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
  +0.00p +0.00% 50.00p 0 01:00:00
Bid Price Offer Price High Price Low Price Open Price
49.00p 51.00p 50.00p 50.00p 50.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 88.44 7.17 2.89 16.3 68.1

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Date Time Title Posts
19/5/201902:09Capital Drilling -For Mineral & Mining Exploration1,130
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 50p.
Capital Drilling Limited has a 4 week average price of 46p and a 12 week average price of 43p.
The 1 year high share price is 56.50p while the 1 year low share price is currently 33.50p.
There are currently 136,248,953 shares in issue and the average daily traded volume is 26,767 shares. The market capitalisation of Capital Drilling Limited is £68,124,476.50.
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: A good, solid Q1 trading statement today in line with guidance: - nicely up on last year's Q1 - net cash is up strongly to almost $11m - increase in fleet utilisation to 52% from 44% Https:// Most importantly, the outlook remains strong: "We continue to see robust tendering activity in West Africa and remain confident of further contract wins in the region in the coming months"
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."
mfhmfh: hopefully share price is mounting a recovery.
rivaldo: At this m/cap, realisations below book value would still provide substantial asset backing for the current share price, without any value for the ongoing business. Particularly as CAPD have always maintained that their asset base is always well refreshed and the best available in the market. I suspect we'll see a bounce as the market takes in the confidence going forward.
rivaldo: From Proactive Investors today - not surprised to see CAPD suggested as a takeover target: "Commenting on what should finally be a done deal, AJ Bell investment director, Russ Mould, said: "The reverse takeover will be transformational to AVEVA and create a leader in industrial software, which will be able to better compete on a global scale." Mould also took the opportunity of another British company falling to a foreign predator in the wake of the pound’s plunge after last year’s Brexit vote to suggest a few other potential takeover target. The investment director highlighted luxury fashion house Burberry PLC, broadcaster ITV PLC, two precision engineers – Spectris PLC and Renishaw PLC – plus mining services group Capital Drilling Ltd and palm oil producer MP Evans PLC all as likely takeover targets. " "Capital Drilling could be targeted after share price slide Capital Drilling Ltd (LON:CAPD) has seen its value take a hit this year after the Tanzanian government adopted tougher mining regulations to try and squeeze more cash out of the miners operating in the country. Two of Capital’s biggest customers, including Acacia Mining PLC (LON:ACA), have been affected which is part of the reason that the drilling services group expects full-year revenues to now be at the lower end of guidance. “The plunge from nearly 65p to barely 40p could prove overdone,” claims Mould. “Two of Capital Drilling’s Tanzanian contracts relate to mines unaffected by the new rules and the firm is still very busy in Mauritania, Mali and Egypt. “The company’s balance sheet is net cash, rig utilisation rates are still high and the consensus analysts’ forecasts suggest the valuation is low enough to potentially tempt a predator.”
lord gnome: Yes, delighted to read that gleach23. Can now look forward to a recovery in the share price. 5-6x EV/EBITDA would equal a share price in the range of 100 - 120 which makes Finncap's target of 109 look right on the money. Still too much in my view, but who am I to argue with experts? WTFDIK?
rivaldo: Finncap have retained their 109p target price and forecast $23.9m EBITDA this year rising to $28.4m EBITDA next year (equating to 5.5p EPS), against a £53m m/cap. They also see a $3.78m cash pile at the end of this year, rising to $8m at the end of next year. The key point here is that despite the Tanzanian situation and therefore reduced revenues estimates, CAPD stated that they expect to achieve existing profit expectations. IMO the share price will continue to bounce, especially given the excellent tangible asset backing and generally optimistic and solid environment now around copper and gold. Plus the variety of new contracts won by CAPD in H1 in the likes of Mauritania, Mali, Egypt etc.
lord gnome: The dividend cut certainly wasn't obvious to me. I didn't see that one coming. Very disappointed as I bought these primarily for the yield (plus the very good prospect of share price recovery). I have now lost 60% of my income and what was a very decent paper profit has been whittled away to break-even. Not happy this morning. I will continue to hold in anticipation of a half decent share price performance over the next 12 months.
Capital Drilling share price data is direct from the London Stock Exchange
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