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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lonrho | LSE:LONR | London | Ordinary Share | GB0002568813 | ORD 1P |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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Lonrho (LONR) Share Charts1 Year Lonrho Chart |
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1 Month Lonrho Chart |
Intraday Lonrho Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 08/8/2013 | 03:20 | Lonrho business in Africa | 1,919 |
| 15/6/2012 | 13:22 | Lonrho Plc - Something different, Something Exciting | 1,195 |
| 15/6/2012 | 11:57 | New video with Kilo CEO! | - |
| 17/5/2012 | 10:39 | Lonrho | - |
| 09/11/2009 | 15:35 | RNS | 1 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 30/7/2013 01:25 by kibu Lonrho imminently sinks below the public waves yet the scandals remain. What fun are PIs going to miss now debate will be curtailed?Cambria (formerly Lonrho Zimbabwe) has just settled with Lonrho's new owners for a fraction of their claim. Yet this was for far more than Bruiser and Slasher acknowledged. [Er, didn't Bruiser and Slasher set up Lonrho Zimbabwe aka LonZim and then run down the share price by 90% before resigning and "selling" out to LONR?] Meanwhile, the Rollex and LONR smuggling story [and, of course, this does not involve fastjet, where any people doing anything bad were not involved at anytime whenever that was] rolls on. From the first public Rollex posting I have been (predictably?) negative and critically questioned the asset purchase value, especially Rollex's De Robillard's incentive to sell. Some posts were, perhaps, squashed or openly mocked. This article gives more detail hxxp://www.moneyweb. Lonrho kept a bunch of Rollex models (Corgi?) in the boardroom at Arlington Street. There were no cigarettes in the ones I handled there. Their preferred lawyer, Mischon de Reya, took me to lunch but didn't smoke. Then again, that was years ago. And then again, Lonrho used to be a LSE-listed share and then again the directors promised a dividend in 2013 and then again David Lenigas was the Executive Chairman and then again he used to angrily wave a little stick at me claiming he had my mobile (still awaiting proof) and then again he and "Oryx White" lost many SA miners' significant equity while personally enriching themselves and then again that made me a little angry. Meanwhile, in Blighty, many gullible PIs lost thousands. A few nimble opportunists made a quick buck. The BoD's profiteering is evidenced by a straightforward 2006 comparison with their 2012 salaries, benefits and waist measurements. Whether Lonrho, whether FSAfrica, whether investment, whether politics; weather affects peaches, pilchards and profits. Evidence of any has proved as elusive as fresh khat on Edgware Road and that times change. Something Lonrho has never been is a bellwether. kibu with a nod to Tiny [RIP] |
Posted at 04/6/2013 12:49 by ndege kidogo Almost invariably if you own over 50per cent you have to consolidate 100perCent of sales, profit/loss and b/sheet items and then take out the minority's interest with a couple of one line adjustments for share of profit and share of net assets. Despite the fact that Lonrho provided its exec chairman and CEO as exec chair and exec director of farcejet KPMG were persuaded that Lonrho had no influence over fjet and allowed it to be treated as an investment ( not even an associate). This of course allowed St Leni to book a £40m book gain to Lonrho's interims last year. That fooled a few people for a few months. Now of course that gain's disappeared like a fastjet vapour trail. The main point was that without hiving off Lonrho Aviation it would have collapsed a year ago since Lonrho could not have found the cash to fund it. That fell to mug hedgies aided by PIs who'd seen too much of The Sun. All that's soon to be academic for Lonrho investors who are lucky to be offered 10p. I expect tomorrow's circular to make it clear that failure to support the takeover will see the Lonrho share price limbo dancing FJET to zip |
