2013 – The Great Irish Share Valuation Project (Part VII)

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Aryzta, Austevoll, Bank of Ireland, Bill Ackman, Continental Farmers Group, Galantas Gold, Gillian Bowler, gold, Herbalife, IMC Exploration Group, Irish shares, Irish value investing, John Teeling, Liam McGrattan, Nial Ring, Origin Enterprises, Permanent TSB Group Holdings, Petrel Resources, TGISVP, The Great Irish Share Valuation Project, Trinity Biotech, US Oil & Gas

Continued from here.

Company:   Petrel Resources

Prior Post:   Here

Ticker:   PET:LN

Price:   GBP 16.75p

We should include at least one John Teeling company in every TGISVP post, eh?! Believe it or not, Petrel’s been around (in one form, or another) for 30+ yrs now! This long-term chart covers less than half that period, but I think it neatly summarizes the company’s progress – or rather, lack of fucking progress, over its lifetime:

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The Great Irish Share Valuation Project X

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Fiomi Diagnostics, Galantas Gold, George Soros, John Teeling, Lisa B, Minco, NAMA, New Ireland Fund, Norish, O'Donoghues, Oisin Fanning, Orogen Gold, Papua Mining, Papua New Guinea, Petrel Resources, Phillip Goldstein, Rathdowney Resources, Raven Russia, Real Estate Opportunities, San Leon Energy, shorting, Strongbow Capital, TGISVP, Trinity Biotech

Continued from here:

OK, we’re in the home straight now, at least within the original valuation stage of TGISVP. Eight companies left, mostly junior resource companies, so that should be fun..! I’ve booted Real Estate Opportunities (REO:LN), as trading was suspended in January. And please, let’s not bother talking about NAMA, court cases etc… For years now, REO’s had terrible corporate governance, far too much leverage, and pretty much promised to totally fuck investors... And so it has come to pass, and shareholders don’t even have a luxury Moroccan get-away to show for it…

I’ve no desire to short shares usually – a value mindset is far too dangerous an attribute to possess if you want to play that game. But watching REO fly far too close to the sun, and not even notice its wings were melting, I just got far too itchy… I really wasn’t worried what the price was – GBP 20p, 5p, 3p…who cares when it’s going to zero anyway. Unfortunately, I couldn’t find a spread-better who would deal in it – even Worldspreads (and their zero spreads…), if I recall..!? Perhaps I didn’t ring around/push hard enough? If anybody managed to do this successfully, I’d love to hear more details?

The Great Irish Share Valuation Project IX

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2P Reserves, Alkermes, Amarin, Anadarko, Andor Technology, Botswana Diamonds, Circle Oil, Clontarf Energy, Connemara Mining, Cooley Distillery, Cove Energy, Dragon Oil, Escher Group, Galantas Gold, Interior Services Group, iShares MSCI Ireland ETF, Jazz Pharmaceuticals, Jim Beam, John Teeling, Kentz, Minco, Ovoca Gold, Petrel Resources, PTT, Royal Dutch Shell, Siteserv, TGISVP, Tullow Oil, USPS, Worldspreads, Xstrata, Xtierra

Continued from here.

As I’ve mentioned, we’ve another 20 odd non-ISEQ listed Irish stocks to work through still. I should first note I’ve eliminated Alkermes (ALKS:US) and Amarin (AMRN:US) (and Jazz Pharmaceuticals (JAZZ:US) never even made the cut*). Clearly, an Ireland HQ is particularly attractive for pharma companies! Any reader care to enlighten us further..? I wasn’t fooled by this shell game, but they had some Irish directors/management/locations, so I planned to include them in TGISVP. Now I look again, their Irish ‘representation‘ is pretty small, and sure to get even smaller… So they’re out – unless someone wants to email and persuade me otherwise!?

I’ve also revised valuations for Worldspreads (WSPR:LN) and Siteserv (SSV:LN) – in fact, they kind of swap places in the rankings! I was briefly commenting here on both companies, and their respective scandals, and it got a little out of control..! I had to upgrade to a separate article. Note I’m keeping a file of all original share prices and valuations, which I’ll use for any performance/evaluation exercises at a later date. Right, let’s see if we find anything interesting in this batch: