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Https://masterinvestor.co.uk/equities/small-cap-comment-featuring-bms-alu-snws-and-flo/

"Braemar Shipping Services (LON:BMS) – at a discount to its peers

The recent improvement in the share price follows on after the excellent results from its very much larger peer group player Clarkson.

That company’s figures have made certain investors realise the discount at which Braemar is trading currently.

There should be a bullish Update on the current year’s trading being announced within the next two months.

The fiscal year ends on 28 February and what an eventful year it has experienced especially in its shipbroking business.

After falling away to just 200p at the beginning of last month, the company’s shares closed strongly at 271.5p by last night.

Is the market now expecting to hear bullish news with its profit expectations being surpassed?

I see them over the 300p level very soon, with last year’s 323p peak an obvious objective."

It's here :o))

Cashew production has commenced at last. DKL have had to resource local components enabling them to begin, with the final shipments from China on their way, so congrats on the creativity involved in achieving this milestone.

Good to hear DKL already have 2,000 tonnes of raw cashew on hand, with plans to buy in Q2 enough for the rest of the year.

Above all as stated today, "we are now positioned for a material step up in the earnings profile of the Company in 2022 and beyond."

Https://uk.advfn.com/stock-market/london/dekel-agri-vision-DKL/share-news/Dekel-Agri-Vision-PLC-Commencement-of-First-Cashew/86954183

Tamesis Partners have issued a new research note - a P/E of 6.8 is ridiculously low even without 30% of the m/cap being backed up by the investment portfolio alone!

Https://www.tamesispartners.com/research-portal#/portal/tamesis-partners/research/37_2022010409425277386

Extracts:

"The shares have barely moved over the last six months despite a slew of good news highlighting the health of the drilling business, the potential of the mining services contract, the growth in MSALABS and success of their investment arm. It reflects management’s confidence in the business and their frustration at the valuation – see below."

"Valuation

As mentioned above the size of the return of capital is small and as such does not have a major impact on our eps forecasts. Our modelling suggests that the 2 million share buyback, costing US$1.7m at yesterday’s closing price of 84.2p and a GBPUSD rate of 1.35, with increase the EPS from 16.7cps to 16.8cps. The average daily volume in the last six months has been c.450k shares or $0.45m so a 2m share order would theoretically take 8-9 days to fill assuming the order was 100% of the daily volume ie it will probably take at least a month. It should however highlight the extremely attractive set of valuation metrics upon which the shares trade. Based on our (company guided) forecasts, which we believe are conservative if anything, the share price is trading on EV/EBITDA multiples of 3.1x and 2.7x for 2021 and 2022 and P/E ratios of 7.5x and 6.8x respectively. Our Target Price assumes a modest 5x EV/EBITDA multiple for 2022."

Happy New Year to all here - a good start to 2022 with the share price 2p up today after just a couple of small buys.

FYI from the news wires today - some Berenberg commentary included, as they've reiterated their Buy and 127p valuation:

"Capital's decision to implement a share buyback, as well as a recent contract win with Johannesburg-listed gold miner Anglogold Ashanti, means the mining services company goes into the new year with strong momentum, German bank Berenberg said on Tuesday.

Capital, focused on African markets, on Tuesday said it will buyback potentially USD2.5 million worth of its shares.

Berenberg maintained its Buy recommendation for the stock, as well as its 127 pence price target. Capital shares were 6.1% higher at 89.33p each in London on Tuesday afternoon. Capital shares had risen by over a quarter over the course of 2021.

The buyback will be arranged by Stifel Nicolaus Europe. The programme will not exceed 2.0 million shares or USD2.5 million.

"While we remain primarily focused on growth, today's announcement of a share buyback programme demonstrates the board's confidence in the business, especially after the successful ramp up of the Sukari mining contract and the continued successful growth of our drilling and laboratory operations," Capital Executive Chair Jamie Boyton said.

The buyback will go towards reducing the company's share capital and meeting obligations from share option programmes.

Analysts at Berenberg said: "This is an encouraging sign from Capital and shows confidence in the business. We expect a modest positive impact on the shares, and would expect the buyback to be supportive for the share price.

"We retain our Buy rating on Capital, and think that the company is in a strong position entering into 2022, with the Sukari (Egypt) contract performing well and the announcement on 22 December of a further contract win at AngloGold Ashanti's Geita mine in Tanzania."

In December, Capital said it was awarded a surface production drilling contract from AngloGold at the Geita mine. The production drilling contract started in December and is anticipated to generate revenue of USD33 million over its term."

Forgot the link:

Https://masterinvestor.co.uk/evil-diaries/evil-diaries-different-expressions-of-intangibility/

Great to see SWG getting some exposure via Evil Knievil:

"My correspondent, Robert Corden, drew my attention on the run up to Christmas to Shearwater Group (SWG). Here NAV is roughly double the current share price of 110p and intangibles (presumably these have arisen through acquisitions) are in at around 200p+. According to Robert EPS is increasing quite rapidly and on that basis SWG is cheap. I hope so. There is plenty of cash."

since the company became Sureserve.

But still very cheap imho - see posts below.

Happy New Year to everyone here.

Nice to start 2022 with a bit of activity and a decent early move upwards. Just a reminder that the results are expected "towards the end of January" and will show around 0.12p EPS per post-update forecasts.

The current year to 30/9/22 will include a full year of the Fidelis acquisition (last year only included 6 months' worth of Fidelis' profits), so hopefully REAT are on track for say 0.14p-0.15p EPS this year.

Especially with reactive work from the likes of the judiciary, police, housing associations etc having returned to normality from Covid/lockdowns.

More good news for CAPD's investment portfolio - Firefinch is up another 6.4% overnight to new highs of AUS$0.92.

CAPD now own 18.95m shares in Firefinch, so I make this holding now worth around £9.4m.

This is on the good news announced yesterday that "a Final Investment
Decision (FID) for the Goulamina Lithium Project (Goulamina or the Project) has been approved."

So hopefully more work for CAPD in the lithium drilling here:

"Next Steps

Ganfeng and Firefinch continue to move forward with early-stage engineering, drilling and various community and environmental works to fast track the development of the Project. Firefinch’s costs will be re-imbursed by the Goulamina JV once it is established."

"Firefinch (ASX: FFX) is a Mali focussed gold miner and lithium developer. Firefinch has an 80% interest in the Morila Gold Mine (Morila) and it currently owns 100% of the Goulamina Lithium Project (Goulamina).

Goulamina is one of the world’s largest undeveloped high quality spodumene deposits. In partnership with Ganfeng, Firefinch will bring the project into production."

Another contract win, this for Seymour Civil as part of a £1.6m Townscape scheme in Seaham, Durham:

Https://www.sunderlandecho.com/business/scheme-to-enhance-access-in-seaham-to-begin-in-new-year-3510706

Happy New Year to all - it's been an excellent 2021 here and prospects for 2022 look extremely rosy too.

Happy New Year everyone.

This story in the Telegraph indicates that BMS's Sale and Purchase desk will continue to be buoyant...(subscriber-only though):

Https://www.telegraph.co.uk/business/2022/01/02/old-ships-sail-prices-soar-supply-chain-chaos/

"The Telegraph

Old ships sail on as prices soar on supply chain chaos

Ship owners are cashing in on global supply chain chaos as old container vessels soar more than 600pc in value and sales in a lucrative second-hand market rocket

etc"

Happy New Year everyone.

And some good news to start 2022 - CAPD are to begin share buybacks of up to $2.5m, which just shows what they think about the current share price.....

Https://uk.advfn.com/stock-market/london/capital-CAPD/share-news/Capital-Limited-Share-Buyback-Programme/86930887

"Commenting on the Share Buyback Programme, Jamie Boyton, Executive Chairman, said:

"Capital remains focused on delivering growth and shareholder returns though its balanced capital allocation policy. While we remain primarily focused on growth, today's announcement of a share buyback programme demonstrates the Board's confidence in the business, especially after the successful ramp up of the Sukari mining contract and the continued successful growth of our drilling and laboratory operations."

Happy New Year everyone.

And encouraging news to start 2022 - MWE have acquired 51% of PSK, a company they already know well, with a view to buying the rest in the future.

They expect it to be earnings-enhancing, "to step up the value-chain" and to increase recurring revenues.

Above all this shows MWE's reliable and trustworthy managament, in that not only have they worked with PSK for years, but they've waited for a year for PSK to emerge from its COVID-related trough with a surge in orders and business, presumably paying a bargain price from cash resources in the process given that they're also providing a loan to further fund the businss:

Https://uk.advfn.com/stock-market/london/mti-wireless-edge-MWE/share-news/MTI-Wireless-Edge-Limited-Acquisition-of-51-of-P/86930903

The current 86p mid-price is up from 68.5p at the start of this year - a gain of 25.5% for the year. I'll happily take that.

CAPD was heavily undervalued at the start of 2021 and is now even more heavily undervalued imho.

Patience will reap further rewards. This coming year could see anything from another 25% up to 100% or more upside if the core business and the portfolio continues to thrive and the gold price is stable at these highs (I note it's up today to around $1,815 last time I looked).

Good to see KAPE heading into the New Year at the highs - buying coming in at almost the full new offer price of 445p now.

And KAPE have been tipped here for next year as "dirt cheap":

https://www.fool.co.uk/2021/12/28/3-dirt-cheap-uk-shares-to-buy-in-2022/

"Head to the Kape!

I’d also buy Kape Technologies (LSE: KAPE) to try and make a stack of cash as the cybercrime problems grow. This UK share creates products that keep users’ data secure and private such as VPN software and antivirus programmes. This is a highly competitive environment and success is by no means guaranteed. However, I’m impressed by the breakneck progress Kape’s making in an industry dominated by big hitters like Avast and McAfee.

In its latest financial update, Kape said it expects full-year revenues for 2021 to hit “the upper end” of a forecasted range of $197m-$202m. By comparison, the tech titan punched sales of $122.2m in 2020 and $66.1m the year before that.

Kape’s progress is probably no surprise given the rate at which the cybersecurity market is growing. Researchers at Mordor Intelligence think the industry will be worth $352.5bn by 2026. That compares with the $156.2bn it was valued at last year. I don’t think Kape Technologies’ low PEG ratio of 0.2 reflects its exceptional growth opportunities this decade."

Nice close and up to 84p-86p last night.

The gold price has risen well above $1,800 now. Plus great to see the portfolio's larger holdings ending the year with a bang - Predictive were up 4% overnight to near their highs (and up 325% in the year), Golden Rim up another 4%, and Firefinch also up 4% to new highs (and up around 350% in the year).

The portfolio gains on the year will be huge.

New recent highs now after today's 10.5p rise. Loads to go yet though imo.

New video from Synbiosis about their latest Autocol product - this is "the highest priced equipment the company has ever produced". I seem to remember it sells for at least £50,000-£75,000 per machine, and perhaps more given my erratic memory....

Https://www.synbiosis.com/news/new-autocol-video/

Plus it was a good day for Predictive Discovery - up 4% overnight at A$ 0.25. This stake is now worth around £19m.

Together with the Firefinch stake, that's £27.4m of asset value against the £157m m/cap. Not to mention the single-digit P/E and the substantial value of the rest of the quoted holdings. Plus the $10.9m value of the Allied Gold Corp holding, which is expected to IPO in the near future.