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but I cannot understand how Investors Chronicle have just tipped this as a buy when it still looks so overvalued (even taking into account the strong start to the 2020/21 financial year).

Sure IC's readers who've dived in will pull out soon enough.

Superb research here as ever, Alfacomp, BBN, and faramog!

Talking of California, the stat'es 3rd largest private utility company ('San Diego Gas & Electric') recently tested and installed VRFBs earlier this year. https://www.wired.com/story/electric-grid-needs-big-vanadium-batteries/

"Grid-scale vanadium batteries have a couple obvious drawbacks. They must be big to be useful, which means they're land hogs. And because vanadium remains such an important ingredient in the steel industry, its price can be volatile: When China builds, costs climb.

But as anyone who's tried to check a bag at the airport knows, lithium-ion batteries have a habit of spontaneously combusting. They also degrade over time, particularly if they're drained to zero or left unused for long periods.

Vanadium batteries, on the other hand, are nonflammable and highly stable. They have long, theoretically indefinite life spans. Certain parts occasionally have to be replaced, but the electrolyte's life is never exhausted.

You could, the San Diego engineers tell me with clear delight, load the solution onto a truck and drive it cross-country, and it would hold the same charge on the other end of the trip. It doesn't get worn out after hundreds or thousands of charge-discharge cycles. “You can run it up and down all day,” said Jose Cardenas, the project engineer—or, for that matter, all night."

Bit of a FYI but potentially useful one day...

https://www.globallegalchronicle.com/bushveld-minerals-us30-million-production-financing-agreement-with-orion-mine-finance/

"The transaction sees Bushveld Minerals involved on a US$30 million Production Financing Agreement (PFA) with Orion Mine Finance, a mining-focused investment business, and an associated issue of a US$35m Convertible Loan Note Instrument (CLN).

Bushveld Minerals Limited is a low-cost, integrated, primary vanadium producer and energy storage provider, with ownership of high-grade vanadium assets. The PFA will finance Bushveld’s expansion plans at its Vametco mine and plant, as well as debt repayment, while the proceeds of the CLN will go towards the first phase of refurbishment of Bushveld’s Vanchem vanadium facility and further debt repayment.

Charles Bond (Picture), head of natural resources at Gowling WLG and Sue Johnston, corporate legal director advised on the CLN, and Andrew Newbery, partner in the firm’s project finance team, led the debt structuring stage of the deal, with Infrastructure Finance partner Nath Curtis taking over in the later stages to lead on the PFA documentation negotiation phase shortly after joining the team from Burges Salmon. The PFA advisory team also included Charlotte Swift, Dan O’Donnell and Vince Mulvey."

Not sure if this has already been posted ...

"The Armchair Trader says:
Excellent one stop play on vanadium mining and flow battery development
Well placed to benefit from growth in the vanadium battery sector and increased demand
Suffered from COVID pandemic, including depressed vanadium prices
Concerns exist over pandemic in South Africa requiring social distancing measures, slowing production
Looks undervalued and should pick up as industrial activity is stepped up"

https://www.thearmchairtrader.com/bushveld-minerals/

https://seekingalpha.com/article/4377039-vanadium-miners-news-for-month-of-september-2020

Thank you calamari, it was an honest mistake cos I had looked at a whole load of different companies yesterday, and was actually quite drunk when I posted last night hahaa

Moneymaker - thank you for your honest explanation. That makes a lot of sense actually, and was just what I was looking for. (I actually wasn’t trying to deramp but can see how I should’ve expressed myself differently in hindsight!)

Also 100% agree with Alfacomp about BMN. It’s going to rise once the Golden Summit selling finally comes to an end imminently, and I genuinely believe it will be one of the best performers of the year next year.

Sorry for any offence mistakenly caused & best of luck to you all

Jeez calm down, I made one mistake there cos I’ve looked at probably 20 different companies in the last day or so and got mixed up.

And look I’m not being outrageous to ask the question when this company was trading at about 0.4-0.5p a year-ish ago!

Touche re the country haha but otherwise ...

