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SMS mentioned 5.9p EPS as consensus for this year and they re-stipulated guidance , so lets assume 5.9p is there or thereabouts.

At today's price this represents a P/E of 6.3. Publicis is on 14, Omnicom is on 12 and even WPP with all its woes and massive debt is over 9x.

Fair play to the MM's. They have been trying to trigger the stops losses at 60p for the last week and finally managed it. Thye'll be filling their boots ready for the spring unloading next week.

Divi has just been doubled,. Market cap 250m on 80m earnings. 3xPE, margin growing. SP falls 13%

S4 share now on sale again

It dropped 10c on150k shares traded. It's nothing more than market noise. If you are confident take the opportunity buy more.

Indeed...

I would imagine this is a tax story. JHI person shareholding liquidates on the takeover and tax becomes payable but shares are locked up so cant be sold. WTE takes the shares and the tax liability. Something like that. Good play by the WTE guys as now the market cap reflects the Eco holding however I don't know why you would want to hold WTE as now its become a vehicle for holding Eco shares when you can just hold Eco directly.

Don't you think JP Morgan (biggest bank in the world) have the ability to short on their own book? Krakow is also a renowned global hub of outsourcing.

FOXT is trading at a PE of 10x, which considering the environment seems fair to me, maybe even slightly bullish. Since the UK housing market and I include rental in that is unlikely to regain momentum anytime soon, the current SP is no screaming bargain. Foxtons are going to have to grow their way out of this organically or put up the for sale sign and hope for a 30% premium at best.

Orinduick news and block 1 farm in can only be days away. By my calculation Block 1 decision date can be no later than May 14. as per the Dec Navitas agreement RNS. Orinduick news has actually passed the date required by the legislation, so we can assume that an agreement has been reached in principle and they are either haggling over details or there could be something or someone else involved (supermajor anyone?).

What I am hoping is that we will se one blockbuster RNS, Tertiary appraisal well, Creataeous exploration well and Block 1 Farm in. Dates for steel in the water should see us at 80p plus. SA court decisions should be imminent too. If that goes positively then we will be at £1 plus.

Numbers - strip out the 1 time -25% back on Q4

CFO bailing suddenly - could be a number of reasons but whatever a red flag

NY medicaid news. One of the biggest schemes restricting access and where the biggest go, others follow.

It's a depository. Aberforth shares are parked there for safety.

Will STX ever stop disappointing? CFO jumping ship as the business moves to positive FCF - very strange. NY medicaid change could spread. Another qtr to wait....

Today is the cut off date for the next reshuffle in June. Eco will enter the index in June which will cause mechanical purchase of share by the index trackers and shadow tracking ETF's in the run up to the reshuffle on June 22. Probably worth around 5-10m shares being bought.

WPP is up to its eyes in debt. Doubt it would want to take on another billion.

That margin expansion announced by Omnicom to 14.8% should be a rocket for S4. OK no doubt there are heads being cut post merger but nevertheless if a, as SMS like to call them legacy agency, can get to that level in tricky times so should S4. IMO margin expansion is the key to the prospects for future SP appreciation.

I'd be astonished if that were to happen given his constant sniping at WPP. It must have created so much personal animosity.

That said, he will exit at some point however I believe he would need the price to start with a 2. Think about the average buy in prices of him and the other founders not to mention the agencies he has consolidated since then and most importantly his own personal wealth and legacy.

FWIW I think he will hold on till he gets the SP to the £2 level through margin expansion and at least the start of revenue growing. Its not to much of stretch to think about 2027 and a 15% margin on £800m of revenue at 10X gets you to close to £1.80. A 30% premium at that point and he'd be back at the founders b/e. level.

Wow. 0.4% of the company in one trade! Must have been a buy at that price too.

Seems to me he is getting more bullish and is ready to have it known.

Physical North Sea Brent trading at $140 the day before the "ceasefire", $50 above the 1 month futures and $150-$170 in Asia. Refineries running short, US refiners selling directly to Asia forcing up the price in the US. When Burt in Kansas wakes up and finds gas at $10 a gallon he might reflect on his choices. Then again, by past experience he might not...

https://www.ft.com/content/af07a12a-4341-4f6b-ad87-559d489c41a6?syn-25a6b1a6=1

I'm hoping it won't take 2 years to get to £2. £2 requires an EV of 1.4bn, so 140m earnings at 10x. So a 2027/2028 outlook of margin expansion say to 18% , (still below their target) and 800m net revenue gets you to this. Doesn't seem too much of a stretch!

Just asked Ai to make me a valuation comparison of Eco to RKH and it came up with the following

1. The Rockhopper (RKH) Baseline

Rockhopper is currently priced for the Sea Lion development, which reached a Final Investment Decision (FID) in late 2025. This reclassified their resources from "Maybe" to "Will Happen."

• Market Cap: ~£780m

• Cash: ~$179m (£138m) — Highly capitalized after their recent raise.

• Net Resource (2P + 2C): 321 million barrels (110m 2P + 211m 2C).

• Implied Value per Discovered Barrel: £2.43/bbl (Unrisked).

• Status: De-risked. Navitas is the operator. First oil 2028.

2. The Eco Atlantic (ECO) SOTP Comparison

We will now apply a "Farm-Down" logic (20-25% retained interest) and a standard 15% Geological Chance of Success (CoS) to find Eco’s "Risked Net Resource."

3. The Valuation: RKH vs. ECO

If we treat Rockhopper’s 321m discovered barrels as the "Gold Standard," we can see just how undervalued Eco is relative to its Risked potential.

4. Why the Gap?

Rockhopper is valued higher because its barrels are "Bankable." You can take the Sea Lion FID to a lender and get project financing. Eco’s 560m risked barrels are still "In the Ground."

However,

• The BP Namibia deal just moved 172m of those "Risked" barrels into the "Highly Likely to be Drilled" category.

• If Eco achieves just one discovery in Namibia or Guyana, its CoS jumps from 15% to 50%–70%, and the "Value per Barrel" will re-rate from 48p toward Rockhopper's £2.43 level instantly.

Summary

If Eco were valued on the same "Risked Barrel" basis as Rockhopper, its share price today should be roughly £1.80 – £2.10.

At 61p, the market is giving you the Namibian BP deal, the Guyana potential, and the Falklands carry for essentially 25 cents on the dollar compared to the valuation the market is already giving Rockhopper for the same basin.