As 2018 is almost over I think it’s time to review the portfolio and performance.
Overall result is -13%. Somewhat depends on calculations – I use broker day end values. so more or less… This can be compared to -9.7% FTSE all share (total return), far below my 30% target for the year. Many ideas havent worked this year so what has saved me is profit which was really from 2017 and rolled over the year end in the calculation – particularly Tejoori.
Long term performance has been strong – still 7X up over the last 10 years – long term chart below: Continue reading “2018 Performance / Portfolio Review -13%, could be worse” →
Opened a very small, c1.2% portfolio weight position in Shanta Gold.
Shanta is a London-listed Tanzanian small cap production company. It has a 33m GBP market cap and is trading at a forward PE of around 2.6 / historic of 3.2 or EV/EBITDA of c2. (source).
The company is a standard, small, gold producer. It has a good cost base – cash cost c $505/oz / all in cost of c$750/oz. There appears to be lots of opportunity in its holdings to expand production. They have just released an RNS valuing their Singida project at c $31m USD at a (highly optimistic) 8% discount rate. They say they will develop it at no cost to existing shareholders – as the company is worth c$44m Equity and c$35m net debt this is potentially significant – even if we say it’s only worth c $20m.
Continue reading “Shanta Gold #SHG – Multiple catalysts, multiple risks, low valuation” →