Share Name Share Symbol Market Type Share ISIN Share Description
Capital Drilling Limited LSE:CAPD London Ordinary Share BMG022411000 COMM SHS USD0.0001 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  -1.50 -2.42% 60.50 26,199 13:15:28
Bid Price Offer Price High Price Low Price Open Price
60.00 61.00 62.50 60.50 62.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 90.98 9.86 4.47 13.6 82
Last Trade Time Trade Type Trade Size Trade Price Currency
13:14:20 O 4,000 60.55 GBX

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Date Time Title Posts
17/10/201908:17Capital Drilling -For Mineral & Mining Exploration1,276
14/11/201308:29*** Capital Drilling ***40

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Capital Drilling Daily Update: Capital Drilling Limited is listed in the Support Services sector of the London Stock Exchange with ticker CAPD. The last closing price for Capital Drilling was 62p.
Capital Drilling Limited has a 4 week average price of 56.50p and a 12 week average price of 47p.
The 1 year high share price is 68.50p while the 1 year low share price is currently 35.50p.
There are currently 136,248,953 shares in issue and the average daily traded volume is 1,030,692 shares. The market capitalisation of Capital Drilling Limited is £82,430,616.57.
rivaldo: Good to see two non-exec directors buying £100,000 of shares between them: Https://
rivaldo: Mark Watson-Mitchell likes CAPD and has a 76p target: Https:// "Capital Drilling (LON:CAPD) Oh, I do like the recent share price movement for this drilling rigs company. The interims to end-June announced in late August were impressive, showing good drill rig utilisation rates, big new contracts and strong profit performance. Its net assets per share even improved from 52p to 58p, not that I consider that an important rating to look at when considering investing in this company. This is an excellent example of making good money ‘selling the shovels to miners.’ The shares are firming up gently. From my profile price at 48p less than two months ago, they are now at 61p and looking extremely capable of hitting my 76p target price, and soon."
rivaldo: Tamesis Partners have issued a new note - they have a 91p valuation. They see 7c EPS this year, rising to 8c EPS next year, with a 3.2% dividend yield. With 3.7c EPS in H1 alone, it would seem that this year's forecast has a very good chance of being beaten. They conclude: "Price target maintained at 91p/share Even with strong recent share price performance, Capital Drilling continues to look undervalued. The company is underwritten by core long-term contracts, a balance sheet that has never looked better, a proven record of growing the dividend, and continued opportunities to grow the contract base with new wins in West Africa. We forecast full year 2019 free cash flow of US$8.7 million (pre-investments) which implies a 9.6% FCF yield at the current share price. We estimate that Capital Drilling is trading on 3.0x 2019E EV/EBITDA and 9.1x 2019E P/E multiples. We value Capital Drilling at 91p/share, representing 5x forecast 2019 EV/EBITDA of US$26.8 million and a 1.6x multiple on the current share price."
rivaldo: Very good H1 results out this morning. Revenue and EBITDA are slightly up, but net profit and EPS are up hugely as the reduction in depreciation kicks in and the tsunami of cash flows which CAPD are receiving truly show themselves. EPS of 3.7c for H1 is up from just 2c, cash from operations is up to $10.5m from $7.2m and net cash is up to $8.5m. The outlook for H2 and beyond looks great given all the new contracts, and the rising gold price. And there's mention of the new investment programme which I've been featuring (CORA has risen very nicely indeed). The interim divi is up to 0.7c, and CAPD looks in fine fettle: Https://
rivaldo: Good news from CORA this morning, and their share price is up to around 6.1p now. CAPD's 8.7m shares originally bought at 3.85p is now worth over £0.5m. With the gold price having surged recently, you have to commend CAPD for the timing of their investments in a number of gold companies in the spring/early summer.
