Capital Share Discussion Threads

[rivaldo] 17/5/2021 23:10

Lovely finish tonight - hopefully bodes well for tomorrow and new multi-year highs.

[smithie6] 17/5/2021 18:43

excellent timing !

well done

(some of us have been sitting here for a few weeks, waiting, & not making anything at all, until today !?)

[bountyfull] 17/5/2021 17:47

Maiden purchase this am - very undervalued. Stockopedia are very impressed with these shares too.

[smithie6] 17/5/2021 16:36

CAPD

same time tomorrow, 8am kick off ?
je je

[smithie6] 17/5/2021 16:35

did you use those £50 notes from the biscuit tin in the kitchen or from the drawer of your desk ?

"cash lying around", nice situation to be in !

je je

:-)))

[hpcg] 17/5/2021 16:22

Interesting. IG have historically been slow at dividends but for Capital no problem. Anyway, I bought more this morning I am pleased to say, as I do have cash laying around at the moment. Should have bought a lot more really, but there you go.

[smithie6] 17/5/2021 15:29

DI holder

DI = ?

----

sure does seem crazy
this is supposed to be the UK in 2021 (with things like payments between telephones, proximity payments from a bank card, etc etc
not 1975 !

[phillis] 17/5/2021 15:24

Received from CAPD HO just

"I have made some enquiries on your behalf.
AJ Bell are a DI holder so payments in respect of dividends are routed through Computershare. We make one direct funds transfer to Computershare who then disseminates it out to the DI holders. Computershare has confirmed to me that they made all payments on the date due and added that if AJ Bell is yet to receive the funds, it may be still with the custodian bank – it would be up to AJ Bell to chase this down by contact"

I have just had an up and a downer with Bell
They still are saying they are not yet in funds from Computershare cheque(!)

COMPLAIN!

[gleach23] 17/5/2021 15:00

Thanks for info FishbourneTrader

SP still looking very strong. With market quote 74-75, one can sell over 50k @ 74.8 currently and buy just 7.5k online.

[fishbournetrader] 17/5/2021 14:43

I am with Charles Stanley, also a nominee account and the dividend arrived in my account today.

[gleach23] 17/5/2021 14:31

I had a brief dialogue with the then CFO Andre Koekemoer on this a couple of years ago when the dividends were paid by cheque to brokers such as AJ Bell who hold nominee accounts. He advised then that CAPD had "recently the activated the CREST dividend functionality with Computershare, eliminating cheque payments to shares held by broker nominees"

Since then the process had been far quicker but AJ Bell still seem to be dragging their heels.

[yasrub] 17/5/2021 13:54

Unfortunately that is not what AJBell said in a phone call and suggested due to FX and a bank holiday there was a delay, but payment would be received Noon, Thurs 13th May - that went well not!

[phillis] 17/5/2021 13:49

the cheque is not yet in the post apparently or has got lost

Have emailed CAPD IR for clarification

[dangersimpson2] 17/5/2021 13:19

For CAPD I think a sum of parts valuation is probably needed:

Investments at market value: $34m

MSALABS 3x $16m Fwd Revenue since this is growing 100% pa. CAPD own 75% = $36m

Drilling = 5x2021 EBITDA = 5 x maybe $45m after allocating overheads = $225m

Mining = 1.3x Capex = 1.3x ($50m Sukari +$10m? Boninkro) = $78m

Net Debt at end 2021 = $29m (Tamesis Estimate)

Total $354m = £1.31/share - which incidentally is pretty close to Tamesis £1.27 price target.

The 2022 numbers for CAPD perhaps would increase this, but then there are considerations of where we are in the cycle and we don't know the expected growth rates of McKay Drilling that are built into that purchase price.

What is also interesting, though, is that Major Drilling are paying that multiple for an unlisted company, which normally trade at a discount to listed equities. Of course, the shareholding of Directors and Founders means that CAPD won't be subject to a cheap bid, but does highlight that the valuation anomaly between CAPD and the rest of the market does remain stark.

[smithie6] 17/5/2021 13:19

what is your conclusion/point ???

sell CAPD & buy Tamesis or buy more CAPD ?

[kaizenkid] 17/5/2021 12:42

Tamesis has $51m EBITDA 2021, growing to $66m in 2022...if we use $66m EBITDA on 4.9x that's $323m vs. market cap around $197..(assume the investments broadly offset the net debt in the EV)

[rimau1] 17/5/2021 12:18

Thats a cheap deal at 5x ebita, i think our 2021 ebita expectation is around $30m growing to $40m+ as operational leverage kicks in and i think we are worth a lot more than $200m

[kaizenkid] 17/5/2021 12:11

Major Drilling's deal looks to be just under 5x EBITDA or $3.2m per rig

[qs99] 17/5/2021 11:56

Long overdue

[gleach23] 17/5/2021 11:53

25k buys @ 75p hopefully a sign of institutional buying with a rerate underway

[kaizenkid] 17/5/2021 11:39

And now the M&A activity kicks in




International Inc. (TSX: MDI) (“Major Drilling” or the “Company”;) is
pleased to announce that it has entered into an agreement to acquire all of
the issued and outstanding shares of McKay Drilling PTY Limited (“McKay”),
a leading specialty drilling contractor based in Perth, Australia for an
amount up to A$80 million, or approximately C$75 million (the
“Acquisition”). The Acquisition will be immediately accretive on an
earnings per share basis upon closing and provides Major Drilling a strong
established presence in an important growth market.

[gleach23] 17/5/2021 11:19

Meanwhile...still waiting for the AJ Bell dividend. They must be at least a week later than almost all other brokers? Had my Equiniti dividend last Monday 10th

[svenice7] 17/5/2021 10:26

Been buying for a while.. imho this is still clearly undervalued, even without the commodity Inflation...

[gleach23] 17/5/2021 09:31

Real pity that the ability to add spreadbets to investment positions has been taken away by IG and Spreadex as this would have been an ideal time imo