Member Info for mick-b

Morning to you 1onic
Thanks for the TA
I'm a beaten up long term CEY investor.
Part of the mining wall within their open pit mine is unstable and could collapse
Production targets have been downgraded by 100,000 ounces.
But that is a preliminary assessment......could be more.
Long term ...good
Short term ....doggy m8
ATB to you and yours
Michael

Cain also faced a backlash from senior Tory women, with Stratton and No. 10 Head of Policy Munira Mirza apparently raising objections to the PM. One female former special adviser who left her role after run-ins with Cummings and Cain last year tells Playbook: “The macho boys club needs to end and Boris desperately needs some normal and nice people to take over.”
Lara Kuenssberg tweeted at Wednesday lunchtime that Johnson’s fiancée, former Tory Director of Communications Carrie Symonds, was opposing Cain’s appointment too

TROAJAN
it's a massive company (£15B) and has just floated on the LSE
PROFILE is.....

Wheaton Precious Metals is one of the largest precious metals streaming companies in the world. The company has entered into agreements to purchase all or a portion of the precious metals or cobalt production from high-quality mines for an upfront payment and an additional payment upon delivery of the metal. Wheaton currently has streaming agreements for 20 operating mines and 9 development stage projects. The company’s production profile is driven by a portfolio of low-cost, long-life assets, including a gold stream on Vale’s Salobo mine, and a silver stream on Newmont's Peñasquito mine.

Volex - additional points from today’s webinar
As usual, this was a very interesting webinar on the IMC platform, today from 11am for an hour. There should be a recording of it on IMC in due course, so very worth watching for anyone interested in this company. I jotted down a few key points;

Electric vehicles wiring components are starting to grow “exponentially”, already 15% of the power products division’s sales
Opening a factory in Indonesia, lower tariffs than China for e.g. US customers
DEKA acquisition in Turkey is “terrific deal”, leading power components maker for European customers, “opportunity for huge revenue synergies”, as well as cost savings, excellent European customer base, 2-year stretch targets for contingent consideration to kick in. Don’t expect any problems at all from competition regulators.
H1 results benefited from one-off factors not expected to continue in H2, e.g. favourable forex, low copper price in Q1 since reversed, low tax charge due to utilising UK tax losses which allows them to recognise tax asset on balance sheet
Hard to quantify impact of copper prices on H2 performance, partially hedged
Q2 performance “very strong”, continued into Q3 so far
“Incredibly deep” acquisitions pipeline, but won’t overpay, 3 potential deals at advanced stage, expect deals in Jan-Mar 2021.
CFO change - outgoing CFO had indicated his wish to retire, 2 years ago. Hence why they recruited his ultimate replacement. Board decided that replacement performing so well, it was time to make the change. Hence nothing untoward, assuming that’s the full picture!
New NED - is a fluent Turking speaker, and knows Turkey very well having been ambassador there. Also previous ambassador to USA & France, so beings very relevant skills to Volex
Closing remarks - with the benefit of the DEKA acquisition beginning to kick in, we should be able to report “cracking results” to you in June next year.
.

My opinion - that all sounds excellent, although I hadn’t picked up on the fact that H1 benefited from some one-offs. Written down, the content of management comments sound really positive, but the tone of the webinar was delivered in a rather sombre, downbeat style I thought. Maybe they were tired/stressed?

Anyway, I’m more comfortable with things now (especially reason for the CFO departure), so am ready to push the buy button, and increase my stake.

Donny junior could stand for president in 2024.........
Assuming he's still alive...

Maybe taking us private....
With a decent premium?

175p.......

172p
Summits up!!

Noticed ORR......moved up to a "mighty" 0.42p...lo!

Donny was the one that screwed up BIG TIME trying to get the dirt on CLINTON in Russia.
says the BEEB
Resulted in Trumps impeachment
DADDY wasn't best pleased....lo!

United States President Donald Trump is considering starting his own digital media company to rival Fox News, Axios reported on Thursday citing sources who claim the president told friends about the ideas.
"He plans to wreck Fox. No doubt about it," one source with "detailed knowledge of Trump's intentions" told the outlet. According to the source, the company would stream all of its content online and is likely to charge viewers a monthly fee.
During last week's election, the US president was reportedly furious with Fox News after the network called Arizona for his opponent Joe Biden early in the vote count.

ONE CRAZY DUDE !!!!

oxygen
I hold BOOHOO too...
Another Paul Scott tip that he holds,,,,

CONTIUNED...

Maybe the abrupt departure of the CFO today might have caused the share price to fall. On fundamentals, I think the share price should have risen considerably today, so for that reason I’m going to buy some more.

I’m becoming increasingly convinced that Volex is too cheap. The analyst at Small Company Share Watch, a long-standing tip sheet, which is often very good, came to a similar conclusion, with a very bullish write-up last weekend, suggesting c.400p is a sensible target. I completely agree. Once you add on the profits for the new acquisition, and that existing forecasts seem too low, then it could continue to rise to that sort of level, with a bit of patience, I reckon. Providing nothing goes wrong of course, as with everything.

