Affan Profile picture
Feb 20 7 tweets 4 min read
I don't think my portfolio has ever been in better shape. Not enough cash to buy as much as I would like to as I can't think of selling anything. It is a unusual feeling and not normal at all but these 6 cash printing machines have a long way to go #JSE #THS #SQZ #TRIN #PTAL #PDL
#JSE watch out for the wildcard i.e. Maari. Not factored into the valuation at all. New NZ legislation has increased the likelihood of completion this year(few months imo). That wld bring $80m+ net cash and another 3.5k bopd. This should increase valuation by at least $160m (30%)
#THS market totally missed the 26% acquisition of minority interest for the issue of c10.5m($26m) new shares. Share of profits due to NCI last year alone was c$31m ($38m OCI). Calculate how much ths wld be for another 17 years open pit and 40 yrs underground. Excellent value imo.
#SQZ generating c£1.5m in NPAT per day with an EV of c£380m. If gas prices rise due to Russia/Ukraine conflict, that patch for however long it lasts will be a big bonus. Hugely profitable and severly undervalued. One of the best risk/rewards out there atm. Very low downside risk.
#TRIN only a handful people in it. 3k bopd producer in Trinidad with a $42m EV. Strong indication of SPT reforms this year. If they go ahead this is worth double the current mcap as cld result in a saving of up to $10m p.a. Galeota farmdown another huge catalyst this year.
#PTAL the shares have been on an excellent run this year. Now got capacity for 25k bopd. Will have enough cash this year to repay bond in full and have another $100m+for dividends/buybacks.Next year numbers will just blow everyone away provided no more social unrest (less likely)
#PDL have been on a good run of late but still an EV of only £300m. Reducing net debt at a pace of $40m+ per qtr. Interim results on Tuesday shld make a good read. Diamond prices a lot higher than last year. Debt holders swapped debt for eauity at c170p equivalent (c66% +from sp)

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