Thalassa Share Discussion Threads

[ntv] 10/1/2023 18:17

A good short. A one person story that the market dislikes hence the share price fall
I can see this delisting with nothing for independent shareholders

[kooba] 10/1/2023 14:40

Stock trading at an 85% discount to stated book value. If there was any material change in the company's financial position they would have to inform the market. Appears the "floated" off companies are also enjoying the same market support both trading at all time lows. Either these companies are cheap or they are in far worse shape than the historic basis of valuation. Since the company has not commented on trading since last august it is difficult to know..certainly the share price is telling a dire story and the company make no comment.

[kooba] 19/10/2022 18:03

..only when the tide goes out do you discover who's been swimming naked.23.00 GBX -42.50 (-64.89%)year to date23.00 GBX -66.30 (-74.24%)past 5 yearsNet assets end June '22 £11.9m or 150p per share£800,000 net cash.Market cap at the close £1.83M.Market cap less cash £1M So a recently reported director approved valuation of assets less cash of £11M currently being valued by the market at effectively £1M ..over a 90% discount.The company says they have effective hedges in place against market declines only 2 months ago.There has been a precipitous fall this year accelerating post the interims in August and are now trading at an extremely distressed valuation if the recent valuation and update are to be believed. There has been no comment by the company as to any change in the trading conditions since the last update or the valuation of the assets since that update..any material change would have to be reported to the market.So anomaly or extremely poor investments as the market valuation seems to point to?Who knows its very opaque in terms of the loans outstanding and the valuation of the node business that has been funded solely by the company for donkeys years but some clarity on the current share price action whether it is prompted by a change in the company's financial position might just be the minimum shareholders should expect from the management.Monday 15 August, 2022Thalassa Holdings LtdInterim Results• Profit /(loss) after tax for the year £0.20m vs. (£0.81)• Group Earnings Per Share (basic and diluted)*1 £0.03 vs. (£0.10)• Book value per share*2 £1.50 vs. £0.82• Holdings £10.1m vs. £7.9m• of which Unlisted holdings £6.4m vs. £6.1m• of which Listed holdings £2.5m vs. £0.3m• of which Hedges £1.2m vs. £1.5mChairman's Statement Trading updateThe Company's hedging strategy has served THAL shareholders well during the first half of the year and whilst our long-quoted-holdings suffered, in some cases substantial declines, these were largely offset by gains in our hedge positions. We covered most hedge positions shortly before the mid-June market bottom and subsequent rally, but have since repositioned, and increased our hedge exposure, after what we perceive to have been a 'dead cat' bounce.

[kooba] 15/8/2022 11:57

There are currently 7.9m outstanding shares , there is a large holding in Treasury from previous share buybacks purchased higher up. So market cap is now sub £3m .We are told book value (NAV) is 150p per share which means the shares trade at a 75% discount to assets.
About time this was liquidated in the interests of all shareholders if that value is at all realistic so there can finally be a return to shareholders reflecting patience and the apparent underlying value otherwise it just seems to trade at ever larger discounts to stated value with no opportunity of exit anywhere near underlying value.
Currently there is no strategy on maximising value to shareholders or addressing the massive discount to assets that it trades at which would be a very normal statement for companies in this situation to make.The company just has a few random holdings and loans outstanding with no apparent strategy which therefore results in an exceptionally poor share rating that must reflect the markets view on the assets and the management i guess. Be rather nice if the management actually aligned itself with its shareholders and came up with a plan to realise the value they say is there because this is obviously not a story that is believed capable of actually delivering any value to its shareholders and is valued as an extreme “value trap”.The shares have been listed for many years and I believe are trading at historic lows.
Focus should be on delivering genuine value to it’s own shareholders not just quoting Warren Buffett who has for his for many many years.
The company has the lowest cash position for many years..not exactly best placed for the foreseen storm to be honest! Averaged again today mostly because i am sitting on cash, can only hope remaining faith is not misplaced.

[varies] 15/8/2022 09:26

An interesting company.
Mr Soukup's claim that his prescience about the stock market falls has served shareholders well is certainly not borne out by the price of THAL shares.
We are told that there were about 7.9 million shares outstanding at 30 June 2022 but, at the end of this RNS, that there were c 20.8 million ord shares of US$0.01 allotted, issued and fully paid.
Which figure is right ?

[sphere25] 15/8/2022 08:49

Bold call:

"Macro Outlook

Your Board is of the opinion that the Market's recent rally is unsustainable, and take the view that there is another leg down in US and EU (incl. UK) stock prices, which will be driven by earnings' misses and subsequent reduction in overly optimistic earnings estimates for 2022, 2023 and 2024.

Analysts surveyed by Bloomberg are still estimating that S&P 500 earnings will increase from current level of

199.67 to 235.78, an increase of 18.08%, in 2022, by +5.22% in 2023, and by +9.02% in 2024. Given the fact that inflation is currently running at record levels, and our view that Central Bankers could well tighten too much, just as Western economies grind to a standstill, we believe that analysts will rapidly start to reduce their 2022 Q3 and Q4, as well as 2023 and 2024 earnings estimates when they get back from their summer holidays."

Ya don't often hear such bold calls in reports I tells thee.

The US has had a 50% retracement so it will be interesting to see if they can continue this rally. The move looks too bullish, as if to say nothing will now go wrong. I'm sat here thinking Apple will warn (is the consumer in the UK and Europe going to hold up in buying a new premium priced phone or other tech?) and it's on a tear so I must be too bearish. Clearly the US is in a better position because of the energy situation but still...

Are they too bullish and need some consolidation over there?

Over here in the UK, it continues to be glum. We might end up being be more realistic in the ratings of shares until this all washes through and better times come.

