Share Name Share Symbol Market Type Share ISIN Share Description
Opg Power Ventures Plc LSE:OPG London Ordinary Share IM00B2R3RX72 ORD 0.0147P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.50 -3.39% 14.25 986,712 08:43:33
Bid Price Offer Price High Price Low Price Open Price
14.00 14.50 14.475 14.25 14.375
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electricity 140.63 16.86 3.81 3.7 55
Last Trade Time Trade Type Trade Size Trade Price Currency
16:41:33 O 307,143 14.00 GBX

Opg Power Ventures (OPG) Latest News

More Opg Power Ventures News
Opg Power Ventures Investors    Opg Power Ventures Takeover Rumours

Opg Power Ventures (OPG) Discussions and Chat

Opg Power Ventures Forums and Chat

Date Time Title Posts
29/5/201414:39OPG Power - India1,638

Add a New Thread

Opg Power Ventures (OPG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-06-18 17:41:2514.00307,14343,000.02O
2021-06-18 16:41:3414.25120,00017,100.00O
2021-06-18 16:39:0614.30100,00014,300.00O
2021-06-18 15:38:2714.0050,0007,000.00O
2021-06-18 13:13:5314.0676,34010,733.40O
View all Opg Power Ventures trades in real-time

Opg Power Ventures (OPG) Top Chat Posts

Opg Power Ventures Daily Update: Opg Power Ventures Plc is listed in the Electricity sector of the London Stock Exchange with ticker OPG. The last closing price for Opg Power Ventures was 14.75p.
Opg Power Ventures Plc has a 4 week average price of 14.25p and a 12 week average price of 14.25p.
The 1 year high share price is 21.75p while the 1 year low share price is currently 9.38p.
There are currently 387,910,200 shares in issue and the average daily traded volume is 548,553 shares. The market capitalisation of Opg Power Ventures Plc is £55,277,203.50.
jeffian: I'm not really following that. OPG has never paid out a (cash) dividend in their life. The last scrip dividend (share issue) was equivalent to 3.3% yield at the time of issue. Of course, scrip issues feel good on a rising share price, but not so good when it falls. Either way, I'm not sure I've had anything yet from OPG which is "spectacularly good".
nathandc: The fundamentals are driving this share price FY results for the year ending March will be good Debt being paid off - hedged coal prices Low PE Managed C19 well Predictable growth
fillipe: Looks like there is some positive traction developing in the OPG share price. f
tim000: Me too. In retrospect, it’s a shame the company took such aggressive defensive action in the height of the pandemic, so that it delayed its debt repayments. But the share price is obviously far too low currently on any sensible fundamental analysis. OPG is one of my largest holdings, as a prospective income yielder.
thirty fifty twenty: The CASH generation here is incredible. Even in Covid year with turnover significantly down they are able to generate big CASH - and there is still the >13.5m asset sale to benefit! net debt is now 20m and will be less at the year end, so debt/EBITDA is well less than 1. which puts the business on a EV/debt multiple of <3times OPG is not without risks but given that they have actually delivered on their plans since 2018 and net debt has reduced from >80m to <20m in 3 years that is an average c.22m per year of Free CASH Flow and the MV is <60m! the risk reward i think is outstanding, the most critical for me, is that there is now clearly a huge Head & Shoulder bottom pattern in the shares, indicating that other investors see the share price as having bottomed and now set to recover. fingers crossed and time will tell. All IMHO, DYOR + BoL OPG is in m top5 hldgs
jailbird: Piotroski value screen significantly outperforms the market despite a dire year for 'value'36 per cent total return vs 9.2 per cent from the market over 12 monthsNine-year cumulative total return of 222 per cent vs 113 per centEight new deep value recovery playsIn a year when 'value' took a beating, it's curious to see my value-focused Piotroski screen beating the market by a large margin. 12-MONTH PIOTROSKI PERFORMANCEName TIDM Total Return (28 Jan 2020 - 18 Jan 2021)Venture Life VLG 164%Tandem TND 120%Robinson RBN 108%Trinity Exp & Prdn. TRIN 20%Enwell Energy ENW 12%Smart (J) SMJ -0.9%Phoenix PHNX -2.6%Centaur Media CAU -26%Volga Gas VGAS -31%FTSE 350 - -6.3%FTSE All Small - 10%FTSE Aim All-Share - 24%FTSE 350/All Small/Aim - 9.2%Piotroski - 36%Source: Thomson Datastream Rather than telling us something about 'value' investing, this juxtaposition may tell us more about what a funny measure of value price-to-book (P/BV) has become in the two decades since accounting professor Joseph Piotroski published his famous paper about using fundamentals to spot recovery plays. The P/BV ratio values a company against the value of its net assets per share. There's a good central idea behind this approach. A company's assets are utilised by it to produce sales and profits. If the price of a company is low compared with its net asset value, it may be that investors are underestimating how profitable those assets will be in the future. This is especially true when companies have fallen on hard times and the market is yet to appreciate the steps that have been taken to turn performance around.The problem for P/BV is that companies' balance