Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.
on Wed 11th.
https://translate.google.co.uk/#auto/en/http%3A%2F%2Fwww.iwebchoice.com%2FHtml%2FClass_72.shtml kimcheon network = jqw.com
Broker Panmure Gordon has begun its coverage on AO World with a 'sell' recommendation, arguing that shares in the white goods e-tailer are "grossly overvalued" and trading for double their intrinsic worth. Since hitting a low in late October, shares in AO World have doubled to their highest level since the near-400p high reached immediately after their flotation in February last year. Panmure acknowledged that the FTSE 250 company is a "high quality e-commerce business" but that the UK retail market for major domestic appliances (MDAs) is a "notoriously difficult" market to operate in due to limited brand loyalty, fierce competition and elastic demand together all stifling the industry's profitability. Along with concern about the reliance on product protection plans, Panmure analyst Michael Stewart forecast that AO will reach a peak of margin progression by 2017 and its limited potential for operating profit imposes a severe ceiling on the company's potential intrinsic value. "We calculate that 78% of total future margin progression will be realised by financial year 2017 with limited margin progression thereafter. "A diminishing rate of growth and a deteriorating gross margin will depresses the degree of operating leverage and cause a peak in profitability just nine years from now. This means, if his analysis is correct, that AO's core UK business "is unlikely to ever generate more than £64m of adjusted operated profit", which equates to post-tax earnings of 12p per share. "If we assume that a fair valuation multiple for this stock to trade in a stable state of growth is 10 times, then the implication of this analysis is that AO's core UK business will never realise an intrinsic worth in excess of 120p." Stewart's cashflow analysis calculates that AO's core UK business is worth roughly £530m, or 127p per share.
http://www.fool.co.uk/investing/2015/02/12/london-property-is-finally-set-to-crash/
Another factor is the overhaul of stamp duty announced in the autumn. Buyers of homes worth more than £1.5 million must pay 12 per cent but those who buy a mixed-use property worth more than £500,000 pay 4 per cent. Mr Prewett said: “This has had quite a lot of impact recently, with people downsizing to a flat in London and a smallholding in the country.” A separate study by Knight Frank showed that house prices in prime central London dipped 0.1 per cent in January, the third consecutive monthly fall. Annual growth eased to 4.6 per cent, the lowest rate in five years. The forthcoming general election had caused some buyers and sellers to delay. Hold onto your short. With falling prices Foxtons has more downside than up. Many, I suspect, are swayed by the dividend but are failing to appreciate that the equity is overvalued, especially in a falling housing market in London.
Good dividend but with warnings of subdued growth, challenging conditions and not anticipating a recovery until after the general election, it is hardly encouraging and perhaps the pretext of a future profits warning. I suspect this may drop down to 150 or lower where a higher yield will offer good support.
Our view (Beaufort) : Yesterday’s hit on Finnaust shares represents a buying opportunity for investors. The market appears to have taken one look at the result of the Group’s first wildcat drilling plus prudent management statement and concluded that it was disappointing. In reality, it should have celebrated the fact that these very first gradings were only a fraction shy of target and, more to the point, that both veins and more disseminated mineralisation had actually been discovered! Management, clearly confident will find higher grades will follow, has already detailed the commencement of a follow-up programme to begin within the next 10 days. Holes are likely at 50m and 200m from R306 and, given FinnAust’s normally rapid turnaround, this suggests shareholders will have a lot more information to chew over during February. To put the scale of this into prespective, it should be remembered the total production of Enonkoski (which Outokumpu Oy closed back in 1994) was 7.3 million tons @ Ni 0.83% and Cu 0.23%. Based on today’s metal prices, the in-situ valued of the mined ore is something in excess of US$95bn.
Needed