Member Info for LUFC1111

Or 160m sold, he had 117m before today, so will be out now

Hopefully thats him nearly done.. 41m sold

I think good old vick is still selling.. hopefully he is out soon.. then we can push on

If i assume depreciation and finance costs are similar to year end, i get pat of 23m, annualised x 2 is 46m.. therefore eps of 2, PE of 6.7

Can't see that too well.. ive taken q3 from h1 to get q4 view
Key points
We made a loss on chrome, despite 13pc increase in sales
Pgm margin down 7.1pc on q3 despite a 24pc increase in basket price from 1 538 to 1906

Q3 V Q4

H1 Q3 Q4 Q3 V Q4 %
Combined
Sales 48.2 23.142 25.058 1.916 8%
Earnings 28.4 15.17 13.23 -1.94 -13%
Margin 58.9% 65.6% 52.8% -12.8% -19%
PGM
Sales 36.6 17.7 18.9 1.2 7%
Earnings 27.4 13.9 13.5 -0.4 -3%
Margin 74.9% 78.5% 71.4% -7.1% -9%
Chrome
Sales 11.6 5.442 6.158 0.716 13%
Earnings 1 1.27 -0.27 -1.54 -121%
Margin 8.6% 23.3% -4.4% -27.7% -119%

Oz 28,187 15,044 13,143 -1,901 -13%
Basket Price 1,710.0 1,538.3 1,906.6 368.3 24%

Hi Jonah, i agree paying a dividend is not appropriate until funding is complete.. based on my calculations, underlying profit before tax excluding Fv adj and gain on acquisiton was 13.6m or 24.8% of sales for FY 20. If i annualise Q3 sales at FY20 adjusted margins would take net profit for 2021 at around 23.4m.. this is before copper.. given accumulated losses were 33m at y.e, at 2021 we could be in a position of distributable reserves.. from a cash point of view, we would not even consider a divi until 2022..

Agreed, seems crazy... plus my figures are conservative, given Q4 has seen uplifts in pgm, copper and chrome prices.. key thing to remember, is JLP will have distributable reserves at the y.e for the first time, so can technically pay a dividend

Yeah around that at 2.5p per share.. including copper our eps is expected to be around 4p, so forward pe is really low.. at 4p and pe of 13 your looking at 52p a share

Our profits will more than double, so earnings per share of 2.5p at pe of 13 is 32p.. or if no sp movement pe of 5.2

The rns on the 5th of november

About now, we have probably achieved higher earnings in first 6 months than we did the whole of the last financial year.....

The key for JLP is that they are considered market leaders... minning companies are seeking guidance directly from them.. JLP have taken a tiny bite from a mutant sized cake.. other businesses will no doubt enter the market.. plenty to go around..

JLP due to its track record will secure more elephant sized deals.. others will need to demonstrate on a small scale before they go big

Also JLP have secured production for over 25yrs already in zambian copper..

Thanks bob, and happy xmas to all those who have made this board insightful.. big JLP holder, 2.7m shares at sub 3p av.. very happy this year and look forward to another epic year..

Delighted that Slater Investments have increased their holding in #JLP to 5.7%, a great endorsement of their support for the Company.. JLP tweeted in regards to slaters

The investment objective of the Slater Growth Fund is to seek long term capital growth, principally through investment in UK Companies. The Fund will focus in particular on shares which the Manager believes are currently under-valued and that have the potential of a significant re-rating.

So that was the 50m sell, reduction from 9 to 6.3%.. maybe we get another in regards to the other 50m

On bulletin board heroes today

Thanks bud

Q1 2021 operational earnings of £15m, assume £11m PBT.. RNS 13th confrims the £15m
Extrapolate the above we have annualised earnings of £44m on south african operations alone... earnings per share of 2p, and therefore at a multiple of 10 20p.. i believe industry average multiple is around 13.. so a little discount

Zambian earnings at minimum expected to be inline with south Africa.. therefore a further £44m per annum and jointly £88m earnings per share of 4p, multiple of 10, = share price of 40p

No value for tjate.. which we have the mining right for and has NPV of more than 2billion. If platinum prices continue to rise, we could sell this licence or farm out

Also we could easily add futher projects as the JLP brand grows.. anyone think im wrong..