Aurrigo Share Discussion Threads

[azalea] 20/12/2013 14:48

Excellent news. A further and final payment of £2.81m from the account held in escrow by Deutsche Bank. Just need to sell those asset stakes next year and the share price should have no difficulty in hitting S.T. target of 30p Current net discount to NAV 44%. 12p in cash.

[azalea] 18/12/2013 15:10

I am holding tight. At the end of the day, S.T. rarely gets the fundamentals wrong.

[spob] 18/12/2013 13:21

Yes I read Simons update

I've just dipped my little toe in for the first time on this one

22p

Will buy more later on any further weakness

[spob] 18/12/2013 08:31

What is Simon saying now ?

[blackpoolsteve] 13/12/2013 22:03

Inclined to agree with you Horndean,slow burn on this one

[horndean eagle] 13/12/2013 12:20

Huge writedown in remaining portfolio and the commentary doesn't sound very good. I was amazed they got the disposal they did make at the level they did and thought that maybe I had totally got AURR wrong. Even with the discount I wouldn't be tempted at present.

[blackpoolsteve] 05/12/2013 22:42

Any ideas why this trades at such a wide discount to NAV compared with RUS?
Tipped regularly in IC,so cant understand,especially as tender at 52p earlier this year ????

[azalea] 07/11/2013 17:20

Yesterday there was a buy of 3,971,500 @ 28.88p, posted at 1831hrs. Hmmn

[boystown] 05/9/2013 10:28

Good article from Money Week on why Russia looks good contrarian value now:

hxxp://moneyweek.com/russia-looks-appalling-but-its-also-a-screaming-buy/

If they're right - it could all be grist to the mill for the NAV if Flexinvest Bank,Superstoy and Unistream Bank become worth more.

Is there another good value way to play Russia?

[stemis] 29/8/2013 15:03

Expected but nice to see the £2.7m safely received.

[azalea] 29/8/2013 12:16

Another £2.4m added to the kitty. A sale of just one of its three remaining stakes would herald another cash payment to shareholders

[stemis] 05/8/2013 18:07

Thompson says "This means Aurora's cash could potentially swell further to £21.7m by this time next year, the equivalent of 29p per share....."

That's assuming the maximum earn out on OSG of £3.3m. The directors (quote annual statements) think its more likely to be £1.1m. Adjust for that and you get £19.5m which is 26p a share, a bit short of the 32.1p current share price.

[azalea] 05/8/2013 17:38

SteMiS
If you have read S.T. analysis 23/7, have you stated that to him and given your reasons?

[stemis] 05/8/2013 16:17

Yes, I've read his stuff. Don't think its quite as good as that.

[azalea] 05/8/2013 16:02

Simon Thompson(IC) has covered AURR extensively,most recently 23/7. He concludes that assuming the sale of Flexinvest, investors have a virtually free ride on the disposals of BOTH(my caps)Superstoy and Unistream. S.T. continues to give a 'buy' recc with a target price of 40p

[stemis] 05/8/2013 15:18

Having thought about it over the weekend I've taken a position in Aurora.

According to the results presentation:-

hxxp://www.aurorarussia.com/images/FinancialReports_PDFs/results_presentation_31_march_2013_final_150713.pdf

they are in a sales process for Flexbank. It's valued at 14p per share and as 100% shareholder they are not reliant on other shareholders to complete the sale. It's valued at a slight discount to NAV s hopefully they can get NAV +.

Their investment in Flexbank + cash + cash in escrow waiting signing of accounts = 21.4p. News on the first and a 18p return of cash would send share price upwards to maybe 37p (up 15%). Could happen anytime.

They also hold DIY retailer Superstroy. Looks eminently saleable to another chain because of its position in Urals. Valuation is a reasonable 7.7 x ebitda. Timing is the key because they are a minority shareholder but this would yield another 14p which with another 5p from sale of OSG would cover balance of 37p with Unistream in for free.

Doesn't look much downside.

[azalea] 30/7/2013 16:53

Selling of assets takes time - due diligence etc, look at the conditions set down for OSG, some of which run into 2014.

[blondeamon] 30/7/2013 15:33

The question is when...we haven't heard anything for months. This can't be a good sign.

[azalea] 30/7/2013 11:25

Newsflow will be sourced from further disposals which should/could take place this year.

[stemis] 29/7/2013 20:46

I calculate that the current share price is equivalent to 39p, adding back the impact of the capital return so its hard to say the price is weak. The market doesn't seem to believe the valuation of the assets, not helped presumably by the significant falls in 2012/13 and slightly mixed wrtie up on each of its investments. Other than the receipt of the £2.9 m in escrow waiting signing of the 2012/13 accounts of OSG its hard to see where the newsflow is going to come this year. Is there any reason to hold at the moment (other than the market suddenly waking up to what has been apparent for a long time)?

[azalea] 25/7/2013 07:52

Take a look at today's FY results from SPK.

[xlairways] 24/7/2013 15:55

Thanks you for the info, so fingers crossed all the weekend readers may add some volume Monday to this as well. With Trading emissions will probably use some of my 15p for some too, have not got the uninvested funds right now to add more.

[azalea] 24/7/2013 15:31

TRE share price is at an even greater discount to its NAV than AURR, by some 17%. Once the 15p payment is made, I expect recipients to return for a further bite of the apple.

[blondeamon] 24/7/2013 15:02

will be in magazine too