LSELondon South East
IIIInteractive Investor
DTMdiscussthemarket.com
ISG mantrova
09 Sep 2015
Re: Target price - 335p Today - Jefferies Int - tp 330pm
MTV bullbeatsbear
09 Sep 2015
YEARS OF CONTINUOUS SHAREHOLDER VALUE DESTRUCTION
AFPO georgehissi
09 Sep 2015
bought @ 2.80, should I sell?
KENV mantrova
09 Sep 2015
Heading for 10p Strong today....8.45p paid.m
MTV bullbeatsbear
09 Sep 2015
ha a business with a mcap of less than £500K --- what a joke --- most small corner shops are worth more than this shower!!!
SGZ vfb
09 Sep 2015
Fair Play To III, Their corporate action team have got it together.Dear Mr DonaldsonThis is to let you know you have a Corporate Action on one of your holdings.To view your Corporate Action, please log in and view your secure messages.Best regards,
BLV paddington_bear
09 Sep 2015
Need binoculars soon As Martinco and Belvoir both reported interims today, confirmation this is the laggard. Whilst MCO shares high new high after MSF up 61% and operating margin up to 38%, its 284 offices (193) service 44,000 properties (31,000), helping revenue rise 48% and profits 53% - allowing dividend to rise from 1.3p to 1.8p, on eps of 4.2., meanwhile on a market up day Belvoir SP unchangedWe can but dream of such riches here, as management feebly blames the Election for no nett rise in offices in six months and flat profits on MSF rise of 14%. Embarrassing to see they are proud nearly 35% of offices now offer estate agency, as MCO hits 80%. EPS here only 2.5 against 3.4 dividend, but management confident of strong second half after launching the multi brand strategy and buying extra name with 30 offices post period to reach a new total of 197 (wonder where they got that idea). At least there were no major embarrassments this time (FD got a grip?) and liabilities edged downwards again, but still capital tied up in loans to franchisees for expansion.The optomists may say that if we follow every success by MCO, eventually we will succeed. For now remains a long-term stodgy income possibility.PB.
AQP nat81
09 Sep 2015
ACE - AQP - sell Ace, see below analysis of AQP by Wendy and why best to avoid AQP. JLP will give better upside.********** ****The problem with AQP, Aces, is that like all other junior and-not-so junior miners on the Bushveld, they cannot smelt. That means they can only mine and and then concentrate PGMs, and then have to sell that concentrate to a major under an off-take agreement, or - more rarely - a pool-and-share scheme. The terms of these agreements are generally kept secret, but in general, an off-take will be for a fixed term, and often for life-of-mine, at an agreed %age of the basket price per ounce of contained PGMs, but with stringent penalties applied if the supplied concentrate fails to meet the smelter's grade and chromite specification. The 6-in-line smelters were designed for Merensky ore, and require a minimum grade of PGMs and a maximum %age of chromite. The smelters also require a reasonable level of sulphides, as its the sulphides that are used as the metals collector in the furnaces. In order to keep chromite levels within spec, the miner is generally forced to discard some of the PGMs as well. That's a lose-lose situation that penalises anyone mining and concentrating a pre-ponderance of UG2 ore. I haven't examined AQPs figures recently, but distinctly recall the Eastplats CEO complaining some years back that chrome penalties were costing him ZAR5 million per month, and if you check the actual revenue per ounce for Sylvania, you can see that they are only receiving a fraction of the basket price they publish. Aquarius's two SA mines - Kroondal and Everest - mine the UG2. Everest is UG2 only (there's no Merensky on the property), has been closed since 2012 and now pending sale, as it could no longer make a profit. Kroondal is on pool-and-share with Amplats, so probably more profitable. Smokey Hills had the same problem - pure UG2 (and not much of it!), and an off-take with Impala (IIRR) - closed because it couldn't make a profit. So on balance I would not buy AQP or any miner involved in exploiting the UG2 all the while they are held in thrall by the restrictive specifications imposed by the smelters.
TGL whitelabel
09 Sep 2015
Conference call at 11am this morning [link] we have some news and are soon out of suspension.
ALK gretel
09 Sep 2015
VSA Capital have 43p target price From VSA Capital today - they have a 43p target price, on a forward EV/EBITDA of only 5.7x.... "Alkane Energy (ALK LN)# Alkane Energy (ALK), the UK gas to power producer, has released interim results for the period ended 30 June 2015.• Revenue: £8.7m, +22.5% YoY (H1 2014: £7.1m); VSA FY estimate is £21.4m, +34.1% YoY• Adjusted PBT: £1.4m, +180.0% YoY (H1 2014: £0.5m); VSA FY estimate is £5.2m, +59.0% YoY• Net debt at 30 June: £19.3m, 41% net gearing (H1 2014: £12.4m, 31%)• Electricity output (CMM and Power Response) was 106GWh, +24.7% YoY (H1 2014: 85GWh); VSA FY estimate is 216GWh• Total installed generating capacity of 145MW• 94% of 2015 output contracted at an average price of £52/MWh; 56% of 2016 output contracted at an average price of £50/MWh (H1 2015: 89% of 2014 output contracted at an average price of £51/MWh; 64% of 2015 output contracted at an average price of £52/MWh) VSA Comment As highlighted by the recent trading update, ALK is trading in-line with our forecasts for the full-year. Almost all revenue was classified as core, at £8.6m, +45.7% YoY (H1 2014: £5.9m). Growth in core generation is largely as a result of full contribution from the Carron Energy power response assets acquired last year and the Maltby CMM operation, which was shut for three months in H1 2014 as the mine was sealed. STOR calls were also at an elevated level from April onwards and this has continued into Q3. Although UK electricity pricing has been on a downwards trajectory this year, ALK has now secured almost all of its 2015 baseload power output at an average price of £52/MWh. Baseload power prices have seen a slight increase in the last couple of weeks, as we move towards winter 2015/16, which has the potential be produce one of the lowest supply/demand margins on record. Our model assumes all remaining 2016 baseload output will be sold at current futures prices. This currently delivers an average selling price of £46.7/MWh for next year. However, baseload pricing is only part of the story. For its power response activities, ALK has reported that average pricing under its winter running programme has increased to £227/MWh for the coming winter, up from £195/MWh in winter 2014/15, +16% YoY with significant increases in availability and capacity payments as well. We believe this demonstrates the increasing importance of power response assets to the UK National Grid. The confirmed closure of the 2.4GW Longannet power station (c4.5% of UK peak demand) and the proposed closure of the 2.0GW Eggborough power station (c4% of UK peak demand), which will both close by 31 March 2016 alongside Ferrybridge C (1GW) are the latest announcements to highlight the growing fragility of the UK’s future power supply. With a forward EV/EBITDA of 5.7x and a P/Book of 0.8x, we maintain our BUY recommendation and target price of 43p."
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