malkis
23 May 2017
rns QUICK READ Notice of Results DekelOil Public Limited, operator and 100% owner of the vertically integrated Ayenouan palm oil project in Côte d'Ivoire (the 'Project'), announces that it expects to report its results for the year ended 31 December 2016 and publish its notice of Annual General Meeting week commencing 5 June 2017. Warm Regards TO ALL Malkis
gretel
16 May 2017
Looking very good online Amazing positive turnaround online now.You can sell 200,000 at almost the mid-price at 13.86p, whilst the maximum you can buy is just 10k at 14p.The share price could go on quite a run if that pertains for a while.
ember11
15 May 2017
Norpalm AS News '16 April 2017 - UPDATE - 'March: Norpalm Ghana recorded record volumes as far as FFB processed were concerned. So far, Q1 result is well ahead of budget. The outlook for the remaining 2017 peak season is good.8th May 2017 - IMPORTANT INFORMATION TO SHAREHOLDERSImportant message: The administration has come to the fore that some of our shareholders have received offers for the sale of their NOPA shares for kr. 1.70. We must therefore expressly state that those shareholders who give the power of attorney to kr. 1.65 has given a binding and irrevocable sales force . Sales for kr. Thus, 1.70 is not possible as long as the current sales process is in progress. New info to all shareholders is expected to be sent about approx 1 week13th May 2017NEW, IMPORTANT INFORMATION TO SHAREHOLDERSIMPORTANT MESSAGE: New information is expected to be available during week 20. The administration finds reason to repeat giving a sales authorization to kr. 1.65 per share is still binding and irrevocable . Per Schønberg can be contacted by phone. 9073 1238 for further information when needed.'Norwegian press seem to believe the Norpalm CEO is keen for a takeover deal to proceed and is willing to accept a reduced price of 1.65 krone/share from the 2.0 krone mentioned in some earlier reports, due to some 'uncertainty' around the leases. Reading between the lines it appears historically, the Norpalm management have not managed the business with respect to their relationships with the various interested parties - landowners, local and National Government which has come to an impasse, and are wanting to exit as quickly as possible, seemingly willing to do a deal at what looks close to a fire-sale price.This would suggest an offer price of circa 50 million Norwegian Krone/£4.54m for Norpalm.Schønberg tells of countless meetings with land owners and representatives of the privatization agency and various Divestiture Implementation Committee dignitaries included Ghana's president - no result.The report suggests DekelOil had bid the stock of 1.65 kroner conditional that they got 50.1 per cent, that the Ghanaian authorities waived all claims against Norpalm and that PZ would not use the shareholder agreement's clause, "change of control" - in return DekelOil would in addition provide the financing of the compensation to the land owners through a loan of 2.2 million dollars @11%.
gretel
10 May 2017
RNS : possible large acquisition Exciting news - a possible substantial acquisition with expansion into nearby Ghana. As a mature operation it should be nicely earnings-enhancing given financing from a combination of cash, debt and equity:[link]
malkis
02 May 2017
Take off time .............? DEF ON the RUNWAY now !!! warm regards malkis
ember11
29 Apr 2017
Top up time Looks like the sp has already stabilised on this level. Time to top up before it takes off. What can we expect shortly to support my opinion? Apart from new price target of 32p already mentioned before and great Q1 results it could be announcement of dividends payment: "Dividends will be distributed to qualifying shareholders following the release of the Company's audited results for the financial year ended 31 December 2016". It will for sure imo give sp a boost.
