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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
|
|
|---|---|---|---|---|
| 4.20 | 4.25% | 103.00 | 16:35:01 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 100.00 | 100.00 | 100.00 | 103.00 | 98.80 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Top Posts |
|---|
Posted at 23/4/2024 07:35 by rivaldo CAPD have a new institutional investor - Rockwood Strategic disclosed as follows in their recent monthly factsheet for last month:"We purchased two new holdings this quarter.....Secondly we bought Capital Limited. This business has grown consistently, building a world leading position in the provision of drilling services to Mining companies. Asset rich, it has, over time, diversified by geography and client, breaking into the majors, such as Barrick. It has an unparalleled safety record, and been developing a Laboratory services business which is totally ignored in the valuation of the shares on a ‘24 PE of 6.2x and EV/Ebitda 4x. Equity owning, proven management should address this in time. We believe its ‘hue’ of resources has created a blind spot for generalist investors." |
Posted at 18/4/2024 10:28 by hpcg MSALABs momentum really building. As Mark Simpson has often noted the market will at some point count this as the most important part of the business. Ultimately though I think Capital is no different to every other London listed company in that it requires buybacks to drive the share price. What dividend advocates miss is that dividends, especially 6 monthly 1/3 2/3 destroy momentum and that and liquidity are key investor interest nowadays. |
Posted at 09/4/2024 08:15 by darlocst Based on the detail in the FY presentation (p15) & taking the change in share prices since year end of WIA (100%), Allied Gold (19%) & Predictive (22.5%) and assuming that the remaining others in portfolio are unchanged then I make the current value of investments to be circa $60m versus year end value of $47.2m. |
Posted at 15/3/2024 11:15 by rivaldo Good to see CAPD also doing an Investor Meet presentation on 20th March at 9.00 am FYI. |
Posted at 14/3/2024 07:53 by chillpill Thanks Adam.JB probably moans to brokers and investors his shares are undervalued but maybe he is part of the problem? I say that in the same breath that he has managed the operations extremely well. |
Posted at 14/3/2024 07:46 by adamb1978 ChillpillAgreed. My main complaint about CAPD has long been the governance. The NEDs are puppets and the 'Chair' JB runs it as his own play thing. Investing in other company shares is an example of this. The drilling-for-equity thing was a historic strategy for them but now that they're working with tier 1 companies, that shold largely be in the past. They in fact invested $9.3m in other company shares (not drilling for equity, but cash investments) last year. There's zero evidence that the market gives them value for the investment portfolio so I agree with you that it would be better for them to not just stop that but also buy back their own shares. Unfortunately the buyback has been raised several times with JB on investor calls and he bats it back. Adam |
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 20/9/2023 10:40 by shanklin AdamIn terms of cash, we have gone from being cash positive to gradually ramping up debt (costing 10%?) as part of the company's drive to grow the business, whilst at the same time operating a share portfolio, the value over part of which we still have no visibility following the recent flotation. I certainly agree it would be helpful for CAPD to give investors some idea as to how they see their cash situation developing over time. Obviously we know CAPD are very aware of making sensible capital allocation decisions even if investors are not getting the full story IMHO. BTW, its obviously a big positive to be diversifying out of Africa into the US. In time this type of win may help reduce interest premiums. |
Posted at 09/8/2023 16:49 by adamb1978 Hi BenI agree with you to an extent in that the investments were a means to an end a few years ago when the company was a lot smaller and working with smaller clients. I also think they've made a reasonable return on their investments - I calculated it as 16% IRR from 2016 onwards from memory. However, as an established company now they should be more trusted, and also now that they're increasingly working with larger customers, the need to take positions in its customers should reduce. As a result, it should be natural to expect the balance of new investments vs realised positions to shift going forwards and more generally, once the customer has got to a decent size and their shares are liquid, CAPD should really be looking to sell down rather than game the shareholding. The problem with them holding the positions when they could exit as well as their latest vanity project - the Capital Innovations thing which they mentioned at the FY22 results - is that it muddies the water in terms of what the CAPD equity story is as someone else said above. Do CAPD investors really want CAPD playing at being PE investors from the investment PF, or VC investors from the Innovation thing? There's probably specialist funds available if people want to invest in a mining PE/VC funds... To me, part of this confusion stems from the weak board with the former CEO becoming Exec Chair, rather than having a proper Chair. Adam |
Posted at 13/6/2023 09:06 by hpcg allstar - they are not in control of the timing for the Allied IPO. They are in control of how they sell it down. They should absolutely not be telling the market what they intend to do, just as none of us here would. IMO people speculating about what others think of portfolio is just finding reasons for observed behaviour and not from the horses mouth. I think there was one fund that did object, or complain it was too complicated so they sold out. The turnover of stock must leave it in the hands of investors who are happy about it. Anyone can do a sum of parts and rank the portfolio at zero if they wish.In my opinion a lot of investors or potential investors are driven by the price of gold. Overlay a chart of the price of gold in dollars and one can see that rallies to highs in 2022 and at the start of this year follow rallies in gold. Gold is consolidating, CAPD share price is consolidating. I actually think there are investors who think we are a gold miner. This in turn because oil companies are routinely called oil drillers despite them having handed the task of drilling off to service companies decades ago (some oil cos do again own drill rigs, mainly onshore and or in unique environments). One of the benefits of the Fortescue deal is that it will become apparent that we provide services across metals. If investors did their own due diligence they would see that neither the top nor bottom line of CAPD is correlated with the price of gold. |
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