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Share Name Share Symbol Market Type Share ISIN Share Description
Plastics Cap. LSE:PLA London Ordinary Share GB00B289KK20 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 112.00p 0 01:00:00
Bid Price Offer Price High Price Low Price Open Price
110.00p 114.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Chemicals 76.73 2.76 5.70 19.6 43.7

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Date Time Title Posts
03/12/201808:28Plastics Capital (PLA) One to Watch on Monday2
01/3/201808:25Plastics Capital428
12/7/201621:37 Plastics Capital (AIM: PLA) looking to expand-
08/10/201015:51Platinum Australia Limited ASX:PLA5
07/3/200816:36Platinum Australia Limited ASX:PLA570

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simon templar qc: High yield share price erosion. With the benefit of hindsight the company may have been better paying less dividends and not going for a placing. The institutions now suffering a loss on the placement the yield hasn't made up the shortfall. ECM and PFL although distributors have suffered a similar fate albeit they have high borrowings. The high yields has not prevented a share price erosion. My change of stance here was the disappointing update on the acquisition I expected the acquisition to be earnings enhancing and taking into account higher overheads I don't think it has been. More shares in issue have diluted my expectations. Fortunately I sold out with a profit on day of results.
simon templar qc: Yes I did listen to it earlier. Nothing new however and there couldn't be as the CEO would be giving privileged information to selected shareholders. Unfortunately he has given me no reason to buy in quick despite the reasonable dividend yield. There is little point having a dividend with no growth in the share price! There are too many numbers in the accounts its all too muddy. In actual fact at the interim stage its virtually impossible from my reading of the accounts to be able to extract whether or not the acquisition they made last year has been earning enhancing as overheads have gone up substantially. I don't actually see that much growth in the last 5 years, if any at all never mind the last 12 months. The share price speaks for itself I see more downside risks.
simon templar qc: I can understand where you are coming from incentive schemes annoyed many a shareholder. One could argue if they wanted the share price up why don't they don't put there hands in their pockets. I think schemes should be put to shareholders. On balance with such a good story I am inclined to overlook this particular scheme as I do think they will do what they aim to do. If they do double EBITDA in five years it will be a good performance in a low growth economy.
simon templar qc: Not much stock available in PLA looks and what is available being mopped up, we could see the share price pick up again soon.
simon templar qc: Strengthening management in one of its subsidiaries, they are doing all the right things. Not that they had to release any news but the fact they did suggest to me they think the share price is undervalued.
simon templar qc: Buyers are still coming in the company paying circa 5% dividend I expect the share price to continue its momentum upwards, the company looks to me like its on its next growth phase.
electronica: Cerrito I'm going to view today's news as v positive. Cenkos appear to have done very little for PLA - Insti interest is limited & there is only a small pool of high net worth PIs following the company. Liquidity is poor & spreads are therefore wide. First Columbus look a very proactive bunch on the face of it & success with PLA will be a pretty big feather in a pretty small cap. They look to have a focus on building supportive shareholder bases & seem to think that the share price is important. I recently discussed the limited shareholder base & illiquidity issues with Nick Ball. He obliquely hinted that something was in train & that he was well aware of these "problems". He was as good as his word & that makes a pleasant change compared to most AIM executives.