Posted at 30/3/2013 08:48 by crosswire African Infrastructure Lonrho (LONR). Mar 30 by theboybulmer 7 of the top 10 fastest growing nations in the world are in Africa. War or famine plague the beautiful landscapes for the most part, a drastic truth which in future years will hopefully change as a result of Foreign Direct Investment (FDI). An increased tolerance to risk, and more stable governments (using the index for corruption as a guide) have lead investors to enter the various nations, as the unloved oil, gas & mineral deposits they hold become more accessible. As a result, FDI into Africa is currently $33 billion per year, and is set for $84 billion investment during 2014; a 255% increase. With booming economies comes the need for infrastructure; a means of transport and mobility, not only amongst the local employees but also for operational requirements of the firms fuelling the growth & investment. It is reported 23% of the roads in all of Africa are 'paved' (asphalt). In Tanzania it is only 9%. An average of 6km of road per 100km squared of land (track, paved or otherwise) highlights the need for development, if the growth is to be sustained. This lead me to think about companies specialising in infrastructure, more specifically those that might operate across the whole African continent. I came across Lonrho (LONR), a £106m MCap listed in London and Johannesburg. With operations across the continent including Tanzania, Gabon, DRC, Mozambique, Botswana and Zimbabwe, the portfolio is vast and covering logistics, flights, hotels and agriculture. Lonrho has fallen out of favour with institutional investors of late, with BlackRock and UBS selling part of their holdings in recent weeks, and a broker target of 7p set by Jefferies. Democratic Republic of Congo Lonrho owned hotel. Alongside the peaches it sells to Tesco, Tuna it sells to Costco and John Deere tractors it distributes in Angola, Lonrho owns a 55% stake in FastJet (FJET), the London listed/African based low-cost airline. The business is certainly diversified sufficiently to avoid major consequences if a drop in commodity prices is seen, which might be a cause for concern to a gold miner for example. Lonrho also boasts it has recently won contracts to inspect oil & gas exported from Nigeria by its government, and provides giant Tullow Oil with a 250-man camp to support its exploration activities in Kenya. Other examples of its operations include the ownership of the oil and gas logistics terminal in Equatorial Guinea (Africa's 3rd largest oil producer), which can now handle over 85% of support logistics requirements of offshore fields. Tennants include Ophir Energy, ExxonMobil and CNOOC. Lonrho, the self-proclaimed 'demand-lead' organisation, believes it has now completed building its foundations in core African businesses, allowing it to deliver strong growth through 2013. This is evidenced in the reduction in Capital Expenditure from £43.4m in 2011 to £14.3m in 2012. The decision to focus on higher margin operations has helped revenues reach £206.5m for the 12 months to December 2012, up around 23% on 2011. Debt fell £1.2m to £87.2m, whilst gross profit was £59.6m, up from £51.2m in 2011, and net operating loss was recorded as £12.3m from a net profit of £8.5m the year prior. Total group equity was £328.5m, down from £331.7m. Infrastructure and support services in Africa is an area I shall be researching further, as I see it as a major area of growth in the future years. > If you wish to read further about Lonrho, the interim report can be viewed here: > Q4 2012 results can be seen here: I do not currently hold this stock, however it does look an interesting business model for the future. BUY at 6.6p. |
Posted at 14/3/2013 18:04 by kibu 'Maybe "buccaneering" was the right word?' 14.3.13 "A buccaneering stock for adventurous investors" was how MoneyWeek headlined a feature on Lonrho a year ago. Calculating an "intrinsic worth of more than 15p a share" they wrote "BUY at 10.25p." At the time I criticised the article as being top-heavy on the hubris of African statistics and showing little insight into Lonrho's financials. The writer quoted "(2011) operating profits soaring to £12.2m" adding that they "were slightly flattered by a £17m 'book' gain from 200,000 fruit trees yet to mature." Slightly? Lonrho's management has had seven years of fruitless adventure: an enormous hole in the P&L (expanded annually by 'extraordinary' figures); share price lower than in 2005; no prospect of dividends; damaged management credibility; and a far from healthy cash position. It's an unattractive body corporate kept alive through regular equity placing transfusions. MoneyWeek wrote that February 2012 was a "cheap entry point." One wonders about the present worth of the "intrinsic 15p." At 5.95p on the bid, a price 45% lower now, it's still not cheap but certainly more realistic. kibu |
