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WBI Woodbois Limited

-0.03 (-4.05%)
Last Updated: 08:00:12
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Woodbois Limited LSE:WBI London Ordinary Share GG00B4WJSD17 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.03 -4.05% 0.71 0.70 0.72 0.71 0.71 0.71 18,506 08:00:12
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Chem,fertlizer Minrl Mng,nec 23.11M -111.19M -0.0302 -0.25 27.28M
Woodbois Limited is listed in the Chem,fertlizer Minrl Mng sector of the London Stock Exchange with ticker WBI. The last closing price for Woodbois was 0.74p. Over the last year, Woodbois shares have traded in a share price range of 0.225p to 1.075p.

Woodbois currently has 3,685,850,726 shares in issue. The market capitalisation of Woodbois is £27.28 million. Woodbois has a price to earnings ratio (PE ratio) of -0.25.

Woodbois Share Discussion Threads

Showing 601 to 619 of 1250 messages
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Your reference to the auditors' view of the value of biological assets was also misleading. You set out what was considered a key audit matter. You neglected to also set out how the auditors addressed this matter. By failing to provide full information you have once again sought to materially mislead others.

Here is what the auditors said they did to follow best practice in confirming that biological asset value was accurately estimated - all set out under the heading "How our scope addressed this matter"

Our work included:

"· Reviewing the biological asset valuation models prepared by management for accuracy and challenging the estimates/assumptions made in the inputs;

· Reviewing the discount rate used and challenging the key inputs involved in arriving at the rate applied;

· Reviewing the sensitivity of the key inputs, together with a combination of sensitivities of such inputs.

· Considering if there are any indications of impairment; and

· Reviewing disclosures in the financial statements to ensure they are in accordance with IAS 41, particularly the disclosures of key estimates and assumptions which impact fair values and the sensitivity analysis."

Fenners - for good and balanced contributions on WBI you might also want to read Jonah58 on another platform with the same initials as a London University, which is also a platform where it can be hard to find helpful posts. Here is Jonah58's post after the Q3 update:

"A good set of results, very much in line with expectations, with more to come from the second veneer line in Q4. The BoD continue to keep shareholders in the loop which a strong positive in my book. Nice also to see a pilot carbon credit project on our own concession - no harm in demonstrating proof of concept whilst trying to attract an investment partner and waiting for the wheels to grind.
My only worry continues to be our lack of diversity when it comes to jurisdiction. No mention of Moz, and we are cutting back on third party trading. I am not suggesting Gabon won't continue along its peaceful and profitable trajectory but, in the fulness of time, I would like to see investment in other jurisdictions. I have added a few more this morning."

My thanks to you both for engaging in a debate.
There are not many on advfn worth reading these days.

Actually quoting from the accounts and countering with differing assets on accounts years apart etc. is reasoned

Most of the arguments we read on BB's these days are not.

I was asked to take a look at this company a few weeks ago and rejected it as an investment , it's more of a gamble.

However I read through the latest RNS and was surprised to see it was coherent - they had tried to string a list of reasons together.

Most of the junk narrative companies say very little about the numbers and merely promise things are going to get better.

That said - the proof is to come , can they actually make the progress they suggest ?

The market didn't think so today , but in 6 months time ?

I hope you guys keep up the debate and stay on topic arguing the numbers is far more useful than questioning each others motives.


As I have set out in the above posts, you have made materially misleading arguments to attempt to support your negative slant on this company.

You referred to the different figures for the valuation of assets in 2016 and 2021 and did so on the basis that the assets were the same in both years. This was misleading because the assets were different at the different dates. By 2021 WBI had, for example, acquired an additional 71,000 hectares of forest in Gabon.

You referred to details which you claimed that the company had left out of the update. But the details you quoted were in fact taken directly from the company update and so had not been left out as you suggested.

I have no objection to people making arguments or giving opinion based on the facts. But when people try to ramp a share or denigrate a share based on misinformation then they are not acting in good faith and need to be called out for that.

