complex company, possibly too big & complex for me to competently evaluate... I was starting to think I should ditch this position because it was going nowhere slowly ... not sure wether the data theft will result in significant shareholder value destruction or not?
Will it hold? ... £3 seems like a distant dream ... just a correction?? ... it's been a bit brutal ... might try gently accumulating new lows from sub £1.45 if it comes ... GL noggers et al. ... still holding 25k