Share Name Share Symbol Market Type Share ISIN Share Description
Capital Limited LSE:CAPD London Ordinary Share BMG022411000 COMM SHS USD0.0001 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  -1.00 -1.64% 60.00 92,340 16:35:15
Bid Price Offer Price High Price Low Price Open Price
58.00 60.00 59.50 59.00 59.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 86.58 11.00 5.81 10.8 113
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:15 UT 1,020 60.00 GBX

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Date Time Title Posts
05/3/202110:29CAPITAL DRILLING : global minerals industry services provider763
21/5/202008:16Capital Drilling -For Mineral & Mining Exploration1,593
14/11/201308:29*** Capital Drilling ***40

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Capital Daily Update: Capital Limited is listed in the Support Services sector of the London Stock Exchange with ticker CAPD. The last closing price for Capital was 61p.
Capital Limited has a 4 week average price of 57.50p and a 12 week average price of 57.50p.
The 1 year high share price is 78.50p while the 1 year low share price is currently 28.60p.
There are currently 188,780,903 shares in issue and the average daily traded volume is 164,673 shares. The market capitalisation of Capital Limited is £113,268,541.80.
shanklin: Last week's share price was almost certainly a direct result of IGG's forced closing of spreadbets in shares which included CAPD.
gleach23: Had a quick look at the comparative share prices for 30th Jun and 31st Dec for rivaldo's list of investments in the header. Rough calculations gave me USD11.8m in total for the former and USD11.4m for the latter, so H2 down a bit. Primary share price movements were - Predictive Discovery down from AUD 0.09 (30Jun) to AUD 0.06 (31Dec) Firefinch up from AUD 0.11 to AUD 0.18 Tanga up from AUD 0.02 to AUD 0.05 Awale down from CAD 0.18 to CAD 0.11 I'd forgotten that the obvious issue in attempting to predict the total valuation at 31st Dec is that there is a good chunk of investment in private companies for which we don't know the current share price The Investments slide in the H1 Report said that the main contributors to the strong H1 performance were Predictive Discovery which has since come off a bit (per above) and Allied Gold which is a private company. CAPD invested USD3m in the form of a convertible loan in Oct 19 which was going to increase its stake in the company to 3%. Hopefully Allied Gold's share price has fared better than Predictive in H2.
dangersimpson2: It is a bit of a mystery really - there clearly was excess demand for shares at 58p in the placing - we know this because the placing was upsized and investors were significantly scaled back. So why did they upsize the placing? I suspect this is because they expect to win more large contracts going forward and having had to pay down debt through the last cycle they are keen to avoid debt where possible. The extra $10m give them significant scope to bid for extra business. Why aren't those who bid for excess stock in the placing buying now? They may be, but simply be less aggressive than the sellers so the price stays flat. But I expect there is also an aspect of people being bored - this affects fund managers as well as PIs - look at all the current "hot" stocks - they get bought by traders because they are going up not because any fundamentals have changed. In the current market, if CAPD went up 20% in a day it would go up 50% the day after - and we wouldn't be complaining ;-) Why do we have sellers who seem happy to sell at one of the cheapest valuations in the market for a company growing rapidly? Take Sustainable Capital, for example, they had 7.6m shares, bought around May 2018 for c.40p. They announced they now have 4.1m. Maybe they disagreed with the placing, didn't get their allocation and that made it immaterial for them or they faced redemptions or simply changed manager or strategy. Why did CAPD not sell their equity holdings? I think this is because they are primarily a business development strategy. They provided capital to the best clients when no one else was interested and hence developed a business relationship where they get all the ongoing drilling contracts, which are now funded by a market that is much happier to invest in such companies. Keeping the holdings keeps generating lucrative contracts. And they never expected these holdings to become 20% of their market cap - this was simply a function of gold companies doing well for a period and the market inexplicably not re-rating CAPD's market cap as the outlook improved.
otemple3: I wish my first investment had been in something like CAPD - took me a while to stop chasing rainbow but tbf I did start 1999 so it worked for a bit! It's all about patience and therefore CAPD is an excellent place to learn! Everything looks great, we just wait (and wait) for reality to be reflected in the share price........
shanklin: That's a great slide. Hopefully some point soon, we can get past the very messy, principally CB, selling of the last couple of years, and have a share price that reflects the strengths of the business. IMHO, and as per some broker coverage, the share price should probably be £1.20+ just on what we currently know.