sheets have progressively captured less and less of their profit-generating assets over time. That's because companies increasingly focus on investing in intangible assets, such as brand and research and development (R&D). Generally, rather than being recorded as an asset on the balance sheet, these investments are treated as an expense to be offset against profit in the year they are incurred. This effectively means the productive assets of firms that invest mostly in intangibles are underreported. Some companies also carry a lot of goodwill from past takeovers, which bolsters the balance sheet but is simply waiting to be impaired .Still, there are still some companies that require lots of tangible assets to generate sales and profits, such as property, resources and investment companies, along with many industrials. The P/BV measure can still be useful in these hunting grounds. This is particularly true of smaller companies, as is amply demonstrated by Simon Thompson's annual Bargain Shares Portfolios. However, in general, I'm not too convinced about P/BV as a means of assessing value for the market as a whole. While three runaway small-cap picks from last year's screen meant it did very well overall, the longer-term picture has been very bumpy.Still, following last year's run the screen is comfortably ahead of the market since inception in early 2012. The market in this case is taken to be an even split between the three indices screened: FTSE 350, FTSE All Small and FTSE Aim All-Share. The nine-year cumulative total return stands at 222 per cent compared with 113 per cent. While this screen is considered as a source of ideas for further research rather than an off-the-shelf portfolio, if I add in a notional 2 per cent annual dealing cost (the cost of dealing small caps can be high) the total return falls to 169 per cent. While I have some issues with P/BV, I have far fewer reservations about the F Score devised by Mr Piotroski in his 2000 paper. This involves an interplay of nine different fundamental factors to test whether a company is making operational improvements without drawing on outside factors. The nine tests are:? Positive profit after tax, excluding exceptional items.? Positive cash from operations.? Profits after tax, excluding exceptional items, are up on last year, which Professor Piotroski highlights as being of particular importance as a signal that a company may be in recovery mode and in the process of rerating.? Cash from operations is higher than profit after tax, excluding exceptional items, which indicates an ability to convert accounting profit into actual cash.? Gearing (net debt as a percentage of net assets) is down on the preceding year, which suggests that the company has not had to look for external sources of finance.? The current ratio (current assets divided by current liabilities) is up on the preceding year, which suggests that the company's ability to service upcoming financial obligations is improving.? No new shares issued over the past year, which again suggests the company has not had to look for external sources of finance.? Gross margins have risen in the past year.? Improving capital turn (turnover as a proportion of net assets), which suggests greater productivity.Mr Piotroski classified F Scores of eight or more as high. He found stocks with high F-Scores and low price-to-book ratios (bottom quarter) outperformed. He backtested a long-short strategy based on this method and found it would have achieved an average annual return of 23 per cent in the 20 years to 1996, almost double that of the S&P 500.This year eight stocks have been identified by the screen. I've taken a look at the largest on the list, Premier Foods, which is a really interesting example of the massive gains that can be made when a heavily indebted company gets on top of its balance sheet issues.Download documents (.xlsx )8 DEEP VALUE RECOVERY PLAYS Name TIDM Mkt cap Net cash/debt (-)* Price Fwd PE (+24mths) Fwd PE (+12mths) Fwd DY (+12mths) DY FCF yld (+12mths) P/BV Fwd EPS grth +12 mth Fwd EPS grth +24 mth 3-mth fwd EPS change% 3-mth momWatchstone WTG £26m £37m 56p - - - - - 0.72 - - - -7.5%Wentworth Resources WEN £43m £11m 23p 12 16 6.4% 7.1% 8.6% 0.51 -4% 28% 3.3% 33.3%Northamber NAR £16m £15m 58p - - - 1.0% - 0.63 - - - -5.7%OPG Power Ventures OPG £63m -£30m 16p 9 7 - - - 0.38 -32% -42% - 59.9%Hummingbird Resources HUM £120m -£32m 34p 3 3 - - 2.6% 0.95 68% 75% -42.0% -14.1%LoopUp LOOP £44m -£8m 79p 26 - - - -3.6% 0.66 - -70% -11.2% -65.5%Anglo-Eastern Plantations AEP £248m £71m 626p - - - 0.1% - 0.77 - - - 22.7%Premier Foods PFD £844m -£403m 99p 9 10 0.3% - 7.2% 0.75 12% 16% 7.2% 5.9%Source: FactSet/ *Foreign FX converted to £
