Personal and undiluted views
Value Investment

3408 days ago

Plastics Capital – Boring is Sexy: 56% upside

AIM listed Plastics Capital (PLA) cannot be described as a sexy stock. But it is a true value investment. I first tipped it at 40.5p in November 2010 (and was kicking myself for not tipping it earlier). Today the shares are at 66p valuing the company at £18.2 million. I would have thought that a fair 12 month target price is around 103p. Let me explain…


3421 days ago

Northern Petroleum – Tosca well abandoned – almost irrelevant

AIM listed oil and gas producer and explorer Northern Petroleum (NOP) farmed out its La Tosca gas play in the Po valley. So its costs in drilling the well were trivial. It was announced today that the well has been abandoned as a write off. In the greater scheme of things this is pretty irrelevant. It might have been worth a couple of pence per share to Northern it is now worth zero pence in total.

In contrast


3429 days ago

PV Crystalox – Time to Shut Down Operations and hand back cash NOW. The fat Lady is singing in Chinese

I argued a few weeks ago on that AIM listed solar wafer producer PV Crystalox (PVCS) should shut its operations at once and return all its cash to shareholders. The share price is 7.9p valuing PV at £32 million and the company (as at the half year) had net cash of 122 million Euro, £97 million. The company reported a steep first half loss. And things are only going to get worse.

The very well paid directors argue that they have taken remedial action; they operate in a long term growth industry, blah, blah, blah. The facts are rather different


3513 days ago

Northern Petroleum – 61.75p: Surely a snip?

I am actually on holiday this week having fun writing about Cheryl Cole, Rinka, Polly Toynbee, cheap beer, Linkedin hackers and all sorts of things non-financial. But I am drawn back to the world finance by a crazy share price.

The market cap of this company with cash and which is profitable is now sub £60 million. This is crackers. I know that Northern Petroleum (NOP) has not always hit its targets but this is just silly season stuff.