Member Info for Mulder

Has Elikhulu as a major asset been fully included on the balance sheet and how much do people reckon it is worth?

Capex on Elikhulu was roughly £100M of which £40M or so was from the placing.

https://www.youtube.com/watch?v=g5u_xtv3L4s&t=5s
He said in this video from 30/7 that net debt would be 'around £100M'

Today obviously changes PAF's balance sheet but forward guidance is not. Yes Evander did turn a profit in H1 but this included ETRP hence the results were misleading.

Looking ahead: -
Elikhulu alone can produce c.£21M profit by my calculations
Add in the rest (BTRP, ETRP & Baberton) and group profit should be hitting around £40M for 2018-19 at current gold prices and exchange rates.
Shares in issue 1,809,726,739
Gives EPS 2.2p and a forward P/E of just 3.6

What figures do others get? Baberton mine itself is probably break even at best?

PBT of £40M with a market cap of £194M

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visitor SLP's results are in USD not GBP so require a bit of converting but it looks like they made a gross profit of $17.5M USD/£13.5M last year with EPS 3.8 US cents so approx 2.9p. Current SP is 22.5p so gives a P/E of 7.8. Even if EPS doubles next year (unlikely) I don't see how you can get a figure anywhere near a P/E of 2 (!). I also noted $57M of their $136M assets are listed as intangibles/goodwill.

Yes PAF have had a shocker today balance sheet wise but with Evander included intangibles/goodwill were just £21M out of £311M total assets, equity ratio of 3.3 and the NAV was 11.4p.

Was Cobus not CFO when Evander was bought from Harmony?
I believe he was.

Heads need to roll here.
Despite repeated warnings not to write off Evander in the results he has gone and done just that.

Needs to be sacked.
Shareholders are furious.

Closed only 4% down on JSE.

What is even more perplexing is how on further study Evander actually eked out a profit in H1. Not much admittedly but a profit. £0.6M vs £5.3M for Baberton.

ZAR gold price is far higher now than then also.

So when Evander reopens once gold rises and the rand weakens further will £106M be added to the balance sheet again? A ludicrous situation.

Evander was bought from Harmony for 1.5Bn Rand

They have written off 1.7Bn rand so even greater than the sum they paid for it!

I reckon they could turn a profit at current exchange rates yet it has been completely erased from the books. Crazy.

EPS adjusted 0.5p-0.7p higher than I expected given H1 was just 0.2p

Proves Evander was loss making and holding EPS back.

Evander at current rates could be profitable though so why write it off?

Will be contacting the BOD today to explain the £100M write down on Evander. The gold is not going anywhere so what's the reason for such a hefty write down?

Yes eish the 8p barrier was finally cracked after 6 months (!)

At most the forward P/E is still just 4.

I see SLP continues to move up despite trading on a higher P/E and worse fundamentals.
Remember the book price/NAV for PAF alone is 11p.

Total shorts 11.1%
Crispin Odey 7.14%
Blackrock 0.89%
Old Mutual 0.69%
UBS 1.6%

Ashley has pretty much just confirmed he is working with his Pal Odey in shorting Debenhams. Blatant insider trading. Both need to face the FCA heat.

Last day to buy for the dividend is today. 10x earnings = 155p Well undervalued IMO

Debenhams need to play hard ball. I have more confidence in Sir Ian than I do in Sergio to do this. They should push through the sale of Magasin and if Ashley objects they need to ask him to put through a credible offer now not later.

Ashley is transparent. We and the Newcastle fans all know his cheap character and what his plan is here.

Debenhams BOD must play tough also.

Looks like the rogue Odey has bought out some of the media (brokers also) and coerced them into writing scare stories to drive the SP lower. It would only please the shorter scum if Debenhams fails and tens of thousands lose their jobs. Sick.
Meanwhile Ashley is seemingly happy to watch all this happen - his so called stake appears to be bogus.

Sir Ian Cheshire Chairman of Debenhams
“The implication of the (weekend) papers was we were actively driving a CVA with KPMG and it’s simply not true,” Debenhams’ chairman Ian Cheshire told BBC radio, adding that all options remained open for the future.

“There is room for ... what I would call the Selfridges of the high street, which brings newness and fashion and beauty,” Cheshire said referring to the upmarket department store rival.

'Shares on the stock exchange, in my day, used to go up and down on fundamentals. Profits, dividends, dividend cover and PE ratios. Today it is all about manipulation. Shorting should be banned as it is in Germany, The stock exchange should be somewhere to invest and not be treated like a casino'

Been saying this for a while - the UK stock market is a disgrace as are the FCA.
P/E now is down to just FIVE.

It is time to buy PAF.

Someone will hopefully have put this scum Odey in jail by Xmas. FCA and BOD are certainly aware of and looking into his huge short position and dealings here + alleged close relationship with Ashley.

So at the moment they should NOT be in a closed period then given results are on 25th October - no reason for the directors not to buy unless something else is going on behind the scenes...relieved to see no further profit downgrade...