The Q3 update was good news and a good comprehensive update and I would urge investors to read it. In recent years the company has said what it is going to do and has gone ahead and done it by investing well in land, buildings, machinery and infrastructure and the latest update reinforces my view that the steps that they have taken were steps that have moved the company in the right direction.

Just to add JK

You compare two valuations of biological assets in 2016 and 2021 as if they are two valuations of the same assets.

They are not. For example, the 71,000 hectare purchase of forest in Gabon was made in August 2021. So its value was not included in the 2016 valuation. No doubt there will be other differences in the assets held in 2016 and 2021.

It seems to me that the 71,000 hectares of forest in Gabon that WBI purchased in 2021 was a prudent purchase.

Me thinks the JK doth protest too much.

I am intrigued. What is your interest in putting so much effort into trying to deny that WBI have just submitted excellent results? One only lives once and you are trying so hard.

Are you anticipating a Take Over bid and hoping you can buy at a lower price?

Or are you hoping to buy up shares at a lower price before the recent good results become more widely known?

You mentioned financial analysts in an earlier post.

After the latest results, the financial analysts Canaccord said;

"We continue to base our 7.0p target on long-term and peer group multiples and the audited balance sheet value of the forestry assets (8.3p). We expect the group to become net profitable in 2023E. At our 7.0p target the stock would trade at 33x/21x 2023E/24E EV/ EBITDAS, which we believe is appropriate given our methodology,"

On the biological assets valuation, of course auditors will be cautious and include pro forma clauses with their opinions.

But remember JK, assets can go up as well as down in price.

The audited valuation of WBI's biological assets was made before the very recent positive news about carbon credits certification for Gabon, (as referred to for example in this Forbes article);

So the valuation of the 71,000 hectares of forest WBI own in Gabon may need to be looked at again on the basis that it is too low and needs to be uplifted.


JK the numbers are there for any shareholder spending a few minutes reading the update. If you found it hard work or needed help from a financial analyst to read the update then that is rather odd.

Companies need to invest to grow. That is prudent. I have seen no evidence of misdirected investment. As I understand it money has been sensibly spent on means of production and infrastructure (such as roads in the forests)

I would urge investors to read the update in full. For example, veneer production was held up by delayed parts and so even greater revenue is expected in Q4 now that the parts have been received.

It was a very positive update and to seek to paint it as otherwise is barking up the wrong tree.

You're not part of Anglo Eastern Plantations by any chance trying to soften the WBI price with a view to a take-over bid? On assets alone the bid would need to exceed 8p a share.

JK, In fairness to WBI the figures you refer to are set out in the update so there is no sleight of hand as you appear to suggest. The investigate link you provided gives you the company update. So you are quoting the company update whilst suggesting they failed to say what is in your quote, which is the company update.

For completeness you could have included WBI's p explanatory points,

"Working capital marginally reduced to $9.3m at 30 September 2022 owing to expected capex. Total borrowings decreased marginally during the quarter from $12.4m to $12.3m reflecting machinery lease repayments made during the period"

So this is all set out and referred to in the company update. It is expressly addressed and you seem to have missed this when you read the update.

The update was good detailed information and this is consistent for a company that keeps shareholders updated much better than most, with quarterly updates at the very least.

Buys exceeding sells day after day indicates that sentiment is with this share. That makes sense. The results were expected to be good and are good and there are also further good prospects for the future. For example, if WBI receive the Forestry Stewardship Council certification they are applying for, they will be able to extend their market and increase profit. So that's something to look forward to.

My prior concern about WBI was movement of the share price based on inaccurate information about carbon credits. That misinformation has been debunked (I did a lot of the debunking to seek to help others keep expectations realistic) and the share can now stand on its own two feet based on increasing sales of timber and veneer and accurate information about the carbon credits side of the business.

Your presence on this chat board indicates a personal interest in the share. At what price are you hoping to buy in?

Buys are exceeding sells once again today. The final comments in yesterday's Q3 update are set out below. It could well be that investors are recognising WBI as both a good prospect for future growth and a port in a storm.

