Recent content by galumay

Yup, thats the trouble with narrative speculation, when you buy before a business is investible dilution or excess debt is frequently the outcome. I still think there may be a viable business in there, but I will wait and watch from the sidelines at this point.

Like NWH, I dont think Mr Market is going to give us the opportunity we desire!

Agreed @divs4ever, i started off decades ago when I knew nothing, playing the narrative speculation game in aussie resources plays. Learnt my lessons, dont touch any commodity price takers now. Labour hire businesses like APX also dont interest me as an investor!

Racey Jesus off to play with his car in NZ. Have to think about what the impact for DDR is, at least the board has been there for a fair while and Fiona takes the exec chair role.

I would say its a genuine black swan - literally an unknown, unknown. The type of black swan is so called* sovereign risk. (I say 'so called' because its not a risk, its a hazard, risk is the probability of a hazard occurring. One of my pet hates is the misuse of the word 'risk' by the finance...

As I suggested yesterday, NWH has been royally shafted by the SA government and the Administrators, its particularly cynical of the SA Gov to legislate away a lease arrangement they were well aware of (despite their denial.) I guess one of the learnings as an investor is that we are always...

I reckon your DCF model has a lot of extreme optimism built into it! I use adjusted FCF for my valuations and of course that doesnt compute for PNV because it doesn't have any! So straight up, my report ends on the first line, finding the business uninvestible!! Given the lack of almost any...

Not good news for NWH, essentially the legislation will change the ownership of the port from Port of Whyalla to One Steel, so presumably the security held by NWH will be worthless as Port of Whyalla Pty Ltd will have no assets. It seems probable there will be extended legal wrangling over the...

Ummm...well I guess the Debt to Equity is the one metric thats not awful, so there is that!

This company just gets more and more dodgy, announcement about the results on a trial of just 3 people!!! from the announcement - "Professor Coates noted, “This week we passed the third anniversary of the first human implant and remarkably the T1D patient’s sugar level has remained within a...

@finicky, you are getting very close to being put on my lengthy ignore list! Not just broker reports, but useless so called AI quotes. My new acronym is ASS - Aggregated Search Services, or in layman's terms thieves stealing other peoples research & analysis. Zero value add.

Lot more pain to come for SH's in the short to mid term I reckon.

A shocker of a 4C from EVZ today, for 3rd Q 2025, massive drop in OCF to -$1674k, while there are some plausible explanations from management, firstly funding of 2 new large projects that started in the last weeks of the quarter, and "seasonal variations in collections". (from a quick glance...

I guess a slightly positive OCF is at lease not a bad result, the debt is still a problem despite reducing it by spending nearly all their cash reserves this quarter. Down to only $1.5m in the bank with nearly $10m in debt, they are either going to need a massive increase in revenue and profit...

They also failed to mention the likely impact of the removal of de minimis for US imports, pretty disingenuous not to mention that when talking to tariff impact. This thing has more red flags than a Chinese Party meeting.