Morning all.

I see that Ambrian Capital doesn't have a new thread, so thought I would start one myself.

The company used to trade as investment vehicle Golden Prospect, but has widened its emphasis to provide a full brokerage service bringing a number of companies to market in recent times and moving towards launching investment companies, including Golden Prospect Precious Metals, in which it owns a 72% stake.

AMBR also invests on its own behalf, and owns a 9.43% stake in Jubilee Platinum, which has enjoyed a very strong run of late.

AMBR trades on its own account and in March 2006 launched Ambrian Commodities Limited, an Associate Broker Member of the London Metal Exchange, trading all types of metals and now also launching into "softs" such as sugar and carbon credits.

At 31 December 2006 the market value of AMBR's portfolio of listed investments was
31.9 million. It also holds a small portfolio of unlisted investments, with a book value of 4.8 million.

Trading for the FY ending 31 Dec 2006 was profitable, at EPS of 8.16p, up 35% from the previous year, placing the stock on a PE ratio of approx 8.9 at the current offer price of 73p.

Market cap at present is 79 million at SP of 73p. NAV based on the FY results is about 37p per share; you can probably add another 3.7p to that for the rise in the value of shares in JLP since the beginning of this year.

The current PE of less than 9 looks cheap. I have bought on recovery from the recent dip and am expecting this to add at least 10% within a month. I should point out that I am buying as a trading play, but would also consider this as a potential buy-and-hold.

The one thing to watch out for may be a reduction in income from investment banking activities this year as fewer companies launch on AIM. IB made up approx 40% of turnover last year. AMBR was involved in 14 capital raisings, including bringing 5 companies to market, although any likely drop in overall IPO numbers may be ironed out slightly by AMBR's increased profile and business gained from existing listed companies adopting AMBR as its broker and performing corporate actions such as share placings and other capital raisings. The chairman's statement points out that Ambrian Partners, the IB division, is now active in six sectors, whereas it used only to operate in the mining sector, thus broadening both its exposure to the wider market and its client base.

In summary, then, AMBR looks like it has a good future ahead of it, and appears to be slightly undervalued even allowing for a possible drop in investment banking income, given that the company has diversified its interests considerably.

However, I would urge potential investors please to do their own research as all of this is only my opinion.

Ambrian Capital PLC
21 August 2007

Holding(s) in Company

On 17th August 2007 the Company was advised that certain affiliated parties
under the control of Global Resources Investments Limited have increased their
interest to 13,886,101 shares representing 12.82% of the total voting rights
from a previous amount of 12,307,000 shares representing 11.42%.

Of these shares, 9,390,400 are held for and on behalf of general partners and
their respective limited partnerships and interest owners of Resource Capital
Investment Corporation ('RCIC') and Resource Investment Management Corporation.
This total includes 350,000 shares owned in a principle capacity by RCIC. The
balance of 4,495,701 shares is held in segregated discretionary accounts.

From the recent GC&CR write up. They are forecasting 2007 EPS of 10.2p, putting Ambrian on a PER of just times 5.9


Ambrian Capital

There have been no announcements by Ambrian Capital since our last update published on 15th July 2007. The investment case for this growing integrated investment bank remains the same with our target price of 99.5p per share unchanged.

Ambrian Commodities, Ambrians wholly owned subsidiary and broker dealer at the London Metals Exchange, has expanded its commodity trading business recently by appointing three new members with an 85 year combined experience in the commodities market. The move is likely to see Ambrians fast growing commodity client base increase. In addition, Ambrian Commodities has appointed Jeff Cooper to head its soft commodities team and launch the companys trading services in both the cocoa and coffee markets.

Our target price for Ambrian Capital is 99.4p. This is based on valuing the earnings stream from investment banking and share trading on a current year multiple of 5 and the assumption that Ambrians stake in Minerva, Minesite, Golden Prospect Precious Metals and its direct investments are worth 48.4p. At 60.5p, our stance remains buy.

Article HERE

Well, the SP has taken a battering from the general slide in the market for small-cap commodity stocks, but the EPS is robust - FT.com has this on a PE of 6.37, whch is definitely too cheap if the cashflow valuation model talked about in Andy's article is taken as the datum. I'm still in this one, but am hoping the wider market takes notice of what's going on. I await the next financials (in March?) with bated breath.

Yes it will be interesting to see the value of their investment portfolio.