Posted at 14/1/2013 08:35 by kibu "Easysquat, Easyerror, Investment stutter?"14 January 2013 It seems that parts of the building where Lonrho/Easyhotel plan to establish their first African hotel were more damaged than expected. The landmark site, built in 1893, and occupied at street level by McDonalds has not been officially occupied for a decade. Squatters earlier stripped parts of the building according Renney Plit, COO of Afhco Group, the owner. Yet "Lonrho has signed a 30 year lease on the Stuttafords site" was reported on BB posters' cherished website proactiveinvestors on 3 April 2012 with the headline 'Lonrho to open first easyHotel in Africa by the end of 2012.' It didn't happen. Afhco's website has been as quiet about the matter as Lonrho's, and Easyhotel's, since the end of May 2012. The Easyhotel saga is part of an established pattern in the Lonrho chain of ventures that includes Fastjet. Discussion about the runway lengths and quality of African airports is, thankfully, underway. These are relevant to the future direction of Fastjet/Fly540. Will the routes unsuitable for A319s be sold or retained with different aircraft? No doubt the BoD has considered these issues. However, the BoD of Fastjet is comprised of "experts" who have been losing money for SEVEN years running an airline in Africa and others who have success in Europe. It's a curious mix and ripe for hubris. Fly540's issues with fuel costs and pilot recruitment have been commented on via CAPA (quoting Lonrho), Fly540 managers in the press and various articles on ETN. Litigation threats against Fly540 could well affect Fastjet. Clearly there are interests ranged in heating up the share price that reject cold facts and discussion in public forums.. Lonrho has announced other Fly540 launches since 2006 that never reached the end of the runway. (Two never left the hangar.) When you get to your destination, you need somewhere to sleep. Easyhotel? A leatherette seat at OR Tambo would presently appear to be the best Lonrho can offer or a bench at the corner of Rissik and Pritchard. The BoD has made teasing comments about a dividend. Present developments at Fastjet and Easyhotel will not help clear the P&L deficit anytime soon. kibu |
Posted at 02/12/2012 00:15 by kibu TSK 1 has, regrettably, yet understandably, gone quiet of late. There's nothing positive about Lonrho at the moment. But if fastjet booms Lonrho's holding will benefit.Nothing positive on Lonrho? Well, not true, but energy costs are putting the screw on logistics and there's been rough weather that didn't suit the peaches. BTW, how come African countries don't figure as peach producers but Lonrho suddenly becomes a major producer? Two extra questions about Lonrho are a) when will operating cash flow turn positive (only placings have put logs on the fire since 2006); b) will the retained earnings deficit be eliminated in 2013 or 2014 allowing dividends to be paid in 2014 or 2015? Lonrho's share price is 400% up on 4 years ago yet little has changed. From the present high valuation, there's an awfully long way to fall. No wonder it's down 30% in the last 8 months. Another 50% fall would still leave some investors with 150% profit. There's the risk. kibu |
Posted at 30/11/2012 16:07 by kibu fastjet's price has bounced off its low and is fast returning to July's 4p placing price. This is good news for Lonrho and its shareholders who have seen Lonrho tumble 30% since April. Press coverage of the build up and yesterday's successful inaugural flights in Tanzania has been phenomenal, especially considering the small size of the fledgling airline. Mixed in with facts are the inevitable misreporting and hype. The Daily Telegraph and many others report that 'Stelios' is "backing" the airline. Marketing Magazine, for one, reports that he is a director of fastjet. Stelios has not backed fastjet with a cash stake nor is he a director. His easygroup was given 5% of the shares, he has a right to later become a director, easygroup collects royalties for 10 years and Stelios gets a monthly £50,000 pay check. With one London broker talking of 'profit in 2013' and a target '$1bn' turnover being recycled in the media, the hype could boost the share price further. Volumes are already up and, more importantly, bums are on seats. fastjet has talked of strong sales and a good forward order book. It will be some time before audited financials are available but while the thermals are so strong there could be an enjoyable ride ahead. Were fastjet to double in price, it could add 2p to Lonrho. A sale or part-sale after the lock-in expires next summer would bring some much needed cash and a bookable profit. If there's no further damage to those peachy "biological assets" following the earlier writedown, the retained earnings deficit would reduce. A dividend in 2013, despite Lonrho's gusto, is, however, less likely than snow at Julius Nyerere. kibu |
