Member Info for Svend

Stigmundu, honestly, do you ever do any homework or rely solely on work/input from others?

And it's heading towards $ 5000 an oz.

Ah, yes, the IPO whispers resurface again. What’s important to note is this isn’t about Rolls-Royce PLC floating the whole SMR ship out to sea; it’s about exploring external funding structures for the SMR unit to accelerate deployment. The nuance is key: it allows RR to retain strategic control while tapping broader pools of capital for what is an enormous scale-up challenge.

Think of it less as ‘spinning off the crown jewels’ and more as inviting investors into a dedicated vessel built for nuclear growth. Whether that ultimately takes the form of an IPO, a JV, or sovereign-backed financing will depend heavily on UK policy signals, international buyers, and project timelines.

So yes—an IPO is on the table, but in context, it’s one option in a larger playbook to bring the SMR fleet to market faster without weighing down the parent balance sheet.

Turbo Tufan’s steaming full sail toward the mystical 1111 — glowing like a sunbeam through the fog, pulling every Rycey hull in its wake.

Seems very happy and now US500 breaking to the upside just passed > 6500 >😉🚀🙌IV

Cey,

Once a pirate, always a pirate. Simply put, I spend most of my treasure hunting in the Caribbean, sailing between those lovely islands.

Cev,

Take our pick, who cares anyway

Defense and defence are two different spellings of the same word. The defense spelling is more common in American English, while the defence spelling is more common in British English.

Let the horse run, no point in beating the drum when no one is listening

Hi Cev,

Definition of defense from the Cambridge Business English Dictionary © Cambridge University Press

The meaning of defense in English refers to the act of protecting against attack, harm, or danger, which can be applied to national security, sports, legal matters, and personal safety. It encompasses the ability to withstand or repel threats, the means of protection used, the arguments presented to justify actions or avoid blame, and the collective legal representatives of a defendant in court.

Maybe time for you to unsaddle that horse of yours 😉

Maybe the application has been approved by Cobre San Rafael, S.L., the local company managing Proyecto Touro. If not, it could be announced in September! Anyone able to double-check in with the Xunta de Galicia’s permitting or industrial project office?

Tuesday’s market had all the thrill o’ watchin’ barnacles grow — but at least they were green barnacles. Nasdaq and S&P scraped up 0.4%, the Dow limped at 0.3%, while the scrappy Russell 2000 led the charge with 0.8%. Defense stocks fired the cannons to record highs, banks drifted higher in the fog, and the Mega Cap Growth beast found fresh legs at the close — no doubt thanks to some fine ‘institutional repositionin’ (wink).

Well, look at the bright side, Mr Market (SP500) is getting near hitting all-time highs again

The pullback be moored in the Fib 0.50/0.61 berth. On the horizon loom the KCH clouds — clear ‘em clean and the skies turn fair, with the 1111 beacon gleamin’ like a falcon hoverin’, ready to swoop on its prey.

End o’ month be drawin’ near, the big fund galleons be loadin’ their coffers. The 1040 bounce be holdin’ like solid rock, and we’re settin’ sail north, breakin’ back o’er the 200-SMA sea-line on the hourly tide!

A large volume spike above 4 million has just appeared on the tape.

The bottom line:

Yellow Cake → pure uranium price exposure. Much smaller market cap, but moves instantly with the commodity cycle.

Rolls-Royce SMR → long-term infrastructure megaprojects. Each contract is worth more than YCA’s entire balance sheet, but revenue is decades out.

Chris572

⏳ Is it too early to see impact?

Yes — too early for full financial results. The switch to the partnerships-led model only began in earnest late 2024. The order book and contract pipeline are already reflecting it (with more affordable housing deals and landbank conversion), but the margin uplift won’t be visible in full until FY 2026–27.

Near-term (next update, H2 2025): Expect signs of operational alignment — i.e. more contracts signed, faster landbank deployment, and guidance tweaks. But the P&L won’t yet show the efficiency dividend, especially as fixed-price legacy contracts are still running off.

📈 When will it ramp? 2025–26: Transition years. Legacy cost overruns and partnership mispricing are being flushed out. Order book stabilisation and landbank reduction already suggest that execution discipline is improving.

2026–27: This is when the streamlined model should ramp visibly — higher volume completions, steadier cash flow, and normalised margins once old projects are worked through.

By 2027: If management delivers, the market could start re-rating Vistry as a “volume + cashflow” hybrid more akin to an infrastructure delivery firm than a cyclical housebuilder.

⚖️ So for your update in ~10 days: Don’t expect blow-out earnings — too early.

Look instead for forward indicators: order intake growth, landbank conversion pace, and commentary on cost control.

The real margin story ramps only once the streamlined model is dominant and clean of legacy drag — i.e. a multi-year pay-off.

Seaking21 yes, maybe if you sit on your arse, but Alert Mayday Denmark is going Nuclear along with Sweden, put that in your pipe.

Mark, Aye, that 70p drop’s just the tide ebbin’, not the ship sinkin’. The real winds be SMRs, narrow-body engines, NATO gold and desert kingdoms wantin’ more Trents. £11 ain’t the prize — just the next buoy on the chart afore deeper waters. ⚓️

Glad it raised a smile! You’re spot on regarding AUKUS — it’s a fully consolidated programme for RR plc, so staged payments will naturally feed straight into the group’s reported numbers and balance sheet. SMR is a different beast, but I like your “retro snake game” analogy — it captures the way those R&D losses elongate before eventually looping into meaningful profits once deployment scales.

Your price view makes sense in that context: sentiment can push us toward £12 on narrative strength and contract flow, then re-rate back if the February accounts show the SMR drag before profitability is visible.

On mining — I agree, it’s one of the most exciting corners of the market right now. Plenty of overlooked assets starting to surface just as capital cycles back into resources.

And thank you for the kind words about the blog. I’ve always believed that debate between different perspectives is where the strongest conclusions are forged. Let’s keep that mix of conviction and challenge alive — it’s what keeps the crew sharp.

Aye, the SMR books’ll look uglier than a drunken bosun in October — but that’s by design. All that “loss” be R&D coin, spent smart with tax sails catchin’ the wind. Partners and gov’ment be shouldering half the bilge while RR plc keeps the helm steady.

Remember, same with AUKUS and every long-cycle fleet: dire ledgers first, fat cargo later. The profits won’t dock ‘til 2030, true — but the market’ll smell the treasure long before then. Ugly books don’t sink a galleon; they show it’s still being built.