goldfinger
- 12 Jan 2010 20:42
goldfinger
- 30 Jan 2013 17:04
- 3342 of 3532
Nasty. Support on chart at 245pish. You gone from long to short skinny?.
skinny
- 30 Jan 2013 17:18
- 3343 of 3532
I closed my last position on the 2nd bounce off @275 yesterday @278 and have gone long @268.2 today - mad or what!
goldfinger
- 30 Jan 2013 18:22
- 3344 of 3532
What!!.
Fenner....... think Ill be in for it tomorrow if markets look good.
goldfinger
- 31 Jan 2013 15:59
- 3345 of 3532
Will hopefuly be updating tomorrow Full of cold etc etc.
goldfinger
- 01 Feb 2013 09:00
- 3346 of 3532
Bought FENR at last . Chart position trade still on.
goldfinger
- 01 Feb 2013 10:41
- 3348 of 3532
Off Twitter......
A download for posters. Link is at the bottom to get tip sheet up.
DirectorsTalk @DirectorsTalk
Broker WH Ireland's February glance at 11+ shares ..........
http://www.directorstalk.com/wp-content/uploads/2013/02/WHISPY_FEB2013.pdf
goldfinger
- 01 Feb 2013 10:52
- 3349 of 3532
goldfinger
- 06 Feb 2013 08:33
- 3353 of 3532
Interesting......
J P Morgan note.....
www.jpmorganmarkets.com
Europe Equity Research
06 February 2013
London Mining Overweight
LOND.L, LOND LN
Sierra Leone trip notes – ramp-up to 5Mtpa remains
on track, maintain OW recommendation
Price: 170p
Price Target: 215p
European Metals & Mining
james.h.mcgeoch@jpmorgan.com
YTD 1m 3m 12m
Abs 12.9% 5.0% 10.5% -44.3%
London Mining PLC (LOND.L;LOND LN)
FYE Dec 2011A 2012E 2013E
(Prev)
2013E
(Curr)
2014E
(Prev)
2014E
(Curr)
Adj. EPS FY ($) (0.54) (0.49) 0.48 0.35 0.60 0.51
Adj P/E FY NM NM 5.5 7.7 4.5 5.2
Adj EBITDA FY ($ mn) -39 -30 141 119 177 161
EV/EBITDA FY -9.8 -16.9 3.7 4.5 2.6 3.0
Revenue FY ($ mn) 0 124 408 408 489 489
FCF FY ($ mn) (220) (247) (2) (16) 137 133
EV/Revenue FY - 4.1 1.3 1.3 0.9 1.0
Bloomberg EPS FY ($) -0.45 -0.28 - 0.48 - 0.72
Source: Company data, Bloomberg, J.P. Morgan estimates.
Company Data
Price (p) 170
Date Of Price 05-Feb-13
Price Target (p) 215
Price Target End Date 31 Dec 13
52-week Range (p) 325 - 112
Mkt Cap (£ bn) 0.2
Shares O/S (mn) 138
Feb-12 May-12 Aug-12 Nov-12 Feb-13
Price Performance
Last week’s site visit confirmed to us that LOND's flagship Marampa project
has made impressive progress in a relatively short space of time. We remain
confident that the company can deliver its target of 5 Mtpa by 2014 for a
compelling capital intensity of ~$65/t and competitive operating costs of
< $50/t. We maintain our OW rating on LOND with the stock trading on 0.76x
our end '13E NPV before considering any option value from a Marampa debottlenecking/
expansion or the Isua project in Greenland.
Expansion on track: the ramp up to 5Mtpa capacity by end FY13 remains
on schedule. Commissioning of the 2nd plant should complete by Q2,
increasing capacity to 3.6Mtpa, while construction of the milling & gravity
circuits is on track to add a further 1.4Mtpa by Q4, with one ball mill & set
of spirals already on site and another of each currently en route to Freetown.
Base case now to optimise 5Mtpa project: LOND confirmed that its base
case is now to optimise the 5Mtpa operation by extending Marampa’s mine
life to include unweathered ore rather than pursuing an expansion. We now
factor this into our estimates adding 55p/sh to our NPV. However our NPV
of 214p/sh is unchanged due to higher opex assumptions and the application
of a lower probability weighting on the value of the Wadi Sawawin project.
Cost efficiencies are key: having recently signed a mining contract with
Dawnus, LOND was able to outline cost guidance at 5Mtpa of ~$49/t (vs
previous FY14/15E JPMe of $46/42 per tonne). We have increased our
near-term cost assumptions accordingly, leading to 28/14% reductions in
our FY13/14E EPS estimates to 35/51 USc/sh. Nonetheless with major
international contractors increasingly comfortable operating in Sierra Leone
after peaceful elections in November, we remain confident that costs can be
reduced in the longer-term through renegotiation of contracts, as well as the
transfer of skilled roles from ex-pats to the local workforce.
Maintain OW: LOND remains our top pick among the SMid miners, with
growth on track, the balance sheet de-risking and compelling valuation. The
stock trades on an end FY13E P/NPV of 0.76x (ex Marampa debottlenecking/
expansion & Isua). With iron ore prices having ticked up 6%
in recent days to $154/t, MtM PERs remain attractive at 2.6/1.3x FY13/14E,
while we calculate a cumulative MtM FCF yield for FY13/14E of >100%.
goldfinger
- 07 Feb 2013 09:16
- 3356 of 3532
Excelent TA prospects from here......
100p and then 122p to be aimed for.
goldfinger
- 07 Feb 2013 16:54
- 3358 of 3532
SIA on verge of breakout SC. Dont usualy go for oilys but temped.
goldfinger
- 07 Feb 2013 16:57
- 3359 of 3532
Worth keeping an eye on this one over next few days. up 7% today.
Have mentioned it here before.
A tech stock that could make it big in the US. Known for its metering of ale pumps etc etc.
Fred1new
- 07 Feb 2013 17:13
- 3360 of 3532
GF.
Thanks for TCG.
I pull out late pm on expectation of small retracement over next few days.
Will dip again over the next few days.
Good Luck.