Posted at 05/10/2012 12:16 by esteenfeldt Below are some useful selected numbers copied and pasted from the latest Daniel Stewart's research note on LONRHO. It should be noted that Daniel Stewart& Company have a formal business relationship with Lonrho. Please refer to the company's disclaimer in the full report issued by Daniel Stewart& Company.Valuation ~ Very Attractive Sum Of The Parts (SOTP) ~ Implies 2x current price Our SOTP valuation is based on multiples applied to profits in the core divisions (Agribusiness, Infrastructure, Support Services and Hotels). We use EBITDA multiples for 2013 from Emerging Market indices. For the Agribusiness we use the MSCI Emerging Markets Index which points to 10.3x 2013 EBITDA, for Infrastructure we use MSCI World Infrastructure Index multiple of 7.7, for Support Services we use the MSCI Emerging Markets Support Services Index multiple of 9.6x and finally for Hotels we use the 2013 EBITDA multiple of 10.3x for City Lodge which is a consumer friendly priced chain of hotels in South Africa and listed on the Johannesburg Stock Exchange (JSE). The separation of FastJet (Transportation) where Lonrho holds 67.4% of the market value provides a standalone market valuation. Lonrho sold its stake in both LonZim (now Cambria Africa) where it had a c.23% holding and Lonrho Mining where it held c.14% of the share capital and these holdings are therefore omitted from our SOTP valuation below. Our EBITDA forecasts for 2013 below excludes gain on biological assets within the Agribusiness instead we include what we believe the book value of the biological assets should be on the balance sheet at the end of 2013. Finally, our SOTP points to a value of 21p per share however our understanding is that £44m of convertible bonds is triggered at a share price of 15.8p. Therefore after including 278m additional shares from bonds converting we arrive at a price of 20.1p a share. This is our new target price for the business and implies c.60% upside from the current share price |
Posted at 07/9/2012 22:46 by kibu Angola - Lonrho dream or untold nightmare? (1)When David Lenigas eased his way into the stinking freighter that was Lonrho Africa in 2005 he appeared to have a dream. He shared the vision with several 'enthusiastic' journalists at the time. PR agents were secured. The stock soared. The placings began. The money poured in. David Lenigas, an Australian with Lithuanian antecedents, is, perhaps, as far removed from Africa as Mitt Romney. Nonetheless his African 'vision' appears to have an enthusiastic following. Never mind that in 2006 he told Guardian journalist Terry Macalister "we will have revenues of $300m by the end of next year" (2007 turnover was £11.2m with an operating loss of £18m) and that Lonrho's growth has only been achieved through acquisitions rather than organic growth and never mind the disparate definitions of profit that seem increasingly desperate. Lonrho's biggest challenge is to keep new cash coming in. To date, turnover has been boosted through acquisitions paid for through share placings. Surplus cash has kept the Cash flow account positive but bottom line results are truly dire. Lonrho has consistently failed to generate profit from its operations. Today a single hedge fund runs a derivative position in Lonrho almost equivalent to, when David Lenigas joined, the entire equity. Times change. Their 'position' is worth 9.4%. Most of the 20,000+ Lonrho shareholders seven years on own shares in a tenth of the company they had yet, despite the continual "investment," the relative NAV is now lower. This will not, however, interest the majority. The consequences of boardroom failure have seen the value of over 70% of Lonrho's investors' shareholdings fall below fifty quid. Most Angolans survive on less than fifty pounds a month. Lonrho shareholders recently voted in favour of a remuneration package for David Lenigas that gives him about fifty quid every 5 working minutes. The cold Solent is a great place to reflect on the world's imbalances. kibu |
Posted at 20/5/2012 22:51 by kibu At the risk of dissing anyone's party, look at LONR's 7 year chart. This covers the period since David Flatulence (aka Lenigas) belched onto the scene. Any of the colic 'bulls' presenting views here should compare the current share price with that before David Lenigas first broke wind. The 'hot air' behind Lonrho's share price has been "known" by the cogniscenti since Feb 2011. Ho! The share price since has fallen 50%. There is little to stop the inexorable fall in LONR. Not so long ago LONR was at 1.9p. The current 9p+ price is a) an opportunity b) an over-priced risk that relies on a consistently non-achieving management Anyone that has posted positively on this BB about LONR is 'cordially invited' to explain their rationale in a "non-PR" way. Please diss me if you can. I've correctly made many big calls about LONR since 2008. ki blah blah blah since then. expressed. the time that the present management |
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