cerrito: From the Unquoted-analyst 17th January 2012 Analyst: Steven Moore Email: Tel: 020 7562 3370 Plastics Capital - "In-line" Trading Update; reiterate 'Buy' at 68.5p, Target Price: 100p Key Data EPIC PLA Share Price 68.5p Spread 66.5p - 70.5p Total no of Shares 27,542,532 Market Cap £18.9 million 12 Month Range 60.175p - 96p Market AIM Website Sector Chemicals Contact Nick Ball, Finance Director, 020 7326 8423 Plastics Capital, the plastics products group focused on proprietary products for niche markets, has announced it "continues to trade broadly in line with market expectations" and that, despite a weak economic environment, recent new business successes give it confidence of making further progress in the year ahead. The announcement gives us confidence that the forecasts from our November update remain valid and we remain of the view that the current valuation the market is ascribing the company fails to reflect what is a proven robust, cash generative business. In a trading update today Plastics noted new business wins are helping to maintain sales levels, that it should meet expectations over its final quarter and that the sales pipeline remains "strong". The company particularly emphasised that its bearings division has recently converted a major design project to manufacture plastic bearing devices for a new customer based in the USA - a project "expected to be worth over £2 million", with sales expected to commence in 2013 and gradually build. The company additionally noted that, with working capital and capital expenditure being prudently managed, its cash flow continues to be strong and that its debt is falling ahead of expectations. Though the company is clearly not immune from the current chilly economic winds affecting the UK and some of Europe's major economies, a business model based on significant engineering know-how and automation, and currently seeing approximately 65% of sales being exports to more than 80 countries worldwide, provides some degree of insulation. The company's resilient cash performance is shown in our expectation of a further material reduction in year-end net debt - and the debt position remains comfortable; the company's results for the six months ended 30th September 2011 showing net bank interest payments being covered more than 9 times by underlying EBITDA. During Plastics Capital's year commencing 1st April 2012, we see net debt being further reduced and the company re-embarking on a growth path in terms of revenue, EBITDA and earnings per share - as shown in the table below. For now, and as per our 30th November note on the company's interim results announcement that day, we continue to consider a 2012 EV/EBITDA multiple of 7 times as an appropriate immediate valuation - suggesting a share price of 100p. However, on the company's post year-end update (historically mid-late April) emphasising continued robust trading, we will likely be increasing our target price as the focus moves to that trading year. With the shares presently trading at 68.5p, we reiterate our stance of buy. Forecast Table Year to 31st March Sales (£ million) Adjusted Pre-tax Profit (£ million) Earnings Per Share (p) Adjusted EBITDA (£ million) EV/EBITDA (x) Net Debt (£ million) 2010A 26.69 2.45 9.62 5.06 7.2 17.54 2011A 33.51 3.78 12.02 5.76 5.4 12.18 2012E 31.5 3.8 10.2 5.3 5.4 9.7 2013E 33.0 4.1 11.2 5.4 4.9 7.4 Source: Growth Equities & Company Res
electronica: Good IMS Debt reduction in advance of expectations - that's great & the cloud that has brooded over PLA for a couple of years seems to be now completely lifted. Trading in line with market expectations - as the company's own broker is predicting 10.5p eps for the year to end March we can expect PLA to meet this. A forward P/E of less than 6.5 is far too low. PLA should be trading on a forward P/E of at least 9 with the debt problem now in the past. FY2013 indication of significant growth is v encouraging. P/E of 9-10 on FY2013 eps of 12p+. That's my call - indicating a share price of at least 100-120p by this time next year. Loads of scope for beating this too.
