Share Name Share Symbol Market Type Share ISIN Share Description
OPG Power Ventures LSE:OPG London Ordinary Share IM00B2R3RX72 ORD 0.0147P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.125p -5.84% 18.125p 32,000 08:37:07
Bid Price Offer Price High Price Low Price Open Price
17.75p 18.50p 18.375p 18.125p 18.375p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electricity 205.0 17.5 8.4 2.2 63.71

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Date Time Title Posts
29/5/201413:39OPG Power - India1,638

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OPG Daily Update: OPG Power Ventures is listed in the Electricity sector of the London Stock Exchange with ticker OPG. The last closing price for OPG was 19.25p.
OPG Power Ventures has a 4 week average price of 17.25p and a 12 week average price of 17.05p.
The 1 year high share price is 51.50p while the 1 year low share price is currently 16.25p.
There are currently 351,504,795 shares in issue and the average daily traded volume is 205,036 shares. The market capitalisation of OPG Power Ventures is £63,710,244.09.
azalea: Morningstar's share price chart only goes back to 2/6/2008, on that day the share price was 80.5p; before plunging to 20.75p, by the 15/12/2008. Based on those figures it would appear that in almost 10 years the share price has gone full circle, with several peaks of 93p to 104p, 110p; along the way. Whilst coal prices are only just showing signs of reducing, its new 64k ton freighter should help to reduce overall costs of shipping coal from Indonesia. If India is to continue its rise in GDP, employment of 12m people coming on to the job market every years and meet plans to bring electricity to 18,000 villages for the first time, it will have to meet the nation's increasing demands for electricity. OPG, with a number of new generating plants is one of the most efficient in India; if it cannot make a profit then it will either have to go bust or put its prices up for both domestic and industrial customers.
jozo: oldboffy, Thanks for your thoughts - I hope you're right and it turns out that I am indeed exaggerating!! Strangely enough I too am hoping to make some significant money in opg for a second time and have been a buyer at prices ranging form 33p down to 17.6p - average price 22.5p However a couple of bad experiences over the last 20 years with highly indebted companies have made me especially cautious. On the other side of the coin I have made significant sums from companies that have pulled themselves out of these situations. I am, in spite of my posts, hoping for the latter with opg. I suspect I am more than guilty to reacting to some of the blind one-sided 'this company can do no wrong' comments often seen on this bb. Current cash flow may well be just enough to cover existing covenants and obligations but the rise in coal (up until 2 weeks ago) was exceedingly alarming and if sustained would undoubtedly have stretched opg's ability to stay cash flow positive particularly in the short term and would undoubtedly have put a serious strain on debt obligations. Fortunately it appears there are signs (for a number of possible reasons as discussed by myself and yourself) that coal prices are at last reducing - this really needs to continue. I also take your comments regarding group captive status being significant but from my understanding previous years (2016 and 2017) as well as going forward for 2019 have yet to be confirmed. There is a degree of uncertainty here - the market clearly does not like this and is understandably cautious. Also comments in recent results regarding withholding interest payments on long term debt, while I recognise as part of a process, are far form reassuring. The resolution of both these issues will impact significantly on market sentiment. I have copied and pasted the relevant sections below: - ''OPG Gujarat has recently received approval from the relevant Gujarat authorities confirming its Group Captive status for FY18. This is significant progress in resolving the matter of late payments and the Company anticipates that the amounts delayed for FY18 (approximately GBP5.3 million as at 30 September 2017) will be recovered principally in the current financial year. Constructive dialogue continues on receiving confirmation on Group Captive status for FY16 and FY17 and, consistent with the view held at the Group's FY17 results, management continues to expect the recovery of the monies, approximately GBP26.1 million as of 31 March 2017, withheld by theDISCOMs''............................................. ............................. ''The Group has been in regular dialogue with its lenders at the Gujarat plant with regards to the long term loans at its SPV, OPGS Gujarat ("OPGG"). Due to the previously disclosed delayed recovery of the amounts withheld by the DISCOMS at the Gujarat plant, the Company has withheld GBP3.9 million of quarterly interest payments due in respect of the period ended 30 September 2017 on OPGG's long term debt. This non-payment of interest enables OPGG to enter the Corrective Action Plan ("CAP") process set out by the Reserve Bank of India ("RBI") circular)(1) . The CAP process is well established and is designed to assist borrowers in the rescheduling and/or restructuring of its long term loans. In light of the recent reaffirmation of OPGG's Group Captive status the Board anticipates that the outcome of the CAP process should enable OPGG to better match the cash flows from the Gujarat plant with its debt obligations and to facilitate OPGG's self-sufficiency. [1] RBI's MASTER CIRCULAR - PRUDENTIAL NORMS ON INCOME RECOGNITION, ASSET CLASSIFICATION AND PROVISIONING PERTAINING TO ADVANCES (RBI/2015-16/101 DBR.No.BP.BC.2/21.04.048/2015-16, July 1, 2015 ('' I have been in and out of investing in opg since its very early days when it had less than 20 mw of output - I have seen the share price fall as low as 11p and rise beyond 110p. Operationally OPG have managed to achieve what they set out to do. One thing, however, that has always struck me is that opg management have always managed news flow really badly and have almost without exception over promised and under delivered. Yes a lot of these issues are not necessarily of their own making - eg high coal costs, but trust in management is at an all time low. The projected business model and raison d'etre of the initial public listing are all but abandoned. The 'jam' tomorrow anticipated by many investors has not materialised. OPG is not loved at all, but as the saying goes 'the darkest hour comes before the dawn'. With the right headwinds opg has the potential to reward investors at these levels. There is also some indication in the markets that investors are starting to seek out value. Opg is far from being a lost cause, and 'value' will always 'out'. While significant risks still exist (IMHO), I sincerely hope for all on this bb that opg has bottomed and we are all able to enjoy the rewards of a sustained recovery. jozo