Not bitter, just curious, in case I should be buying in on Monday !

How is a South-African AIM-listed loss-making business valued over £1,000,000,000 at present?

Am I missing something?

I bought in Thursday and Friday for the 1st time so no I don’t think you or me have missed the boat. This is too cheap on a fundamental basis and growing too fast not to warrant a £40 share price in the next few months. But as always DYOR

Faramog,
Haha I’d try again cos it definitely exists with about 1300+ people on there.

For a less rampy experience, I’d try out “Sensible Stock & Share Chat” too

I've recently been observing a couple of shares with dual listings to see how they perform, and it's become increasingly apparent to me a dual listing will be hugely beneficial here.

For instance, NCYT's is listed on both the LSE and on France's "Euronext" exchange, and the valuations track each other perfectly. When the French valuation is 5% higher than the LSE one, demand for shares on the LSE (now at a discount to the ones on Euronext) then increases, and the LSE share price then rises. In that sense, I think it's much more difficult for MMs to play games with the share price.

Likewise, I've stumbled across a share called "Ninety One" which is listed on both the JSE and the LSE (FTSE250 actually), and the valuation of both matches each other in a similar way. Both are valued at £1.3bn once you convert the South African share price into sterling.

TILS launched onto the Nasdaq in late 2018. The effect wasn't immediate but since moving off the AIM market and onto the LSE Main Market, the price has shot up. Perhaps aided by the over-confidence / super-bullishness of the Americans pushing the LSE share price much higher too.

Overall the message seems clear in my eyes:
Having a dual listing doesn't guarantee a share price rise but it seems to make it easier for the share price on both exchanges to move northwards. Moving off AIM also massively helps too.

Our time is coming whatever happens. But a JSE listing and move onto the Main Market will certainly help Bushveld reach the valuation it deserves.

Target price: 100p+

faramog, it's called "UK Stock Market for All"

Whoops yes, I meant £40k / 4000p. That was a typo.

so can see this ending in tears for many here. Be careful !

Btw just checked that FB group I referred to and someone has asked for tips for next week and someone has wrote:

"FRR, SXX, Flybe, and Debenhams"

Hahaa did make me chuckle.

One chap has written BMN will be a good 20% trade in the next weeks too btw, which naturally prompted me to reply to that one!

He's doing the Lord's work that man!

London South East is a cesspit with only a handful of exceptions it seems. This bulletin board being one of them of course!

Thank you all for the sanity and decency of this bb :)

OK based on the fact the company said in the HY Results:

"The Directors reiterate guidance announced on 13 July 2020; given the visibility of orders, extended contracts and the launch of new COVID-19 related products, revenue for the second half of the year is expected to be greater than the first half of the year and margins to be at least at a similar level.

Full year revenues are expected to exceed €150 million and EBITDA profitability to exceed €100 million. The Company expects this rate of financial performance to extend into the first half of 2021. The Directors remain confident in and excited by the prospects of the business, not only for the short-term, but also for the longer-term."

Since then they've won contracts, including one from the UK Govt running from September to December worth £100m in 10 weeks. With the margins being similar to how they were in H1, EBITDA from this contract alone would be about £68m.

It therefore seems to me that Revenues will be north of EUR 250m, EBITDA will be approx EUR 160m, EPS of approx 210 cents, and FCF should be north of EUR 70m.

On this basis:

P/E ratio is 4 --- ridiculously low for vs the sector average, and for a company that's growing so fast
EV/EBIT is 4.8 --- anything less than 10 is seen as excellent value, so for it to be less than 5 is amazing
EV/EBITDA is 4 --- crazy low again.
EV/FCF yield is ~11% -- anything above 7% is high quality. This is literally double what Apple's EV/FCF yield was in 2009!

On this basis, this honestly should be trading at multiple of where it is now.

AND the next financial year will be even better !

Target price has to be 40,000p +

in fact it looks too good to be true at a 1st glance, which is putting me off a little.

Will do some research but, on the face of it, something doesn't look right. If anyone could give me a steer / give me the story here that'd be much appreciated. Thank you