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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Capital Limited | CAPD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.00 | -0.97% | 102.00 | 15:45:31 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 104.00 | 102.00 | 105.50 | 103.00 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 14/03/2024 | Final | USD | 0.026 | 18/04/2024 | 19/04/2024 | 15/05/2024 |
| 16/08/2023 | Interim | USD | 0.013 | 31/08/2023 | 01/09/2023 | 03/10/2023 |
| 16/03/2023 | Final | USD | 0.026 | 13/04/2023 | 14/04/2023 | 09/05/2023 |
| 18/08/2022 | Interim | USD | 0.013 | 01/09/2022 | 02/09/2022 | 03/10/2022 |
| 10/03/2022 | Final | USD | 0.024 | 07/04/2022 | 08/04/2022 | 10/05/2022 |
| 19/08/2021 | Interim | USD | 0.012 | 02/09/2021 | 03/09/2021 | 01/10/2021 |
| 18/03/2021 | Final | USD | 0.013 | 08/04/2021 | 09/04/2021 | 04/05/2021 |
| 20/08/2020 | Interim | USD | 0.009 | 03/09/2020 | 04/09/2020 | 25/09/2020 |
| 19/03/2020 | Final | USD | 0.007 | 09/04/2020 | 14/04/2020 | 04/05/2020 |
| 22/08/2019 | Interim | USD | 0.007 | 05/09/2019 | 06/09/2019 | 27/09/2019 |
| Top Posts |
|---|
Posted at 18/4/2024 11:42 by rivaldo Tamesis Partners reiterate their 160p target price and forecast 18.7c EPS this year, or exactly 15p EPS.They summarise: "Investments. Total value of investments (listed and unlisted) was $51.7m as at 31 March 2024 up from ($47.2m) at as 31 December 2023). Strong growth in the investments over the quarter, driven by the gold rally as a majority of the investments are gold companies (namely Allied Gold, Predictive Discovery and WIA Gold). Predictive released their long awaited PFS this week, and WIA announced an updated MRE with a 63% increase in contained gold at their Kokoseb asset in Namibia . • Outlook. Revenue guidance has been re-iterated at $355-375m. We expect strong improved performance across Drilling and MSALABs, while Mining is ticking along as expected. The Sukari kit has the ability to be redeployed and deliver step changes to the P&L, while the elevated commodity prices sets the scene for further potential drilling contracts. We maintain our current revenue estimate of $358m. Investment Case We remain positive on the outlook for a strong operational performance through 2024. Key growth projects in the Capital business are ramping well, projects continue to be won with high quality clients and rigs are being mobilised to higher quality contracts. MSALABS is developing momentum, both at their NGM labs contract and their partnership with Barrick. The mining services business has the potential for another big contract. The company is trading on EV/EBITDA and PE multiples for FY24 of 2.4x and 6.2x, and for FY25 2.2x and 5.4x, while delivering a dividend yield of 3.4%. We remain comfortable with our 160p PT." |
Posted at 09/4/2024 08:46 by adamb1978 Problem with the above is that there is no evidence that the market attributes any value to those investments.The best thing for CAPD in relation to these would be if a higher gold price gives confidence to larger companies in the sector such that a wave of consolidation begins and these investee companies of CAPD get taken out. Harder for the market to ignore cash, irrespective of what CAPD ultimately do with that cash |
Posted at 09/4/2024 07:54 by robsy2 Thanks Rivaldo , very positive .I note that at the year end : CAPD Investments: Year on year portfolio growth: · The total value of investments (listed and unlisted) was $47.2 million as at 31 December 2023 ($38.7 million as at 31 December 2022) including net cash investments of $4.6 million; and · The portfolio continues to be focused on a select few key holdings with our holdings in Predictive Discovery, Allied Gold Corp and WIA Gold comprising the majority (~85%) of our investments. I am wondering what the value of these holdings are now? I am trying to work out how much gold exposure I have with my holding in CAPD with Mcap at 176m GBP . |
Posted at 27/3/2024 06:50 by rivaldo Mea culpa time....I've been further researching CAPD's holding in Awale. Although at one point it appears that CAPD's holding actually increased further to 13.33m shares from the 8.33m I previously noted, in 2021 there was an 8 for 1 share consolidation. So, assuming CAPD even still own their shares in Awale, the holding is likely now worth less than £1m.I am however sure about CAPD's investment in WIA Gold, which keeps rising and is worth almost £8m. |
Posted at 19/3/2024 07:29 by rivaldo CAPD's holding in Awale Resources looks like becoming another decent-sized holding.Awale's shares rocketed 42% last night to CAD$0.255 on excellent drilling news. CAPD hold 8.33m shares per my records, so this is now worth £1.25m. CAPD are also the drilling contractor at Odienne, so there should be lots more work in the future: ""We are delighted with these assays from the follow-up program at the BBM target. The mineralization is robust and we have now confirmed plunging high grade mineralization over 500m of strike, which remains open in all directions. The consistently high-grade gold mineralization encountered in multiple drill holes underscores the prospectivity of our exploration area and highlights the substantial value it holds for our Company and stakeholders." |
