An interesting commentary in the DII interview that the actual value of the properties is £5m higher in the Falklands, and substantially above carrying value for the Momart site. If so, the stated NAV of 325p is far too low - it could be actually above 400p, which may help to explain the recent rise. The gradual paydown of the mortgage adds a few percent to NAV each year.
Still, the company needs to improve margins and its return on capital, but that hopefully will come in time. Hopefully, growth will come from the oil field development - one day. |
I am not personally invested here but that was a very interesting podcast too and thankyou to you both.
Think there are more questions than answers so would love to see a follow-up interview with Mr Barry sometime in the future covering his other 3%+ holdings and more over some explanation on his value-investing style, how he selects companies and, importantly, what happens to them eventually and how he exits which is the difficult part... |
In the latest episode of the Desert Island Investor we are kindly joined by good friend and investing legend David Barry who talks us through his varied and colourful story.
With each guest castaway I ask them to bring along a company from their portfolio for us to take a brief look at and in David's case he has chosen FIH Group. NB These are never share tips !
Watch on You Tube |
Results announced and special divi of 10p on top of existing one. |
Maybe this is related to delayed building tenders.
FIG cancels £120m investment with H&W - but apparently, they are looking at procuring from another firm. |
Navitas, owners of Sealion concession |
NAV = net asset value. |
NAV don’t have a licence to drill because they can’t prove they can raise the finance. That’s why their tenders haven’t progressed. FIG work has dried up because FIC has no management team any more - I’m told by my Islander friends there’s no MD, FD, Commercial Director, Construction Director, Procurement Director or Support Services Director. It’s being covered by the UK and a few consultants. When is the Group CX going to turn things around because after two years of him my shares have gone backwards. |
Not so good with tender delays in FI, but still some support from NAV. |
It could have a big impact on the FI economy reports the Telegraph. |
Or no good mews…. |
Maybe just going to results: in early July to early August - no update implies in line with previous guidance - we know the FI tourist season was a good one. |
So where is the end of year trading update? 10 weeks after year end and nothing…. |
A bit of hyperbole:
"The Falklands have just become the most valuable piece of real estate on earth
Russia’s discovery of vast oil reserves in the British Antarctic Territory has fired the starting gun on a mad scramble for resources" |
Falklands celebrated the best tourist seasons in numbers and revenues |
Expecting an update on EOY trading, perhaps this week - it was 5th May last year.
Busiest year in FIC tourism reported. |
Irrespective, they’ve gone…. |
From Linkedin last few months, 1 sideways move 4x4 to Building Depot, a search for new FIC MD, and a plumbing manager. |
Soz FD not FS |
FBS - FICs construction team. They’ve lost their second MD this year and that’s been advertised, I saw it on their LinkedIn page. As far as I know they’ve also only got a temp FS, no procurement director or support services director. |
Only job vacancy at FIC is for merchandiser |
Cannygirl - what construction team is that? FIC people or what? |
Friends in the Falklands tell me the whole construction management team has resigned. Can’t be good for prospects this year - can’t go for oil contracts if you’ve no one to do the work |
Looks like a good squid season in the FI. |
Proposed new heliport, and discussion over F.I.Gov bonds to aid development, prioritising the oil sector. |
Register for streaming realtime charts, analysis tools, and prices.
Hot Features
Premium