"CEO Paul Dolan commented : 'The business maintained its strong momentum throughout Q3, delivering record quarterly revenues, production and margins. Mindful of current worldwide uncertainties we will continue to be resilient and adaptable. With further high-value production increases underway we have a busy run-into year-end. Almost regardless of market conditions we look forward with confidence to further growth in 2023 and beyond"

Impressive update - it'd be nice to see a little debt reduction but otherwise good.
Canaccord Genuity repeats 'Speculative Buy' rating and 7p price target on Woodbois following third quarter update:
mmmmmmm not so sure. DIAMOND
diamond fibre
Excellent results. Buys are exceeding sells once again today in response to the good results. There has been a delayed positive reaction to good results in the past with the WBI price and that may happen again, especially with sentiment favouring buys.

Increased revenue all round for timber.

Also an interesting update on the Carbon Credits side;

" to validate our proof-of-concept we will commence a limited initial pilot project on an area of low carbon stock land within our existing concessions. Upon receiving any grant of land from the government we will immediately look to scale the pilot scheme, preferably with the financial support of one or more external funding partners."

"discussions with the relevant government Ministers have continued to progress"

Woodbois sees record revenues and timber production:
Very good results
It's a positive , at this time, that WBI are paid in dollars.
Several days with a lot more buys than sells without the price rising. Also a lot of quite substantial buys of 100,000, 500,000 and at least one of 1,000,000 shares.

I think some have picked up on the possible advantages to WBI of Gabon obtaining the carbon credits certification this week. We certainly have here on ADVN but it seems to have been missed on other sites.

I am really intrigued to know what will be in the update. I thought it would be today or Monday and so I am now going to be glued to a screen at 7 a.m. on Monday. (Although one of the quarterly updates this year was on the 19th of the month, so we may have to wait a little longer).

Lets hope it is exciting Smraynot.

That is a very good spot from the half yearly results Broad.

I am hoping that we have an update that brings us good news for WBI on two fronts. The timber and the carbon credits project.

Fingers crossed.

From half year results.

Carbon Division

We are fortunate to have our core operations based in Gabon, one of the last countries in the world with high forest cover and low levels of deforestation (HFLD) of between 0 and 0.05%. In 2019 Gabon signed up to an independently audited, results-based agreement with the UN worth $150m, making it the first HFLD country in Africa to enter into such a payment agreement for emission reductions and removals through forest preservation. On 9(th) July 2022 the UN signed the 3(rd) phase of the CAFI (Central African Forest Initiative) program, congratulating Gabon on its contribution towards a 'transformation to a green and blue economy'. It is within this context that Woodbois submitted a comprehensive feasibility study and proposal to the Government of Gabon to develop a large-scale afforestation project in the country. Woodbois aims to be a standard bearer for best practice within Gabon as the country continues to show leadership on forest preservation on the world stage. It has been encouraging to see Gabon receive widespread recognition during H1 2022 for its work with the United Nations Framework Convention on Climate Change's REDD+ mechanism to create carbon credits and with the Central African Forestry Initiative backed by European governments, as well as becoming the 55(th) member of The Commonwealth in June 2022.

While we wait for government approval for our proposed initial large-scale afforestation project for carbon sequestration in Gabon, we continue to work to align our operations with the interests of the country through increasing employment, continued investment and commitment to achieving full FSC certification. We also continue to invest in this important division which we expect to be a key driver of medium to long-term revenues . We have high confidence in the future of carbon markets to continue to evolve positively and in line with shifting public and corporate attitudes as well as policy changes. We hope to receive the green light to commence our maiden project in H2 2022 which will be followed by a comprehensive four-year trial phase. The implementation of our initial project is intended to position the Company as a pioneer in this area, distinguishing Woodbois from the rapidly expanding group of consultants becoming active in the space. Few, if any, other listed companies have the combination of in-house financial structuring skills and on-the-ground implementation experience required to deliver on projects of such scale

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