Share Name Share Symbol Market Type Share ISIN Share Description
Pan African Resources LSE:PAF London Ordinary Share GB0004300496 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.25p -1.61% 15.25p 15.00p 15.50p 15.75p 15.00p 15.25p 1,624,704.00 16:35:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 168.4 33.7 141.0 0.1 296.34

Pan African Share Discussion Threads

Showing 10001 to 10023 of 10025 messages
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DateSubjectAuthorDiscuss
24/3/2017
08:44
Time to buy then !
garycook
24/3/2017
08:29
Testing the support.
srpactive
20/3/2017
07:41
Gold up 0.5% to $1,234 from Friday,s close.
garycook
17/3/2017
11:44
thanks Gary...
hjs
17/3/2017
11:27
Dual listed on the South African Stock exchange.So you have to pay Stamp duty.Made the same inquiry to my Stockbroker.But that are the rules !
garycook
17/3/2017
11:14
Anybody know why my broker has charged me stamp duty to buy this stock? my understanding was that there would be no stamp duty for AIM stock.
hjs
17/3/2017
10:10
PAF 15.625p ( 15.50/15.75p ) Retracement done and gold price on the rise should be better from here on this profitable gold producer and paying a good dividend. Order book very strong on the bid side depth of 40 v 15.
garycook
15/3/2017
11:50
so now the market knows there is/was a placing in the offing.....that'll keep a nice lid on the share price......guess we can all go back to sleep for a while.....
thecynical1
15/3/2017
10:53
DS2 That might explain the IC stance. dyor
srpactive
15/3/2017
10:20
It is a technical thing - according to the JSE rules they can only dis-apply preemption rights (i.e. do a placing not a rights issue) if the placing is at a discount of less than 10% to the 30 day VWAP. They had done the book-build for the placing but the share price and rand movements meant that the placing price that had been agreed was lower than 30-day VWAP - 10% so couldn't go ahead under JSE rules. This rule isn't in the AIM rulebook so if they were sole-listed on AIM they would have got the placing away ok (although at more than a 10% discount to VWAP.)
dangersimpson2
15/3/2017
09:59
I would have thought the investors want the mine repairs done and open and production figures confirmed before a commitment of fund. No problem though. dyor
srpactive
15/3/2017
09:37
what do people think of that last RNS? They were planning a placing and have put it on ice?
thecynical1
13/3/2017
18:53
Thank you dangersimpson, perhaps I am too sanguine regarding the short term situation for PAF, but I am still relatively relaxed regarding the outlook for the 2nd Half of FY17 and for the full FY. It looks as though they may have sorted the shaft issues by 15th April and will presumably provide an update and (possibly) an amended guidance at that time. If the share price weakens in the short term I will tend to bulk up a bit unless the outlook changes due to some new unforeseen issue, as it is really the 2018+ timescale which interests me. All the best. Chip
chipperfrd
13/3/2017
15:53
Agree, looks very promising here post 2018 that is for certain. dyor active
srpactive
13/3/2017
15:46
chipperfrd, Thanks for the considered reply. I agree the H1 results were good and if the H2 production levels and rand gold price were at the H1 level of 2850kg & ZAR565k/kg I would be agreeing with you. The problem with those metrics is that I'm modelling H2 EPS in the range of 1/3rd of H1 at current spot and guided production. This would make your metrics: PER is 24x against a sector average of 23x across 66 peer producers. PBV is 1.32 against an average of 1.7 PSR is 1.09 against an average of 3.1 Ev/EBITDA is 15 against an average of 10.4 PCF is 18 against an average of 9.5 making the investment case less clear cut. The market is of course forward looking and may already be looking through the poor H2 to 2018. If PAF can return to 2016 production levels at 2016 costs then they would start to look cheap again on your metrics although not as cheap as they were on a P/E basis earlier this year. Just given the issues this year with industrial action, mine repairs and the stronger rand I think they will struggle to return to those production & cost levels in the short term. If they are back trading below a rolling forward P/E of 7 again based on gold spot & forward production guidance I will almost certainly be back in since I believe that would fundamentally undervalue the business. It's just that I'm much less sure that the same can be said when the rolling forward P/E is c.18 hence my wait and see approach.
dangersimpson2
13/3/2017
12:34
Good posts, Dangersimpson and chipperfrd, good to get both sides. active
srpactive
13/3/2017
11:52
Chip,Good Post.
garycook
13/3/2017
11:45
dangersimpson, Fair enough! However, PAF still look under-valued (to me) based on their 1H financials. On a trailing basis: PER is 8.2x against a sector average of 23x across 66 peer producers. PBV is 1.32 against an average of 1.7 PSR is 1.09 against an average of 3.1 Ev/EBITDA is 4.88 against an average of 10.4 PCF is 6.2 against an average of 9.5 There are certainly good reasons for why S.A. PM producers are lowly rated compared to their peers in more popular locations, but I consider the value gap gets increasingly too large, particularly against producers in N.America. Chip
chipperfrd
11/3/2017
09:29
Danger - I think that is a really sensible strategy. I sold out on the mine issues so whilst my past actions to date are aligned to yours, you have articulated your forward thinking and considerations very clearly. You have joined the list of posters I follow, which is much shorter than the list of posters I have filtered! Thanks.
melody9999
10/3/2017
12:56
I also sold out on the mine news having held a core holding since these were 7p. It's not so much the mine itself as the lower production guidance. The profitability of PAF is really sensitive to production volumes and rand gold price. Since I bought at 7p, from 7p to 24p and back to 14p the forward 12 month rolling P/E based on gold price and production guidance was about 7 varying between maybe 6 and 8. I considered this too cheap so would add to my core holding when it dropped below 7 and sold a few if it raised much above 7 (or to not be too overweight.) With the current production guidance & gold price the forward P/E will be c.11 and the 12 month rolling P/E 18-24 (based on 2x H2 EPS of 0.3-0.4p) Going forward if they can return to 200koz+ production levels they will do ok, although not to the level of 2016 since the rand gold price is lower. Ekilikhu also provides low risk growth. It's just that that we were getting that before for a P/E of 7 and now I would be paying 18 times rolling forward earnings. If they sort out the production issues and start to guide back to the 200koz level then they may start to look good value again but there has to be a big question mark over that given the short term issues. In between then the production shortfall this year means that barring a meteoric rand gold price rise they will miss current broker consensus by a wide margin. So in the short term I'm happy to be on the sidelines until I'm sure that miss has been priced in and we have clearer guidance on FY18 production levels & costs.
dangersimpson2
10/3/2017
09:50
No, it moved to 24.25p I sold alot lower so a little wrong saying that. The rns about the latest mine details changed my mind. I am waiting for news of the mine reopening. What I say makes no difference, now the IC being so positive is most influential. I will not post here as said before. active
srpactive
10/3/2017
00:25
DT,Precisely !!!
garycook
09/3/2017
21:08
DT101022 Feb '17 - 16:09 - 9801 of 9842 5 0 Edit Active Having pumped this while holding you did well. But I detect now you're out you'd love to see this lower Why continue to post otherwise??? Hmm......
dt1010
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