Bisichi Share Discussion Threads

[rimau1] 27/4/2024 08:35

Crikey bozzy, try reading a balance sheet in conjunction with the commentary provided.

[tim000] 26/4/2024 23:50

Re the balance sheet, that’s simply not true. They’ve increased net debt while increasing the size of their investment portfolio. They only invest in highly liquid blue chips. They also expect mining profits to increase this year, of which nearly four months have already passed. Given their mkt cap the company has a very strong balance sheet and earnings outlook.

[bisiboy] 26/4/2024 22:46

Yes crazy directors remuneration as always. Thought the language this time was different
More positive decided to top up LAS.

[rimau1] 26/4/2024 16:58

Bozzy, e43. This has always been the case at Bisi, hence my caveat about buying into a lifestyle company. The directors will likely always be overpaid and offer minimal governance and communication. My compensation for this was paying 82p for a TBV of at least 4x, 5x maybe even 6x. I know West Ealing very well so happy with the investment properties and a mining portfolio of equity investments has nice tailwinds for 2024

[e43] 26/4/2024 16:52

Agree bozzy,nearly choked on my cornflakes when I saw the bonuses paid,ridiculously cheap share for a reason,

[andydaf] 26/4/2024 16:25

Happy with the dividend,lots riding on transnet but seems to be going in the right direction.Pleased ealing looks like its going ahead and after they invested 2million$ the other day into a fund i am going to guess the interims will look far better than many think.GLA

[bozzy_s] 26/4/2024 14:55

Profit after tax £0.3m

Director's remuneration £4.5m

Highest paid individual director £1.9m. More than the average FTSE 250 CEO !!


Director's shareholdings - fewer than 1m shares

Recent director's buys - none


A total disgrace. Why hasn't anything been done about this?

[callumross] 26/4/2024 09:43

Unfortunately the market won't let me buy any more, not even 1000 shares!

[callumross] 26/4/2024 09:11

Yes, net assets of £33.6m, improved mining profit forecast for 2024, a net dividend yield of nearly 10% and a market cap of only £8m. Seems a no brainer to me.

[tim000] 26/4/2024 08:31

The company is certainly very cheap in relation to its liquid assets, as you say. Without knowing the details of their investments, they seem to be competent managers and are invested in sectors with strong growth prospects. Their highest return on capital would be made by introducing a share buy back policy - possibly via a tender offer. But they won’t do that. They do however offer a decent dividend yield.

[rimau1] 26/4/2024 08:23

I am back in here but not for coal. UK equity investment portfolio valued at GBP15m. Investment Property portfolio valued at GBP10m. Marketcap GBP8m. I forgive the poor corporate governance and lifestyle company characteristics and the dirty evil coal for this discount to TBV....Hold and forget, the West Ealing development has been given the green light so FY25 should look decent.

[andydaf] 22/4/2024 16:22

Sad news about the director today.GLA

[callumross] 12/4/2024 17:44

Ridiculous price. Now trading at a quarter of net assets, most of which is investments and property.

[coolen] 30/1/2024 11:09

Why the flurry of selling at the opening today ?

[callumross] 26/9/2023 14:53

RB for Feb delivery now at $137, up from $100 during the summer lows so may see a rerating soon as pretty much all of that $37 flows straight through to the top line

[andydaf] 26/8/2023 07:17

Rail problems,lower coal price and production problems battering us here in the first half.However i feel the worst might be behind us and i am positive for a better second half.Lets hope progress is made regarding the ealing property one way or another.As always GLA

[gaffer73] 25/8/2023 08:32

Yes, sales down a lot due to rail problems, if it wasn't for that the results would be much better. Expect coal prices to creep up soon and if rail problems are sorted it could be a good second half.

[callumross] 24/8/2023 21:49

Bit harsh Tiger. Net assets £3.15 including well over £2 in property, cash and equities.

[tigerbythetail] 24/8/2023 21:12

Truly awful results. Yes, a round trip back to to sub £1 here for sure.

[chrisdgb] 23/8/2023 08:25

Yep, track back to £1.......

[p@] 23/8/2023 08:20

Shares look a bit dear for Bisi to me.

[p@] 23/8/2023 08:17

23 August 2023

BISICHI PLC

Interim Results for the period ended 30 June 2023

For the six months ending 30th June 2023:

· EBITDA [1]:£1.42million (2022: £22.25million)

· Adjusted EBITDA [2]: £2.17million(2022: £22.24million)

· Profit before tax £0.3million(2022: £21.17million)

· EPS (basic): 3.18p loss (2022: 108.29p)

· The decrease in group earnings in the first half of the year can be
attributed to lower coal prices achievable by Sisonke Coal Processing, the
Group's South African coal processing operation, as well as difficult mining
conditions at Black Wattle, the Group's South African mining operation.

· Continued constraints on the South African rail network, adversely impacted
Group mining revenue achieved during the period of £25.1million (H1 2022:
£44.7million).

· Total mining production from Black Wattle of 354,000 metric tonnes compared
to 301,000 metric tonnes in the first half of 2022, and 523,000 in the second

[gaffer73] 10/8/2023 14:26

Yes, maybe $120. Was just a guess based on $150-$100 for the six months. Production should be up but £15m mcap is still low for $5m.

[callumross] 10/8/2023 13:27

Think $130 average is a bit optimistic. They reported $145 for the first quarter and FOB price been hovering around the $100 mark for the second quarter so maybe $120 overall so profits similar to 2021 perhaps? In 2021 they made £5m EBITDA and £2.5m PBT on an average price for the year of $125 so maybe less profit at the same average price this year due to increased costs balanced to an extent by reduced debt. Very rough back of envelope stuff and takes no account of the property side.