All imo
DYOR

[kooba] 17/12/2021 10:30

That is the question..there has been a very active period with a number of complicated transactions that are somewhat difficult to follow.there has been some value creation some of that through share repurchases. But the discount to NAV is striking and its difficult to see how that narrows or where the company goes from here as you can't issue shares at such a discount.A clear strategy of how shareholder value is to be realised would be helpful.

[tiswas] 17/12/2021 09:52

Yes, certainly off the radar! I try to follow it and don't understand it!!!

What is the end game in terms of realising nav? (rhetorical question, do not expect anyone to answer it!)

[kooba] 17/12/2021 09:27

Positive this has been closed and looks to be a decent valuation uplift ( backed by third party placing) on carry value..up to 15c a share. Last reported Nav at interims.Reported Book value per share*(2) $1.84/GBP1.33 vs. $1.85/GBP1.50 Looks to be trading over 50% discount to assets ..rather off the radar I guess.

[kooba] 28/10/2021 20:27

https://www.janbelco.nl/Interesting set up taken an interest

[tiswas] 06/9/2021 11:41

Yawn! Will we ever see the dream realised?

[kooba] 28/7/2021 21:08

Thanks hadn't seen that ..this i would have presumed would have qualified for an announcement from Thalassa as it is all connected parties involved and the acquisition and interest in the Swiss Fintech has warranted previous rns announcements when they simply win awards. Reversing the interest into a vehicle controlled by the Exec Chair obviously doesn't though! Strange. Seems all just paper transactions in valuing this company and precious little real money. Would be good to see some external investment supporting such a transaction and valuation otherwise it's a all a bit confetti like with these shell deals.

[tanneg] 28/7/2021 17:29

Might be something to do with this - all very Thalassa like!!



16/12/19 - The board of Thalassa is delighted to announce, in line with its stated investment policy, the completion of the acquisition for up to a maximum of CHF 7 million ($7.1 million) of 100% of the issued share capital of id4 A.G., via Thalassa's wholly owned Swiss subsidiary, Apeiron Holdings A.G.

21/10/20 - 93.4% divestment of the holding in Anemoi International

28/7/21 - The Board of Anemoi are pleased to announce that the Company has signed non-legally binding heads of terms with the shareholders of id4 AG which set out the key terms for the proposed acquisition of the entire issued share capital of id4. Although the consideration payable by Anemoi for the Acquisition has not yet been determined, it is anticipated that it will be satisfied entirely by the issue of new Anemoi shares to the shareholders of id4.

[kooba] 28/7/2021 15:59

Biggest volume day for 3 months on what is often a very quiet counter....is something afoot?They have gathered some interesting assets maybe it's time for some revaluation or realisation with a transaction or two in the offing ?Huge discount to book seems unwarranted , this is seriously off the radar.

[kooba] 29/4/2021 07:16

Of all the Thalassa interests the flying node business is the one most difficult to value and see moving forward , this project and support of two energy businesses though relatively small numbers is great validation of the technology and that the company has something of value. Might be slow to build applications and adoption but could be a hidden gem in the portfolio in a few years.

[kooba] 09/4/2021 13:45

Recently topped up a largish holding..its value in my opinion but no idea when the rest of the investing community will catch on to it. Good luck.

[catswhiskas] 09/4/2021 13:16

Many Thanks Kooba was wondering if to buy in here .

[kooba] 09/4/2021 10:47

Finals due shortly ..normally released historically in march but like other companies were delayed last year and came out in june. No date announced for this year but will be interesting read as always!

[kooba] 09/4/2021 10:44

Interims announced sept 2020"Net assets at 30 June 2020 amounted to $25.9m (1H19: $27.5m) resulting in net assets per share of $1.85/GBP1.50 based on 14,013,017 shares in issue versus $1.60/GBP1.26 in 1H19 (based on 17,175,275 shares in issue)."Now there is some water under the bridge since then with distributions and share consolidation but all in all that is still the right historic level 150p per share.There has been some share buybacks and investments made since then which may have enhanced that number..or there could have been market positions gone the wrong way.But i suspect that that number is a minimum current NAV per share so likely 60% discount to NAV.Holding cash and some very interesting fintech, life sciences investments..think it is well off the radar but wouldn't take much to get this noticed and rerated imho.

[catswhiskas] 09/4/2021 09:58

Hi what is the NAV per share for THAL what discount is it trading at ?
Thanks

[kooba] 06/4/2021 16:32

Cornerstone FS an Alternative payments and FX platform that Thalassa has an investment in listed today.Raised money at premium to Thalassa investment looks interesting in a growing but competitive sector.

[gfrae] 02/2/2021 09:40

A good summary Mr kooba !
It is much easier to hang around and await developments while the shares are sitting at such a large discount to NAV.

[kooba] 02/2/2021 09:39

https://www.londonmedicallaboratory.co.uk/Also offering private Covid testing to corporates and individuals.

[kooba] 02/2/2021 08:42

Another very interesting transaction in another hot area with clear short term IPO intent. I am rightly or wrongly looking at Thalassa now as a boutique investment bank. They are cherry picking high growth areas , FinTech , Medical ,Ticketing and probably a few other areas where there is bounce back opportunities such as travel and tourism. There are also the spin out vehicles where I believe Thalassa still has warrant interest. Undoubtedly building an interesting portfolio of assets but still looks somewhat random looking at rns's in isolation ,but if one looks at it as an opportunistic fast moving investor adding value to situations then makes more sense.Be good to have clear mission statement from the company so the visibility on how they see the company growing and creating value and perhaps how investments are valued might help . In the meantime trading at a huge discount to book and to me it looks like a question of time before this is discovered..in the meantime picking bits up as and when like yesterday.