Cambium Global Timberland Share Discussion Threads

[mad foetus] 27/2/2017 09:38

I've had a nibble, lots of value here and a clear path to realisation

[nesty1760] 24/2/2017 20:12

22p nav £7 mill mc, directors been loading up.
Sale of trees to be shortly announced IMHO.
Low amount of shares it moves quickly.
Probably won't be on many peoples radar though. Certainly a bag in it at these levels!

[hugepants] 24/2/2017 15:09

Yep and I see the Hammar bought another 1 million so has over 10% now.
Loads of trades today. Must have been tipped somewhere.

[colin12345678] 24/2/2017 10:16

Hugepants this guy is baller

[hugepants] 22/2/2017 20:25

Peter Gyllenhammar bought the shares. He now holds 9.5%. A positive.

[hugepants] 20/2/2017 20:40

There's 7% of the company (6 million shares) traded at 7.6p. Share price up slightly.

[robizm] 02/2/2017 21:36

Voloume seems high but the price has not moved

[hugepants] 29/12/2016 22:13

robizm, I was estimating a similar total return. Approx 2 years to sell everything, and 5p-6p operating/closure costs to come off the 22p NAV.

spob, I think the NAV is now prudent. They are selling Hawaii and the timber at Tocantins at book value and if you check the last accounts they've applied significant discounts to valuations received by an independent external valuer for the Brazilian assets. 15% for Tocantins, and 30% for Minas Gerais.

[robizm] 29/12/2016 21:49

Hopefully they are at a stage where they can a least pay back say 16p to share holders. Only bought in recently at 7p and hoping to double my money. Brexit done them a big favour

[spob] 29/12/2016 16:02

The trend in tangible asset value over the years is quite horrific for this company

Any reasons to believe that trend has levelled out ?


NTAV last 5 years

68.2m 60.4m 40.5m 19.3m 15.5m

[hugepants] 27/12/2016 22:02

Yep. Including the timber sale then my approx NAV breakdown is;

Cash = 4p
Hawaii = 2.5p
Tocantins (land) = 6.5p
Minas Gerais (timber & land)= 9p

Total NAV = 22p

Ongoing running costs approx 2p per annum.

[robizm] 23/12/2016 16:55

The timber has been sold for 3 million give or take

[hugepants] 21/12/2016 20:46

interims released after hours.


NAV = 22p. Up from 19p due to exchange rates.

Operating costs, mainly forestry costs,still too high but you'd expect to decrease significantly once Hawaii sold (hopefully imminent. Cash is in escrow awaiting landlord consent) and Toncatins timber sold next year. They are selling stuff at NAV which is a good sign.

[hugepants] 07/11/2016 15:09

Yes sale of "substantially all" the timber at the Toncatins property announced.



The book value of the Toncatins property as of end March 2016 is £7.9M which comprises the timber and the bare land. That's 9.5p per share. Does anyone know what proportion of the valuation is timber and what is land?

[luckymouse] 07/11/2016 14:04

Hmmm - liquidation - sniff

[praipus] 03/11/2016 11:11

Off topic: Does anyone know of a table which compares UK tree species and their water absorption characteristics? I.e. how many litres of water a tree will absorb over a given period.

[praipus] 03/11/2016 11:07

Off topic: Does anyone know of a table which compares UK tree species and their water absorption characteristics? I.e. how many litres of water a tree will absorb over a given period.

[hugepants] 16/10/2016 21:28

All things being equal then NAV should be approx 22p per share after knocking off 1p for ongoing costs. Big exposure to Brazil and the assets aren't exactly liquid but given you can buy at under 6p that's quite a discount for a liquidating trust

[lionheart79] 16/10/2016 09:07

Good spot. Though it wouldn't surprise me if the muppets in charge here were unable to take advantage.

[hugepants] 13/10/2016 19:25

The Brazilian Real has increased in value by 28% versus Sterling since the last reporting date (30 April 2016). Given 80% of TREE's assets are denominated in the Real that should result in a pretty big NAV uplift.

===================

At the reporting date the Group's exposure to foreign currency in regards to all foreign operations, including all assets and liabilities, was as follows (expressed in Sterling):

30 April 2016
Brazilian Real 12,513,808
United States Dollar 1,646,29

The Group is subject to concentration risk in relation to its exposure to US Dollars and Brazilian Real. The Group holds 11% (2015: 17%) of its net assets in US Dollars and 80% (2015: 74%) of its net assets in Brazilian Real.

[hugepants] 05/9/2016 20:23

Rath Dhu (really?) have gone from 2.6% to 14.6%



No indication who sold.

[hugepants] 24/8/2016 21:19

Yep it would appear the investment manager was completely clueless. A cat could have done a better job.

I'm not expecting 20p back, not unless timber prices rise significantly, but 12p-14p looks a reasonable target. How long it takes is another matter.

[lionheart79] 24/8/2016 13:37

I'd be very happy to get 20p back here but I'm simply not prepared to risk any new investment to try and claw back past losses The graph is a laughing stock. At a time where forestry had performed reasonably well this has only ever looked to plumb new depths. The management and board should be reassigned to bin lorry collections once this sorry debacle is finally over.

[hugepants] 23/8/2016 19:57

Busy here.

Liquidation taking a while but must admit to buying a few of these. Like most companies with overseas assets TREE will have benefited from the sterling weakness. NAV probably up 10%.

So NAV is probably about 20p now including knocking off 1p for costs..

That NAV is split 80% in Brazil, 10% Hawaii and 10% cash.

Last results stated they were close to finalising sale of Hawaii for a slight premium to book.

Also say they are harvesting (and selling) wood in Brazil next year as a prelude to disposing of the land.

Operating costs still too high at 2p per annum but they say these are reducing all the time and the upcoming results will show improvement.

Clearly a big exposure to Brazil here but risk reward looks good to me at a 70% discount to NAV (buy price is under 6p which is below the mid-price).

[lionheart79] 14/11/2015 10:40

I thought there was a solid base at 57p when I bought!
Will invest my money with the monkeys next time.