I particularly like the impending boom in electric vehicles, as this plays right into Volex’s strengths. They need complex, critically important wiring looms, hence likely to be very much in demand, and at good margins, because manufacturers simply cannot risk using a cheap supplier that could render electric vehicles as write-offs if the wiring goes wrong.

Remember how Jaguar designed a beautiful vehicle, decades ahead of its time, the Jaguar XJS (disclosure: I hold), but they used cheap electrical connectors, which rendered the vehicles unusable after just 2-3 years. That and the rust of course. Such a pity.

I could see Volex becoming one of my largest positions at this rate, if progress continues to be this impressive.

.
-END-

Brilliant company imo

I’ve highlighted the most important numbers to me;

Revenues up 3.5%

I tend to ignore operating profit now, because IFRS 16 has rendered it unreliable. Hence underlying PBT and EPS are the figures I tend to work from, for valuation purposes, providing the adjustments are reasonable.

There’s a healthy cash pile too

Note the figures are all in US dollars, so EPS translates into about 10p for H1. Simplistically, if we double that to 20p for the full year, then the PER is only 12.7 - too cheap in my view.

Bank facilities - a big increase is announced, even though the group has a strong net cash position;

We have also signed a new, three-year $100 million multi-currency revolving credit facility to replace our current $30 million credit facility, increasing our capacity for investment in future growth. The facility consists of a $70 million committed facility with a $30m accordion feature and is effective from 12 November 2020
Acquisition - this is substantial, at Euros 61.8m, but only E37m initially, which Volex can easily afford from its cash pile, and borrowing facilities.

This looks an excellent acquisition, a strongly profitable, decent-sized, low cost producer based in Turkey. This should substantially increase EPS, and is a great use of the cash pile, which was otherwise sitting there doing nothing!

Outlook - sounds fine;

Having delivered a robust performance in the first half of the year, coupled with a strong forward order-book, the Board remains confident in delivering on full-year expectations, absent any material disruptions to our business that may be caused by Covid-19…
Balance sheet - is strong. NAV: $150.7m, less $40.6m intangibles = NTAV $110.1m. My only queries are what “Other receivables” of $4.59m and $9.158m pertain to? Also I wonder what $42.2m in “Other payables” are?

There’s a modest pension deficit.

Note that Volex does not capitalise development spend, which is good.

Share based payments - seem rather high. This was $4.0m in H1, or about 20% of adjusted profits. It was $8.7m last full year, so I’m not sure these should be adjusted out as one-offs?

There again, if we value the business on diluted EPS, then we’re taking into account all future planned dilution.

My opinion - on an initial, quick skim of the figures (I’ve not gone through all the commentary yet), I’m really impressed. The turnaround at Volex has been remarkable, with the operating profit margin now just above 10%.

I like the look of the acquisition announced today, which is going to considerably boost profitability and EPS, which the market doesn’t seem to have recognised yet.

Maybe the abrupt departure of the CFO today might have caused the share price to fall. On fundamentals, I think the share price should have risen considerably today, so for that reason I’m going to buy some more.

CONTINUED....

There is over 60 COVID-19 vaccines currently being trialled.
With 11 in their final stage (stage 3)

Lead story on the BEEB!!
lo!

"His departure comes amid rumours of a rift at the heart of Government, with Mr Cummings and Ms Symonds locked in a constant tug-of-war for Mr Johnson's ear.

Tonight there was speculation that Mr Cummings may follow his ally out of the door."

lo!

But just as soon as news of this potential appointment emerged, which several sources have told me has been discussed, with an actual offer made by the prime minister at the weekend, so did consternation among some MPs, some ministers, and other insiders in government.
One Tory source even suggested that the prime minster's fiancée, Carrie Symonds, is understood to be unhappy about it and has made that clear.
The new press spokesperson, Allegra Stratton, whose appointment created some tension with Mr Cain, is also thought to believe it would be a mistake to give him the position. And his influential policy adviser, Munira Mirza, is also though to be against.
One insider told me that the prime minister was still mulling it as a possibility, and hadn't yet taken a final decision. Another suggested: "Boris is a brave chap to do something that his leading ladies are not thrilled about."
From the outside, his influence has often been understated - he is a long serving and important part of the PM's operation, with influence well beyond his official brief of running communications.
https://www.bbc.co.uk/news/uk-politics-54906533

Downing Street Director of Communications Lee Cain announced on Wednesday that he has resigned from his position and will be leaving Number 10 at the end of the year.
Cain said in a statement that it was "a privilege" to work for United Kingdom Prime Minister Boris Johnson and "an honor" to be offered the job of the Downing Street chief of staff but noted he decided to leave Number 10 nevertheless. Johnson thanked Cain for his "extraordinary service" and for agreeing to stay on until the end of the year until his replacement can be found.
Earlier in the day, reports emerged that Johnson's closest aides were dissatisfied with his proposal to appoint Cain as his chief of staff.

Stamp taxes on the purchase of most shares admitted to trading on “recognised growth markets” such as the London Stock Exchange's AIM market have been abolished. UK Stamp duty and stamp duty reserve tax (SDRT) are normally chargeable at the rate of 0.5% of the purchase price of chargeable securities.11 Jun 2014