sphere25: Notable stream of buys coming in here. Is that the mighty Rivaldo at work again? :-) It's baffling this one, more than the others where sellers have been cleared to allow significant re-ratings. The waiting game continues with what appears to be a single significant seller holding the price back. In light of the demand for shares in the placing, and how close the price has been trading to the placing price, it shouldn't be taking this long to clear out. Without that demand, there would be a strong argument to suggest that the lack of daily volumes would naturally result in it taking this long (and indeed potentially longer) to clear a seller in size. It looks like River and Mercantile are farting about in trimming and adding so not a significant drag. I can't see any other natural sellers so either the valuation is correct here with the market happy to apply a low rating and ignore the transformational contract and forward growth opportunities or Burton is having an enormous laugh whilst reading our posts! :-) There is enough here to suggest a re-rating. That 446,276 trade being mopped up helps. Can't be too many more of those available to clear imo. What usually happens when the last line of shares is cleared, market makers rapidly close off any buying in size and shift the offer higher on nothing volume - the regular spikes on the chart here will testify to that. Ultimately, sticking with the view that the overhang is getting eaten into and there is a price anomaly here to capitalise on. Even beyond that, if the multiple here can't expand slightly by at least taking out the recent chart highs in a rampant market where almost every flavour jam is getting bought up to the high heavens, then well.. I guess we're doomed to fart about at these levels. Well, either that or we really need to start selling jam. Hopefully the next post here will be one of the first significant sustained share price move higher. All imo DYOR
rivaldo: Er....I posted this only recently from the news wires re Berenberg - note that they've raised CAPD's earnings substantially as a result of this "transformational" deal, and have a Buy and a 103p target: "Berenberg have today reiterated their Buy and 103p target for CAPD per this from the news wires, and have raised forecasts as follows: "Berenberg reinstated coverage of drilling services firm Capital, believing its recent contract for Sukari gold mine to be "transformational". The bank kept its Buy rating and 103 pence price target. Capital shares were down 0.8% at 59.01p in London on Wednesday, down 10% in the year-to-date. At the start of December, FTSE 250-listed gold miner Centamin said it had awarded an contract for waste stripping in the open pit at the Sukari gold mine in Egypt to Capital. Mauritius-based Capital said the new open pit waste mining services contract, together with the extension and expansion of an existing drilling contract at Sukari, will bring USD235 million to USD260 million in incremental revenue over the four years starting January 1. Berenberg said the contract offers the firm its first step into a USD1 billion-per-year contract mining business in Africa, not only providing a material revenue boost but also a springboard for growth with new contract wins. The contract mining business diversifies revenue from drilling to other mine services and offers scope for a multiple re-rate in line with full-service contractor peers, the German bank believes. After raising USD40 million, Berenberg thinks Capital has more than enough financial firepower to fund its Sukari commitments, and this should offer flexibility to tender for new contracts. This would add further top-line, earnings and free cash flow growth. The broker lifted its sales estimate for 2021 to USD189 million from USD149 million previously, and for 2022 lifted its forecast to GBP226 million from USD149 million. Berenberg's earnings before interest and tax forecast for 2021 was bumped up to GBP29 million from GBP25 million, and for 2022 to GBP36 million from GBP25 million. "We think 2021 will be a transformational year for Capital and believe there is meaningful share price upside; we remain Buy-rated," said Berenberg."
shanklin: No surprise that institutions being given free money were keen on the placing. Given CB's malign influence on the SP, the placing price is farcical. You would have thought CAPD could have made this available to private investors. Despite all this mismanagement of the share price by CAPD, through not buying out CB when they had the cash to do so, the share price should move up from here.... ...once all the chancers who took part in the placing have sold out for a quick buck.
tiswas: If the share price goes down to the placing price then a good opportunity for us private shareholders to top up. If the share price races away on the contract news then you have to ask why the big discount. It is not a rescue placing like we have seen from so many companies this year.
rivaldo: Mark Watson-Mitchell at Master Investor updated last night on CAPD as follows, with a 100p target: "Capital (LON:CAPD) – going from strength to strength This Africa-focussed mining services group enjoyed a cracking first half year to end-June. Its revenues were up 18.8% from $54.8m to $65.1m, while its net after tax profits were a stonking 168% higher at $13.6m ($5.1m), boosting basic earnings 170.5% from 3.7c to 10c. Its dividend was only raised from 0.7c to 0.9c per share. This was a strong performance from the group, with drilling rig utilisation increasing. But then so too has the price of gold in the first half year, which is a driver for some 90% of its business. Tamesis Partners are looking for current-year revenues of $138.3m, giving a pre-tax profit almost doubled from $14.6m to $28.3m. They have put out an increased price objective of 102p for the group’s shares. Even brokers Peel Hunt have increased their price objective to 86p. Executive Chairman Jamie Boyton stated that, “the mining business is seeing increased tendering activity, providing further optimism of higher activity levels in the second half and into 2021.” I continue to have high regard for this company’s prospects, its value and its share price and retain my latest target price of 100p. The shares closed last night at 76.5p."
Capital share price data is direct from the London Stock Exchange
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