gretel
18 Apr 2017
Optiva note re 32p target FYI here's Optiva's update from last week - they have a 32p target and have DKL on a current year P/E of just 4.5:"The Ayenouan project is proving to be a cash cow Ticker: DKL LNMkt Cap: £38.5mShares Out: 296m Q1 Production Update: DekelOil (“Company”
has reported record production and material sales growth in Q1 2017.Total revenue in Q1 2017 was significantly higher by 37% at €9.7m, when compared to Q1 2016 and beat Optiva’s estimates of €9.1m. Record quarterly CPO production at 16,398 tonnes, which is 8.3% higher when compared to Q1 2016 and surpassed Optiva’s estimates of 14,335 tonnes. PKO production was reported at 996 tonnes, which was flat when compared to Q1 2016, however the average PKO sales price was 35% higher at $1,008 per tonne. The management believe they are set to move forward with the expansion phase. Strong revenue has been predominantly driven by higher palm oil prices and to some extent the optimisation of their ground operations. CPO prices have surged significantly since June 2016 where it was trading around $550m/t, but moved higher and recently traded around $750m/t back in February 2017. We maintain our bullish stance on palm oil prices in the short term on the back of tight supply, weaker ringgit and higher biodiesel mandates. The management has done extremely well to optimise operations by boosting the extraction rates of CPO and PKO. The acquisition of an Empty Fruit Press (‘EFP’, which became operational in March 2017 could boost underlying profits by at least €500k in in first full year of operation. The financial year-end results for 2016 are expected to be announced over the next 8 weeks and we estimate total revenues of around €26m, EBIT of €4.8m and underlying profits of €3.7m. In 2017, we forecast total revenues of €32m, EBIT of 11m, and underlying profits of around €10m. The management’s recent announcement of a progressive dividend policy and a maiden dividend of £500,000 will put the Company on a dividend yield of around 1.4% based on the current share price. Based on our 2017 forecasts, Dekeloil trades on a P/E of 4.5x, compared to London peers trading on an average of 17x. In our view, this is unjustified based on how much the Company has advanced from a palm oil developer to a sustainable profitable producer. DekelOil presents a compelling opportunity for investors seeking a balance of capital and income growth. We maintain our price target of 32 pence per share."
gretel
12 Apr 2017
Cantor's latest update Here's their post Q1 update summary FYI - they have a 29p target price:"DekelOil (BUY) – Q1 shows total sales up 36.6%DKL LN (12.63p, TP 29p), Market Cap: £37m(Corporate Stock)Our view: DekelOil’s Q1 output statement shows strong overall growth with total sales up 36.6%. Importantly the low availability of fresh fruit bunches seen in Q4 is now past with a significant rebound in collections and record production. Prices are well ahead and while this has had a demand response on CPO sales this is expected to be short lived. Recent operational improvements are beginning to be felt and shareholders will now benefit from 100% ownership of the Ayenouan mill. We reiterate our BUY recommendation and target price of 29p.• Production at record and collections rebound – DekelOil has issued its Q1 output statement for the three months to 31 March 2017. Total sales, excluding nursery sales, were up 36.6% on the same period in 2016, reflecting continued production expansion at the Ayenouan mill and a greater proportion of palm kernel oil (“PKO” in the mix. Fresh fruit bunches collected were up almost 10% on Q1 2016. This is a relief following the drop in the availability of FFBs in Q4 2016 and it is good to see that this phenomenon has past. Production was up 8.3% slightly behind the FFB growth rate reflecting loweroil content in recent FFBs also reflected in an extraction rate of 22.8%. However towards the end of the period extraction rates have pickup significantly with the daily extraction rate at around 24%. The new empty fruit bunch press became operational in March and is contributing an additional 0.5% to the extraction rate.• Prices strong – The average price achieved was very strong at €736/t, ahead of our forecast for year of €717. These high prices are good but have resulted in customers delaying purchases and as a result sales volume dropped slightly, down 1.7%, and inventory has risen. This would have been a 6.5% increase had 1,000t of stock pre-sold at March prices been included. New buyers are emerging in the country and it is expected that inventory levels will unwind at the beginning of H2.• PKO also ahead – PKO extraction rate has risen to 42.3% from 39.9% and the achieved PKO price has been particularly strong, averaging €1,008/t up from €743/t and again ahead of our FY17 forecast of €930/t. The company is looking to store approximately 550t of nuts and process these during the high season in early Q3. This should maximise mill efficiency and yield 275t of kernels. The new 3,000t oil storage tank is expected to be operational in the next few weeks adding to the company’s ability to be flexible in its key markets.• Valuation reflects cashflows – We value DekelOil on a DCF basis with a cost of equity of 15% and cost of debt of 10%. This gives us a target price of 29p. The principal risk to our valuation remains volatility in the CPO price."
