Member Info for Ups1de

They are to be congratulated on the turnaround but it's hardly much more than a safe,modestly growing annuity( sales growth:2-3%) and 3pts of profit( under pressure ever more from retailing rat race). Hardly racy for shareholders Yes they have a modest cash pile but are returning nearly half of it next July.Its like a safe annuity but factoring in 1.75b share base its hard to get an intrinsic value per share above £1-1.20..or am I missing something ? Yes they talk in results presentation of ' capacity' to handle up to £6B sales ( vs £4.5b) but plan appears to be pedestrian growth given market forces.I suppose that's why Metro bailed.

What's the likelihood of the intra party loan of $7.2m to trust from Thsl being paid back.? How will they fund the interest if the underlying asset (non dividend paying Thal shares) are collapsing in value? Doesn't make much sense to sell shares to pay interest ( as biggest tranche of trust shares were acquired at weighted average of £1.45!)..no doubt the interest burden will be ' rolled over' until we see a striking share price recovery:currently >70%.

Can you ever trust( or follow) an AIM stock's house broker so biased it's irrelevant .Look at their trackrecord on this one.

First half profits down on LY @ only $1.2m ...only after 'adjusing' for $0.5m R & D in new subsidiary...illusion

As investors scramble to protect capital it's hardly surprising this share is headed down: it's anounced that one of its biggest customers will be prevented by European sanctions from giving it bususiness( for now)...then the oil price crashes which will scare explorers away from seismic surveys ( as marginal contribution $ falling drsmaticalky).Thank goodness Thal has cash reserves to see it through longer term but not one to make money on unless they pull a new, big contract rabbit out of the hat.

Gloomy Aim market,bear oil market,Russian sanctions on a key customer slowing growth markedly,iffy property deal causing reputational damage(& cautioning new institutional investors),Henderson sell off under water on last 2 placings,possible $4.1m Ecuador write off....biggest /marginal shareholder now chairmain/ trust : yet to demonstrate putting shareholders first.Hardly a winning poker hand.Just because it's ' cheap' doesn't mean it won't get cheaper!

Smokey2,makes me question the due diligence ST really does on his IC tips.Thal chairman sells 1million shares@£2.70 at start of year( surely signals where he sees the top) then this ' employee trust' gets a couple of million shares at a weighted cost of £1.45( still cannot understand how half of them put in at £.26p!!!).Given the small number of employees I wonder who is most likely to be the future recipient of these shares? Still Mr market will take its revenge for a while.ST,Always start your share research with who the management are & who owns the company

The new HQ deal smacked of favouring the chairman as there were several better ways to execute the property deal ( eg sale & lease back).However an even bigger question has to be asked about the Thalassa discretionary trust.Why set up a trust to buy shares in itself & loan it $7.3m ( @3% interest)).a loan that is unlikely to be repaid but mildly flatters p & l).Allegedly to reward / incentivise employees but as directors inc chairman take little salary could they gain disproportionately (& avoid NI)? How could trust acquire 1m shares at 26 p at a time when share price was north of £2. Any views? Not surprised Henderson continue to off load even if it might be painful having supported the £2.50 placing

How long will CE get with share price sliding relentlessly & turnaround cavalry yet to come riding over the hills?

Another telling example of poor concern for shareholder value creation. Reputational damage + slowing near term outlook will hardly attract funds/institutions. A few small investors might jump in but like jolly/ riddler I think we will see further lows.

Looks fundamentally an interesting play given the sector needs lt & balance sheet strength. Unfortunately facing near term headwinds with delay/cancellation of Russian contracts & Henderson selling up. Frankly without taking an extremely pessimistic view you can produce an 80p intrinsic value if revenue growth stalls next 24 months.80-90p entry would offer excellent asymmetric risk return. Will certainly keep an eye on this one,

Some excellent detective work. We need to keep track of major shareholder relationships. Before I invested I reviewed the board make up & was impressed at the heavyweight nature of non execs & pleased to see bod put ' skin in the game'. What matters most now are the business fundamentals & there is little doubt we now have : massive raw material;inventory;sector expertise;necessary infrastructure & capability;access to a high value market sector .We have the obvious risks of local politics( successfully seen off so far) & sector outlook( though there is plenty of international demand for high grade marble).Worth staying in until at least share price doubles.

You have to remember the operating margin on marble averages 80%. And Fox will have immediate access to very high value marble through this deal. The cash margin per tonne to Fox will be more than acceptable & leverage the new processing plant. Very soon the market will believe the 'promise' of recurring annual ebitda matching current market cap. Good news should see Fox surge through 30p minimum. ( though one always has to factor in geo political risk)

Well done,Jolly.Hopefully plenty of ups1de here.

A very comprehensive dissection of what is happening,CAMK offers outstanding prospects: growth converting into cash;robust margins even if market gets more competitive ;very solid balance sheet well capable of funding the necessary investment to fuel future growth.Should offer excellent price ups1de this year.

I cannot help but think the timing of ii share sales was key.Share volumes spiked markedly in the run up to the tax year end.If a company was running significant gains in some cos surely it would make sense to offset tax bill with losses on others,Camk has not set the heather on fire since 88p placing so possible some iis would bail to redirect funds.Camk balance sheet is strong,the market it operates in ( successfully) is huge & its trackrecord is good.Another set of good results for 2013 have been signalled & a good final dividend should prompt positive reassessment .If its shares were £1 it would still be an absolute steal.ST coverage has no doubted promoted quite a few to put CAMK on their watch list.Lets see the response to mid April RNS.

That's my boy: Simion Thompson.Managed to get in twice at just over 63p on Friday( looked like all the buys then showed as sells).As he reported & several of us summarised - woefully under valued .On a dcf basis with modest growth,some margin erosion built in &'Chinese risk ' higher WACC' still hard to price under£3 a share! Apply a further fear factor & camk could easily double from here.

Sorry I don't have it...The Times not FT.You should be able to see it online.

Took the plunge here getting in @63.3 p.Cash & 2013 earnings will cover the market cap! I know China is out of favour but excellent balance sheet( nearly 30m cash),strong 2013 earnings already in the bag,final divi of over 4% & full year of 8%+,already signalled expansion plans & growing order book...& ST of Investors chronicle tipped...ii selling up( hopefully for them netting placing losses against gains elsewhere before tax year end) hopefully presented us with a bargain.On a dcf basis assuming even most growth,declining margins & high WACC for Chinese mkt risk CAMK easily worth £3 a share.Getting in today even the spread is modest at just over 2%( by its standards)

Another article in the Times business section today that will dissuade potential investors...2, more Chinese cos delist shafting existing shareholders.