jozo: And azelea you clearly love people losing money - following your pearls of wisdom form 110p would have resulted in a more than 80% loss.Do you actually realise how precarious things are for opg?Get real - andycapp is spot on with his analysis.Yes there is some hope especially with coal showing significant drop in price. (Currency also needed to support this) - a reversal in that trend would essentially derail any recovery plans for opg and I suspect would mean investors risk losing everything.The risk reward is very high!Andycapp has clearly researched opg and totally understands this risk/reward. The debt is a huge issue for opg right now. Ignore that risk at your peril.However, the futures market is pricing in further drop of 10% in Newcastle coal by June 18. As long as exchange rates do not negate any positive impact (AND opg haven't hedged at high coal prices AND they achieve some uplift - not fall - in tariffs) then opg should recover significantly as it should become able to manage its debt.The market turbulence of the last 2 weeks has and is taking the hot/speculative money out of the commodities sector. The true fundamental level based on demand and supply may take some time to become clear and a much will depend on China.The market has clearly seen these commodity sector falls and the spotlight is quickly shifting to companies that will benefit - opg is such a company and hence the spark in the share price!Let's hope it continues!
walbrock82: The share price is low because of their high debts along with debtors and creditors mismatch. I view this share speculatively, but uniquely. What I mean is if OPG Power Venture manage to reduce debt by £30m to £40m each year. Then I can see the share price appreciate by 20% each year. The enterprise value remains the same for each year. The above case scenario is if OPG maintains their business size for three to four years. This would be a good recovery play, however, given the pessimistic view on Asian companies, I feel the bad rep. outweighs any opportunity. Therefore, I won’t be recommending this share a buy, until some in-depth research is done on the company. For full analysis of OPG Power Venture and other companies’ result analysis, click
jeffian: Update: OPG Power Ventures OPG has done everything that we had hoped over the past three years. The Indian electricity generator has increased coal-fired capacity, broadened its portfolio of long-term supply contracts, begun to add solar capability, consistently increased sales and paid a maiden dividend. The shares have plunged nevertheless, amid suggestions that India could marginalise coal to the benefit of solar and, more immediately, a spike in coal prices that will take a heavy toll on profits in the year to March 2018. Futures markets suggest that coal prices are set to decline. Talk of tariff rises for OPG in 2019 could lead to a welcome bonus and make the stock look cheap on earnings, as well as assets – OPG currently trades at less than 0.5 times its book value. However, it has net debt of £308m (plus lease commitments of £200m). Some £36m is due to be repaid this year and the interest bill is expected to be around £38m, with lease obligations on top. Cash is just £31m, although OPG has two investments to sell. Interest cover was thin last year and will be skinnier still this year, given analysts’ consensus view that pre-tax profits will fall from £17m to just £4m. The safest option unfortunately is to pull the plug on OPG. If coal prices start to drop we will take another look. Questor says: sell Ticker: OPG Share price at close: 30.62p
andycapp1: Look neither you nor I can affect the share price. I am long but I am being realistic about the Company and its newsflow. My opinions will not impact the share price one jot but as you are being utterly unrealistic about the short term share price, absent news one way or another, I thought I'd better impart some reality to the debate.
rivaldo: Summary of Cantor's note on Proactive as follows FYI... "Solar concerns overplayed at OPG Power Ventures suggests broker 12:46 29 Jun 2017 The broker has left its estimates unchanged as it expects coal prices, the main cost for OPG, to remain flat in dollar terms. Concerns over the drive in India towards solar power are being overplayed in the share price of coal-fired power station operator OPG Power Ventures PLC (LON:OPG). That’s the view of house broker Cantor Fitzgerald, which says concerns that India might follow the UK and Germany and push fossil fuel to the margins are overdone and the impact on OPG’s business will be minimal. Recent solar deals in India have suggested a deteriorating price environment in the country, but Cantor says the average solar tariff level is rupees (R)4.18/kWh though three new projects at R3.3/kWh. The broker has assumed prices of R4.4kWh for OPG, but it sells directly to industrial customers that pay a premium and that makes it very competitive compared to solar power even at those lower prices suggests the broker. Cantor concedes that there will be a significant amount of new solar capacity added, but demand in India is increasing in step and solar will only account for 6% of the market by 2022. As such, the broker has left its estimates unchanged as it also expects coal prices, the main cost for OPG, to remain flat in dollar terms. OPG’s share price has almost halved over the past 12 months, despite a maiden dividend. There has been one persistent seller says the broker but there is now 166% upside to its target price of 124p and the rating is buy."