rivaldo: More news - CAPD have invested around £450,000 in a share placement by Arrow Minerals (quoted on the ASX). CAPD invested at 0.1c, getting one for one options as well - and in return CAPD "will provide drilling services to Arrow in Burkina Faso over an initial two-year period". So more drilling income is guaranteed for CAPD over the next two years. Plus it would seem there are "multiple" other drilling programmes to be undertaken by Arrow in Burkino Faso. And meanwhile Arrow's share price has increased to 0.12c - so CAPD are already 20% up on their investment, with free share options on top: Https :// "Capital raising and strategic alliance Arrow has received commitments from corporate, institutional and professional investors to raise $2 million through a two-tranche equity placement at an issue price of one cent per share plus a one for two attaching option. Arrow has also entered into a strategic alliance with Capital Drilling Ltd (LON:CAPD) who will subscribe for $0.8 million of shares in the placement and will provide drilling services to Arrow in Burkina Faso over an initial two-year period. READ: Arrow Minerals drill results confirm gold potential at Helsinki prospect Michael added: “Following completion of the capital raising, Arrow will be well funded to aggressively explore its gold projects in Burkina Faso and Western Australia, with a focus on high-quality drill targets and year-round exploration. “Also, the support of Capital Drilling, both strategically and financially, will enhance Arrow’s ability to complete multiple drill programmes in Burkina Faso.”
rivaldo: Well, well - Predictive Discovery have made a "significant" gold find in Ivory Coast: Https:// CAPD invested $350k in Predictive at 0.09c. The share price is now 0.17c (it initially rocketed 220% to above 0.3c), so CAPD have almost doubled their money in a matter of a month or two. And I assume CAPD carried out the drilling too.
rivaldo: Thanks for the heads up, I missed that one! Cora is just the latest of these investments - the 3rd or 4th in recent months. I assume as previously posted it's a strategy designed to get CAPD in on the ground floor of new drilling campaigns. It looks reasonable to me. CAPD get presumably quite lucrative drilling contracts, which would then lead on to multi-year contracts with any success, and also giving rise to share price upside in the investee companies. Meanwhile, CAPD's downside from their £300k or so investment in each company is reduced by the returns from the drilling contracts. I wouldn't like there to be too many more of these deals, but with $11m and rising net cash this seems a good use of relatively small dollops of cash which would otherwise sit there unutilised.
rivaldo: Tamesis Partners have updated - they have a 91p valuation: Https:// "Our view – overall a solid start to the year Capital reported it is on track to achieve full year revenue guidance and we are confident that the company will be able to deliver the US$29.3 million quarterly average revenue for the remainder of 2019 to hit the mid-point of guidance (US$110-120 million). The quarterly result is slightly below our forecast at the revenue level due to seasonal effects in Q1. Encouragingly, the company reported increased profitability from key contracts over the period – reinforcing our investment thesis from the FY/2018 results that Capital continues to outperform at blue-chip contracts with top tier mining companies including Kinross, Anglogold Ashanti, Resolute, Acacia, and Centamin. The West African hub continues to grow, highlighted by an exploration contract win with Golden Rim Resources (ASX: GMR) in Burkina Faso. The company is seeing robust tendering activity – any further contract wins will be incremental to the published guidance. Metals prices remain strong, and Capital is best placed to take advantage of any increased exploration spending by the majors and mid-tiers to replace depleting ounces or tonnes. We value Capital Drilling at 91p/share, representing 5x forecast 2019 EV/EBITDA of US$29.3 million and a 1.8x multiple on the current share price. Our forecast 2019 free cash flow is US$13.9 million, implying a 15.7% yield which easily covers the current dividend yield of 3.2%. At the current share price, Capital feels materially undervalued – trading at 2.7x 2019 EV/EBITDA, a strong balance sheet, covered dividend and further growth opportunities in the pipeline."
rivaldo: Noticed CAPD's joint brokers Tamesis Partners (mining company specialists) have their research available for free. Which is nice. Here's today's note - they have a 91p valuation. They see 7c EPS this year, with the cash pile rising to a mighty $31m by the year end! They conclude: Https:// "Near term price target upgraded to 91p/share Capital Drilling continues to look undervalued based on its stable core business with long term contracts, an ever-stronger balance sheet, dividend growth and opportunities to grow the contract base further in West Africa. Forecast 2019 free cash flow of US$14.2 million implies a 15.8% FCF yield at the current share price, and management have a proven record of either prudent investment or returning that cash to shareholders (leaving plenty of upside to our 2019 dividend forecast). We value Capital Drilling at 91p/share, representing 5x 2019 EV/EBITDA and a 1.8x multiple on the current share price."
Capital Drilling share price data is direct from the London Stock Exchange
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