One of the biggest - and fastest - multibaggers of all time was RockRose Energy. It floated in 2016 at 50p.
Just 4 years later, it got sold at 1850p. You'd have made 37x your money. I mention this as I just bought another share which looks spookily like RockRose. Chart below. The stock is #AET Afentra. As you can see from the above, today it's broken out - on huge volume - of the range since last summer, when it got un-suspended. Because it's announced one of its deals has completed today. What are these deals? It's buying up oil fields in Africa...

I was lucky enough to spot #NIOX at 25p, 3 yrs ago. I wrote up the buy case here. It's now 70p. I think I've just found the next #NIOX. Just like #NIOX, this new share has 70%+ gross margins. Secular growth. A v cheap valuation. And, crucially, a rock solid balance sheet... ...which means we can wait for things to improve. Without worrying about a dilutive equity raise. Or about going bust. What is the stock? #CLX Calnex. It provides testing equipment to telcos. Who need this kit to spot any glitches in their own 5G kit. Calnex is the...

THREAD: Long Serica #SQZ (market cap: £800m)

I haven’t tweeted much in 2022. A bear market will do that to you. So, why pipe up now? Because I feel so strongly about Serica that I can’t keep quiet.

This is no ramp. Serica’s market cap is £800m with a 50% free float. No minor tweeter can move such an elephant. But why so bullish?

First, what is Serica? It owns gas fields in the North Sea. These produce 5% of the gas that we use in the UK. Serica is cheap. Its share price is £3. It has £2 of net cash.

THREAD: Long Judges Scientific #JDG and SDI #SDI

Charlie Munger once famously observed that you need to buy a company with a high ROCE to ensure good share price performance.

Judges Scientific and SDI group both have high ROCE’s (of c 20%+).

What Munger didn’t spell out,.. ..is that it’s even better if a company with a high ROCE has a long reinvestment runway. After all, if you have a high Return on Equity, but no place to invest that Equity into, you won’t get far.

Judges Scientific and SDI do both have long reinvestment runways.

So, what do...

Review of 2021 / And A Change of Direction:

1) I've lost money in 2021. So I'm changing direction for 2022. I've set up a new portfolio of 5 shares. The 5 will match Terry Smith's 'quality' operating metrics (e.g. gross margin > 65%) as stated in the FundSmith Annual Letters. 2) I'm going to aim to do no trades in 2022 - unless something big changes (e.g. a profit warning that means a moat is broken). Each holding is too small for Fundsmith or for Smithson to buy. But I think both funds would be considering these 5, if the 5 were bigger.

THREAD: 5 reasons why this £5.5m fundraise is good news for PCI-Pal #PCIP (market cap: £65m; share price: 98p)

PCIP has announced a £5.5m fundraise today (30 April). As a reminder, PCIP sells, via the cloud, niche software to call centres. This software ensures the call centres can’t lose customers’ credit card details. If the call centres did lose these details, they’d be fined up to 4% of turnover under GDPR rules. So PCIP’s software is mission critical.

Here are 5 reasons why the fundraise is good news in my view:

THREAD: Long Best of The Best #BOTB (market cap: £286m; share price: £29)

Shares in BOTB can hit £100 in the next 12 months, in my view. Below are three reasons why.

But first, some background on BOTB.

From 1999, BOTB operated in airports. It had those stands with a luxury car rotating in the middle. You could win the car by buying a ticket and entering a ‘spot the ball’ competition whilst waiting to board your plane.

Then BOTB gradually stopped operating in airports and started operating online. By 2019, it was 100% online.

Only then did

THREAD: Long PCI Pal #PCIP (market cap: £65m; share price: 110p)

I’ve just bought PCI Pal (PCIP). It seems to tick most of the boxes needed for a 100 bagger, as described by @chriswmayer in his book ‘100-Baggers’.

Let’s look at each box. Firstly, PCIP has a sustainable competitive advantage. It’s the only cloud-based operator of its kind. It sells software to contact centres – to ensure contact centres don’t lose a customer’s credit card details.

THREAD: Long Circassia #CIR (market cap: £99m; share price: 25p)

Question: Why buy shares in a business that has lost over £480m - and whose share price is down 95% - since its 2014 IPO?

Answer: Because the business today bears zero resemblance to the business at IPO. In the last 12 months, the division responsible for the big losses has been sold. There is now net cash. A new, experienced management team oversees the one remaining business (which is a gem). As a bonus, the sole broker has yet to initiate coverage but seems about to do so.

THREAD: Long Calnex #CLX

Calnex is a recent IPO on AIM (Oct 2020). It’s already had one ‘trading ahead of expectations’ statement. It seems unknown – based on there being no ‘Discussions’ at all on Stockopedia about it at the time of writing.

The company provides test kits to telecom operators like Verizon. Verizon uses these devices to make sure, ahead of time, that their telecom systems can deal with the huge ramp up in telecom traffic which 5G is about to bring.

What is 5G? This is the new standard for telecom networks, with greater-than-ever