gretel
11 Apr 2017
Positive new Shares Mag article Good coverage in this new Shares Mag article, with Cantor reiterating its 29p target price and noting that DKL could become a takeover target:[link]
gretel
10 Apr 2017
Optiva reiterate 32p target price per a poster on another bb.And from Cantor, who have a 29p target, this morning:[link] the brokers are saying...“DekelOil’s first quarter output statement shows strong overall growth with total sales up 36.6%,” said Cantor Fitzgerald analyst Adam Forsyth.“Prices are well ahead and while this has had a demand response on crude palm oil sales this is expected to be short lived.“Recent operational improvements are beginning to be felt and shareholders will now benefit from 100% ownership of the Ayenouan mill.”Forsyth repeated his ‘buy’ recommendation and 29p target price."
gretel
10 Apr 2017
Cantor Fitzgerald : Buy with 29p target [link]
gretel
10 Apr 2017
Beaufort : Buy with 23p target price Beaufort today reiterate their Buy with a 23p target price:http ://www.proactiveinvestors.co.uk/columns/beaufort-securities/27505/beaufort-securities-breakfast-alert-dekeloil-public-ltd-27505.htmlConclusion:"Our view: Moving forward and confident! Significantly higher year-on-year sales prices for CPO and Palm Kernel Oil were sustained during Q1 2017. While in April 2017 they have softened slightly to approximately c.€700 per tonne, they still remain well above H1 2016 prices of €540 per tonne and new buyers are also entering the Cote d'Ivoire market on the back of growth in the country's CPO production. As a result, management expects its relatively high inventory levels to unwind at the beginning of H2 2017, with gross and EBITDA margins already tracking higher than those reported for H1 2016 of 26.0% and 19.4% respectively. While overhauling its balance sheet and materially decreasing the interest rate on its remaining obligations, management has ramped up operations while buying out remaining minorities in the Company's core asset. As a result, it has the opportunity to significantly increase overall profitability. As has been previously noted, DekelOil is also a Brexit winner with the appreciation of the Euro against the Pound of well over 10% post Brexit, which in turn translates into higher Sterling earnings. Having positioned itself so, Beaufort believes the Group will be able to support its long-term operational ambitions and paydown remaining debt while also producing a sustainable surplus. Shareholders will be rewarded by management with progressive payments commencing this year, with a maiden payment accompanying its interim results, which in itself remains key to investor confidence in what is now an obviously undervalued investment. Beaufort retains its Buy recommendation on the shares and repeats its price target of 23p."
here and now
10 Apr 2017
Key numbers Fresh fruit bunch collection up 10%CPO production up 8.3%Sales up 36.6%Inventory (so even more sales to come) up 28.7%Now consider this, this is a quote from the January 17th RNS re. dividend policy. This was before it was known how good production was going to be in Q1'After taking into account existing cash flow, capex commitments, and the Company's current prospects, the Board expects to maintain a progressive policy over the next three years at which point the policy will be reassessed based on future years' trading results, the prevailing economic outlook, and the availability of distributable reserves. THE COMPANY WILL ALSO CONSIDER MAKING DISTRIBUTIONS TO SHAREHOLDERS IN THE FORM OF SPECIAL DIVIDENDS IF AND WHEN IT IS APPROPRIATE TO DO SO. 'And this key quote from today's RNS tells us that production has continued to beat last years record sales,' 'APRIL PRODUCTION HAS CONTINUED STRONGLY AND IS WELL ON TRACK TO EXCEED APRIL 2016 PRODUCTION RESULTS'Re-rate long over due here, special dividend is now a real possibility
gretel
10 Apr 2017
Great update today Q1 sales up 37% to almost 10m euros! Excellent production figures too, and extraction figures rising nicely. Also encouraging comments about increased interest in IC CPO production, which will nicely reduce the rising inventory (though current CPO prices have fallen from the highs).Analyst target prices of 29p are looking realistic given this level of improvement.
here and now
10 Apr 2017
RECORD OUTPUT What a fantastic RNS, happy Monday morning every
