Another all time high overnight in Gold. |
Gold is at an all time high,so surely there will be a knock on effect to CAPD's NAV and demand for its services. |
Yup, they know the roundabout figure and should disclose it.
No mention of the water company.
It was always going to be a tough start up in the USA, higher wages and costs than Africa, support from HQ a long distance away. Get it right and it’ll be fine.
Overall an opportunity here perhaps. |
Tamesis have them trading on a 6.2x P/E for 2024 on Friday’s closing price. |
Ridiculous that CAPD don't give a number for 2024 PBT. They use lots of words to try and disguise this and make their 2024 numbers appear less bad. |
I think they need to take a hatchet to overheads - it consumes over a third of gross profit - as it starting to stick out as a sore thumb, particularly given the lack of disclosure around the composition (sales, marketing, G&A etc). Hard to see how they spend that amount on running the company (note this excludes depreciation) |
Usually sells off in first 2 hours after trading update and then recovers. |
Mixed as we expected. Better looking forward though especially utilising old kit for new project.
Tamesis re-iterated 160p price target. |
I personally like the water story, though I know plenty don't. IP value add can be much stronger than services which are competitive, don't have barriers to entry, and are capital intensive. To be clear, the ability to operate safely and efficiently with local labour in difficult jurisdictions is Capital's business advantage, and intellectual property in its own right. As developing countries develop more the consequences of mining become more important. Even in corrupt countries environment failure, even if within code, can be used to shake down miners. It does need to show growth though.
Barrick's words on water monitoring from 2016: |
Who says CEO’s don’t read these boards 😂 |
Water company news just out....and remember the first distribution of funds from Leo Lithium to CAPD and other shareholders is due for 31st January:
"16 January 2025
Eco Detection first sale to Tanzania mining customers
Eco Detection has shipped its first two Ion-Q+ systems to Tanzania. Our global distribution partner, Capital Limited, are deploying our technology to global mining companies operating in Africa. Capital Limited has some of the world’s largest mining operators as their clients in Africa. This is a substantial market under increasing compliance and operating cost pressure, and ideal for Eco Detection’s continuous water analysis technology." |
Trading update next week |
Looking at their water company investment I see no news of activity or contracts after six months. Lots of posts prior to takeover.
For 8 million I’d have been hoping for more so far, I’d rather share buy backs. |
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. |
Let's hope that Nevada is back on track in H2 and MSA continue to grow rapidly. Debt reduction should also help. In share price performance terms this has certainly proved to be a frustrating investment. |
Adam - you are not alone, that's what the chart tells us. I have trimmed some, but this still has a place in my portfolio despite the disappointing performance. |
Thanks Adam. |
 Hi All
I'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/investor decisions IMO).
All the best,
Adam |
CP42Kx07 - A couple of those have answers; it can't be tier 1 customers because those are their customers. If anything the move in to the US has been a negative thus far. So I would say it is Nevada performance, MSALABS growing again, and monetisation of the mining fleets. |
What will it take for CAPD to get some share price traction? Further realisation of investments and return of capital? Compelling proof of concept for MSALabs and a separate listing? Increased tier 1 clients and greater low risk geographical diversification? This really is an unloved stock, but it does have considerable potential. Here's hoping for some progress in 2025! |
Apollo has engaged highly regarded drilling operator Capital Drilling to undertake drilling at Salanie, with planning now underway to commence early in the new year.
“With Capital Drilling onboard for 2025; we look forward to a highly productive start to the year as we test four key target prospects as well as our developing greenfield targets,” Inwood said. |
Does anyone have a ball park idea around what the debt reduction opportunity is on this for this year I.e. predictive investment sale plus fixed asset disposals now deemed surplus to requirements. Long term shareholder, but bored of watching this in the 80s. |
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