rivaldo: Here's the IC's tip FYI as it hasn't been posted yet: "OPG Power Ventures (OPG) develops and operates coal-fired power plants in India and is moving into solar energy. As such, prospects are supported by strong tailwinds from the country's growing economy. In addition to this, OPG's foray into solar generation means it is also likely to benefit from the Indian government's commitment to increase its use of renewables and reduce its carbon intensity - the amount of carbon emitted per unit of energy consumed. However, the group has come up against a number of challenges recently, which has sent the share price down, despite the likelihood that the issues will prove temporary. In the group's January trading update it outlined a triumvirate of negative events. The first was the de-monetisation of India's high-denomination currency, which had a short-term effect on consumer spending and demand for energy. The second was the death of Ms Jayalalithaa Jayaram, chief minister of Tamil Nadu, where the group's Chennai plants are based. This led to depressed commercial activity for roughly a week. Finally, the state was hit by a cyclone. This caused only minor damage to OPG's plant, but regional transmission infrastructure was severely affected, which again had an effect on commercial activity. According to the group's most recent trading update, the Chennai plant's load factor - the ratio of energy output compared to the maximum possible output of a plant - was pushed down to 76 per cent for the year to March 2017, compared with expectations of 80 per cent. Overall, though, there are encouraging signs emerging. The group's Gujarat plant, which is younger than Chennai, increased its average plant load factor to 63 per cent for the year, from 52 per cent in 2016. The company has also made important progress in addressing payment delays by the state electricity companies and expects to get most of the money due in 2018. This has involved an amendment of the share capital rights in the Gujarat subsidiary. At the end of September, about £20m had been collected from OPG customers by the state utility and still needed to be paid over. Meanwhile, even accounting for the lower-than-expected productivity, total generation for the Chennai plant was 12 per cent higher than in 2016. The group is also pursuing two solar projects, one 62MW development in Karnataka, of which 40MW has secured debt financing, with sanction for the remaining 22MW expected in the next few weeks. The group has also secured a letter of intent for a 25-year power purchase agreement for a 124MW project in Jharkand. Once these are completed, solar will account for 21 per cent of the group's generation capacity. OPG POWER VENTURES (OPG) ORD PRICE: 43p MARKET VALUE: £149m TOUCH: 42-43p 12-MONTH HIGH: 74p LOW: 40p FORWARD DIVIDEND YIELD: 2.3% FORWARD PE RATIO: 6 NET ASSET VALUE: 60p NET DEBT: 128% IC VIEW: The group has made good progress against its goals despite a wide range of one-off challenges. Importantly, this progress helps underpin Shore Capital's forecast of net asset value (NAV) per share of 68.6p by the end of the current financial year. The share price sits at a near-40 per cent discount to this forecast, and the shares also trade at a mere six times forecast earnings. While we acknowledge OPG has had difficulties recently, we think this is more than made up for by the value now on offer. Buy."
grabster: The OPG share price is no higher than it was two years ago. All gains in between then and now have been wiped out. In fact it is now where it was seven years ago. Every rise along the way has collapsed. Those who bought after igoe started this thread will have done very nicely if they sold at over 100p.
source: Thanks MT. I know broker forecasts need some seasoning sometimes but OPG has 9 different forecasts (many reiterated only in the last few days too). ALL these are now forecasting an OPG share price of between 120p and 150p. -- Given OPG's recent confirmations on the company progress that:-(1) Its business has not been meaningfully impacted by the major floods in Chennai;(2) Its plants remain undamaged;(3) Rumours of cash calls are completely unfounded;(4) It has picked up new business in Chennai;(5) G2 is still on target as are its plans to get to 750MW (hopefully sooner than later - per my previous comments!)(6) Has existing opportunities and land for short/mid term expansion & is exploring numerous longer term opportunities for major further expansions. (7) Its markets seem to remain very buoyant and growing - supported strongly politically, socially and economically;(8) OPG's new freight ships will increase its cost advantages. Etc etcWhile there are obviously risks involved it is still very hard to not conclude the current low prices that the risk/reward seems more favourable than any time in the last 2 to 3 years. I'm of the opinion that the current pricing is an anomaly. Hopefully one that shouldn't/won't last long as the price discrepancy starts sinking in wider and some bigger buyers start to avail to the opportunity at these low share prices. It may now take till after Christmas but the above facts will not be going away :)IMVHO DYOR Regards,Source.
OPG share price data is direct from the London Stock Exchange
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