Posted at 15/3/2024 10:41 by gb904150 People don't like the gold portfolio because it's not really valued in the CAPD share price.But part of the reason is because we've been in a miners bear market for several years, especially gold miners. Look at the GDXJ chart! Right now PM's are breaking out and people are taking an interest in gold miners again. At some point the value in that gold portfolio will be realised - first via higher valuations and eventually via exits on those positions. That should lead to some special divis or buybacks because they absolutely can't justify ploughing more money into capex than they already are. I think CAPD will just get taken private within the next year anyway...but I hope we get to realise some of the portfolio investments and return value to SH's first. The good insider ownership - Jamie Boyton 10% / Brian Rudd 6% should help ensure it only gets sold if a decent offer is made. In the meantime.....small divis mean you're paid to wait. |
Posted at 05/3/2024 07:39 by rivaldo The gold price has surged above $2,115 this morning.And two of CAPD's larger investee companies saw good overnight price rises: - PDI rose 7% to A$0.23 and are near all-time highs (CAPD's holding is worth £23.5m) - WIA Gold rose 24% to A$0.063 (CAPD's holding is worth £6m) Absolutely QS99, higher sector revenues/gold prices together with the rosy long-term prospects for gold pricing will surely help in terms of financing potential for both new projects and decisions as to whether to expand existing projects. Thus more and more work for CAPD. |
Posted at 19/1/2024 08:56 by rivaldo Tamwesis Partners retain their 160p target price, and conclude:"Valuation As Peter Stokes, CEO, comments: “The Group has delivered outstanding compound annual revenue growth of 33% since 2020 and we are confident of maintaining our growth momentum as we start 2024”. The breakthrough into North America is particularly noteworthy and more than offsets issues in West Africa to our mind. The shares are trading on 2024 PE and EV/EBITDA multiples of 6.8x and 2.6x respectively with a dividend yield of 3.4%. Not sure there are that many companies, certainly in the industry, generating 33% CAGR in revenue and paying a decent dividend. Meanwhile the sector consolidates (it was a hard year generally for drlling contractors) thereby improving potential industry returns and the economic rent of those operating within it. After DDH1 was taken over by Perenti the no.1 drilling company in the sector, Boart Longyear, is to be taken private by a consortium of Private Equity investors. We retain our PT of 160p." |
Posted at 21/12/2023 09:03 by rivaldo Tamesis have maintained their 160p target price and their forward forecasts.They have CAPD on a P/E of only 5.8 and an EV/EBITDA of 2.3 for next year, with a 3.9% dividend yield. In summary: "Overall, this announcement de-risks Capital’s guided revenues for MSALABS to FY2025. It also cements their presence in the low risk region of North America. Both these factors should ultimately lead to a re-rating of the shares. So far though the shares are down 19% YTD, and trading on a PE multiple 5.8x and EV/EBITDA of 2.3x for FY2024, with a dividend yield of 3.9%. We continue to believe our target price of 160pps is justified". Also: "• MSALABS guidance looking well on track: Capital guided revenues to grow to an excess of $80m by FY2025 (FY2021 revenues $15m). We estimate ~$15m of $80m revenues to contribute from the addition of the laboratory component today, and essentially de-risks the guided revenues to FY2025. We believe the company is being typically conservative in their guidance, and we maintain our revenue estimates for FY2024 and FY2025 of $69m and $90m. • Strong Platform for growth in the US: Capital has been targeting the region this year. Three major contracts have been announced with NGM, namely: 1. Drilling contract, 2. Chrysos units via the partnership with Barrick and 3. Laboratories addition today. The combined contract revenues will add ~$65m in revenues by 2025, and they have all been added in the last 3 months. They have also appointed a new executive, Aaron Austin, who will act as the CEOAmericas and oversee the rollout of these operations and their expansion in the region." |
Posted at 20/9/2023 09:46 by rivaldo Tamesis retain their 160p valuation.They have CAPD on a P/E of just 5.3 for this year, with a 4% dividend yield. They've raised their forecasts for 2024 and 2025 EBITDA by 2% and then 13% to $85m and $87.5m. FCF falls in 2024 to $17.3m and then rises by 28% to $33.9m. Incidentally, they state the capex "is likely to be OEM funded at the same coupon as for the rest of debt funding (i.e 10%)". They conclude: "Valuation Commentary Whilst Capital have a growing presence in Canada with MSALABS this is their first drilling contract award in North America representing a landmark moment for the company. We would expect to see further success now they have a foothold in the world’s biggest gold producing region. The company is truly diverse both geographically and across the three businesses: mining services, drilling and laboratory testing. However there has been no rerating, quite the reverse, as the shares are back to where they were at the end 2021 despite continual and meaningful progress across all operations and through the P&L, cashflow and balance sheet. After adjusting for todays announcement the shares are trading on a PER multiples for 2023 and 2024 of 5.3x and 7.1x and EV/EBITDA multiples of 2.3x and 2.5x. Free cashflow yields are 6% and 9% and the company remains in a strong position to deliver a dividend yielding 4%. We maintain our price target of 160p." |
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