thirty fifty twenty: I think OPG is a very interesting risk /reward situation at 18p. There are of course many risks which (I will outline at the end) but my strategy is looking for opportunities where the market is placing too much emphasis on the risks and thus the price is too low and has a chance to rise. I think that OPG have been increasingly clear about their debt reduction plans, and it is simple maths that as time goes by, they make profits, they generate CASH, they pay down debt and this increases the value of the shares. There are bumps (operational, plant upgrading, coal prices, customer contracts etc..) but the strategy is quite simple and supported by the fact that India is a growing economy. OPG very helpfully lays out the actual impact of this in the presentation. Taking their figures this is c.5p of value added to the shares this year and next year. That is equivalent to c.30% annual return! So even with a margin of safety there is a good chance of a 15% return per year (my strategy). What I think is interesting with these forecasts though is the following year. Next year it is assumed that PLF will be down to c.70% whilst upgrades are taking place but the following year it will be back to 75%+, turnover will be up and the EPS fcts for 4p for FY 2020 to c.5.5p for FY 2021. I note also that the Cenkos fcst makes no allowance for lower interest rates in FY 2020 so I think their 3.9p fcst for 2020 leaves something in the tank. CASH flow in FY2021 would thus add closer to 6p to shareholder value in FY 2021. On top of this there will be the CASH from the sale of the Solar assets (NBV = 15m, making 800k profit on 20% capacity. I have assumed future profits of c.3m and a sales price of > 20m (of which OPG have 30% and an option to buy a further 30%) i.e. I expect c.6m to OPG from the sale. This is another dent into debt, which because of the high interest rates in India would have a disproportionate impact on EPS. So for all things being equal then at 18p I can see possible returns of 5p, 5p and 6p over the next 3 years which is very attractive. The downside (for me) is the 15p support the price has seen over the last 4 months. Looking at the variables.... India - economy growth expected to increase to 7% next year. this should support future electricity prices. PLF - this year 75%-80%, next year with plant upgrade 70% (included in forecasts), medium term 80%+ Coal Price - most market forecasts are for lower longer term coal prices. For FY202 OPG have hedged 60% which means they can be certain of CASH flow to reduce debt levels. Coal Price - they are talking to miners about long term supply arrangements. This will be announced later in the year. This reduces the risk of market pricing and additionally gives even more certainty about debt reduction. Environment - Coal is here to stay in India b/c it needs so much energy. India is no longer building thermal plants but it just cannot afford to shut down the current ones. OPG has one of the lowest emission levels of thermal producers. Customers - they had extra capacity this year as some customers had reduced demand but did not sell it to new customers as they want to stick with their current client list and demand is expected to recover to normal levels in H2 Bad debt - this was a one off, long term dispute. It is notable that the PES of 2.0p for H1 is AFTER this bad debt charge. Interest rates - these are falling in India which will be a big benefit for OPG Tax Rates - India has reduced Corporation Tax Rate and indicated it will do so further Solar - they are talking to several interested parties. Size is 63MW and normal prices are c.800kUSD per MW = 50mUSD so for OPG 30% stake = c.12m GBP (my assumptions are OPG to only receive 6m) So I do expect bumps and volatility but the variables generally seem to be in OPG favour. The big negative that it talked about much here is Gupta and his 52% shareholding. Yes this exists but the other side of the coin is that he and the other directors (via LTIP) are very heavily incentivised to obtain a higher share price. In fact , I think it is reasonably obvious that at any time OPG could be bought by a multinational. The asset to that multinational would easily be worth 10 times EBITDA ie.. 360m less say 60m of debt = 300m (75p a share). As a PLC with one major asset, and a 52% CEO the listed price will always be much much less than this but as the debt is repaid the chance of a bid increases as the listed valuation is so much lower. This also puts a floor under the share price. All IMHO, DYOR + BoL OPG is in my top5 hldgs
john09: Typical OPG share price action. It’s a casino stock always has been
beangrinder: Dimitri confirmed July date for results in his Mid June Shares sponsored presentation. He continues to refer to comparable operators being valued at 8-9 times EBITDA which reads across to a huge discount in OPG share price. On a similar basis we should be running between 60p and 100p (by my estimate when debt free). I’ve watched his presentations and Q&As this year and am of the view that if a re-rating starts it should be strong. My main gripe is the easy money the directors will all make in the LTIP, which triggers at 30p. Money for nothing imho. I think (from memory) they get 5% of company for doing nothing more than pointing out how undervalued the shares are! I won’t complain though if we move up to 60p+...I’ll just sell up and move on!
turbocharge: Coal price downtrend continues, but OPG share price just shuffling about...
Opg Power Ventures share price data is direct from the London Stock Exchange
ADVFN Advertorial
Your Recent History
Opg Power ..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20210619 06:21:50