justjules: article in minesite Courtesy of Route66 and maximoney What's in a name? In the case of Platinum Australia, who cares, because the company which has Australia in its name has moved to within sight of becoming a South African platinum producer. By the middle of the year first ore should be coming out of the Smokey Hills project, to be followed by the bigger Kalahari Platinum (Kalplats) project. With the price of platinum holding comfortably above US$1100 an ounce Platinum Australia is well positioned to make quite a splash in the platinum world. In fact, the splash could be very similar to that made in the late 1990s when another small Australian company, called Aquarius Platinum, invaded the home turf of South Africa's platinum giants, only to be ignored initially as an unwelcome interloper but now recognised a significant player in South African platinum – not to mention a share price which has rocketed along from around A$1.60 in 1999 to recent sales at A$34.50, turning a modest business into one capitalised at A$2.9 billion. At A$1.53, and with a market value of A$282 million, Platinum Australia is a minnow alongside its older Aussie cousin, roughly 10 per cent the size of Aquarius. But, there is no doubt that Platinum Australia is travelling the same road. Whether it can repeat the performance of Aquarius will be half the fun in watching over the next few years, because even the grumpiest sceptic would have to acknowledge that the seeds of something interesting have been sown. "We're making good inroads in closing the credibility gap," Platinum Australia's managing director, John Lewins, told Minesite from his Perth office. "Smokey Hills will be first production for us, and that means we'll be making the transition from a junior explorer to producer." Lewins said that while many small Australian gold companies had succeeded that had not been the case with platinum, a metal which has proved damnably elusive in Oz – especially for Platinum Australia which came closer than anyone else in developing a platinum mine in its home country. Failure to launch the Panton Sill project, located in the far north Kimberley region of Western Australia, was not the fault of management at Platinum Australia. Markets, particularly for palladium which fell sharply and for the Australian dollarwhich rose sharply, turned against Panton which is now being re-assessed via a joint venture with the nickel miner, Sally Malay Nickel. With Panton ticking away in the background as a potential third cab off the rank, the real action for Lewins and his crew is in South Africa. It is here that the company has successfully completed the acquisition of an 80 per cent stake in the relatively modest starter project called Smokey Hills, located on the eastern limb of Bushveld Complex, about 300 kilometres north of Johannesburg. The mining plan is to move quickly into a positive cash flow position from mid-year sending ore from a small open-pit to be toll-treated at a nearby processing plant. While cash tinkles over a 12-month period from the small open pit, an underground mine will be developed and Platinum Australia will construct its own plant designed to process at a rate of 720,000 tonnes of ore a year for the recovery of 95,000 ounces of 4E platinum elements (platinum, palladium, rhodium and gold). `The economics of Smokey Hills, which will cost US$40 million to develop, are enough to make the most jaundiced observer blink. "On our base case models, using long-term platinum pricing, Smokey Hills should generate returns of around 70 per cent," Lewins said. "Using July 2006 metal prices, when platinum was only US$100 an ounce more than it is today, the return is in excess of 600 per cent. We estimate that 4E production cash cost will be around US$225 an ounce, with platinum making up 45 per cent of the mix, 45 per cent palladium, 9 per cent rhodium and 1 per cent gold." If Smokey Hills is the starter project, Kalplats could be the company maker. Located 330km west of Johannesburg Kalplats is a project which has been kicked around by a number of South African owners, none of which was particularly interested in the deeply plunging ore structures, having grown-up on the much flatter UG2 and Merensky platinum reefs of the Bushveld. Platinum Australia and its 51 per cent partner in the project, Rainbow Minerals, have already established a resource of 3.4 million ounces of 3E platinum group metals (PGM), including a high-grade core of 1.4 million ounces. "We're pretty confident that we can add significantly to the known resource," Lewins said. "That's why were going at it pretty hard right now." How hard? Well, what might be called "five rigs hard" with three currently operating and two more just moving to site. The aim is to drill up sufficient material for Platinum Australia to go to its banks and shareholders with a plan to develop a mine producing 200,000 ounces of 3E PGM, with additional drilling possibly lifting Kalplats to the status of a 300,000 ounce a year producer which Lewins said would "make it a truly world class deposit." Lewins said the material in the Kalplats orebody was very similar to that mined on the Bushveld with the major difference being that the Bushveld material is chromatite rich, while the Kalahari ore is magnetite rich. But, Minesite butts in, with a geologically naïve question. How did a bunch of Aussies get their hands on something as potentially valuable as Kalplats because surely the magnetite in the ore made it easy to pinpoint using aeromagnetics? "Well, that's an interesting point," Lewins said. "Because the first thing we did when we got on site was fly detailed aeromag, yet the previous owner, who spent US$10 million on the deposit, did not fly detailed aeromag. For about US$50,000 worth of work we learned a lot more about the structure, and pinpointed additional targets which are part of the work we're now doing." The plan for Kalplats is to drill like crazy for the rest of the year while working up a bankable feasibility study which will include an interim report which will be the equivalent of a pre-feasibility study. The interim report will be ready around May, and the final by the end of the year, adding to what should be a year of significant news events – which might also include fresh thoughts from Sally Malay on what to do with the Panton project.
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