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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
|
|
|---|---|---|---|---|
| -1.40 | -1.81% | 76.00 | 16:17:11 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 76.80 | 75.80 | 76.80 | 76.00 | 77.40 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Top Posts |
|---|
Posted at 11/1/2025 13:11 by cp42kx07 I agree with your distinction between management's operational ability and their corporate skills (or lack thereof). This together with the investment portfolio "distraction" appears to deter many investors. |
Posted at 10/1/2025 10:45 by adamb1978 Hi AllI've been reasonably active on this thread over the last few years so just to say that I sold out in the second half of Dec. The bull and bear arguments have been done to death so I won't go into repeating them all. I had been thinking of selling 6-12 months before however the entry of teh activist investor in the register last year made me hold on, however they've gone quiet and the share price still hasn't even closed the gap to NAV let alone move beyond it. So given the share price has stalled in the last 3 years despite significant growth, it makes it harder to believe the bull case. Perhaps call me a stale bull! For those still in, the main hope I believe is that liquidation one of the large investments and sale of equipment leads to deleveraging which in turn causes a re-rating. Risk which counters that is the business is becoming lower margin provides a headwind which holds back the price. My total return was 32% after buying in at different points in 2020 and 2021 so not a disaster, but equally I feel not as good as it could have been had the leadership team run the company slightly differently (they're very strong operators but weak in terms of corporate/capital/in All the best, Adam |
Posted at 05/11/2024 09:44 by rivaldo WIA Gold have just announced they've raised A$30m at A$0.15, which is almost no discount to their current multi-year high share price, with "Strong support received from local and offshore institutional and sophisticated investors".So this solidifies the value of CAPD's shareholding now worth over £14m. It'll be interesting to see whether they've increased their holding further. And of course as drilling contractor CAPD should benefit further from the further drilling work to be undertaken: |
Posted at 20/10/2024 14:04 by adamb1978 Its quite a lot harder to forecast CAPD now given the transition of the business. And that's not just in terms of the revenue line, however also not as easy to forecast the rate of gross margin decline due to increasing services element this year and in 2025, plus how much the depreciation charge (which is $40m+) changes with the fleet changes/disposals and ramps up of labs, plus timing of the interest cost reduce when they use the cash balance to reduce debt etc.I haven't sold any of my position due to the statements about using the Predictive proceeds for debt reduction and similarly with asset sale, plus the entry into the register of the value/activist investor. All of those change the investment case, or at least raise the prospects of value being 'outed' sooner. From a valuation perspective, the main metric which I'm looking at is P/NAV given the above challenges with P&L forecasting. On that basis its very cheap. I'm hoping the new shareholder agitates more and more and that we get a buyback before too long |
Posted at 03/9/2024 07:06 by adamb1978 Hi FozieI top sliced a little in H1 and was on the verge of selling the remainder however the deleveraging via the investment disposal and sale of the Sukari, possible buyback as well as the other value fund coming on board have made me hold on for longer. The lower leverage will have a nice impact on EPS, particularly given that hopefully with a less emerging market cash flow exposure, they get better rates too. My concern from a valuation perspective is that the comps all trade on awful multiples. Makes it harder to believe in a re-rating unless they can re-spin the equity story. Absent that, they need to use the cashflow to attract investors. Adam |
Posted at 03/9/2024 06:59 by hpcg What a moronic and facile statement to make. It is like the success of the US markets versus the continuous decline of London market is a mystery to these people. Buybacks create liquidity. They encourage investors to buy because there is always a bid in the market. They reduce the spread because there is always a bid in the market. They increase the share price which encourages some selling. Rising prices create interest in a stock.On the other hand if you want illiquidity the perfect recipe is stock that is cheap on a range of value metrics but has no momentum in the share price. I am more than happy for the company to invest in growth. If by doing so it does not have any capacity for investor returns so be it. What I can't fathom is that when a company has surplus capital and trades below book it chooses not to invest in its own stock. There hasn't been surplus capital here for a while now, but when there is some sensible decisions on its allocation need to be made. |
Posted at 26/8/2024 13:27 by studentinvestor13 UK investors do not have a right to complain if Capital get bid for. Miserable bunch on the whole undervaluing so many good businesses (not people here)Capital YTD -3% Gold +24% Peer average move 21% |
Posted at 15/8/2024 08:05 by dan_the_epic No company in the world sustainably pays a 41% tax rate. The historical tax rate is much closer to 25%.EV/EBITDA is ~2.4x on Tamesis new figures which remains low. This is why the stock isn't really moving much today. Weak first half profitability was somewhat expected by the institutional investors. The growth opportunities are still there, just shoved back by 6 months |
Posted at 15/8/2024 06:52 by adamb1978 Yes, results read pretty poorly however with the PDI proceeds and equipment sales along with the low valuation and reiterated guidance, I'd hope the market impact is muted.I don't think there much though that will tempt more investors in. A company which flags changing business composition and all the various other changes over the coming months doesnt make people jump onboard. Hopefully though not that many will go the other way. Does anyone know the likely proceeds from the Sukari kit? I wonder whether the flux of the business at the moment might make the board more open to seeking an acquiror... |
Posted at 14/8/2024 09:15 by hpcg spooky - yes, I do also think that debt will look like it needed some action, which has happened. Had Sukari not been extended they would have freed up capital by selling the trucks etc. Part of this though is the allergy a lot of London investors have to growth. I think many investors forget that in the eventuality of a down turn a drilling company can just stop capital investment more or less completely so the risks are quite different to businesses with ongoing needs. |
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