Buchans Minerals Corp, C&C Group, Donegal Creameries, Irish shares, Irish value investing, Kedco, Minco, Ovoca Gold, Petroneft Resources, Polymetal Intl., TGISVP, The Great Irish Share Valuation Project, Xtierra
Continued from here. This is my final post in the valuation phase of TGISVP – see here for my first 2013 TGISVP post. I’ve only 5 companies left to cover, including a new one suggested by a reader (Kedco, thanks!). [I rejected another – One 51 – as it isn’t listed on a regular exchange]. Let’s begin:
Company: Ovoca Gold
Prior Post: Here
Price: GBP 11p
What a difference a year makes, eh!? Last year, I was pretty bullish on Ovoca & its story (perhaps less so on its valuation, but I still saw a reasonable 39% upside). Wow, I even made a $2,000 call on gold (not that I was interested in participating)… However, a couple of months later, I rapidly lost interest in Ovoca as the Russians took over, dodgy loans started popping up on the balance sheet, and their American CEO abruptly resigned & sold his stake. It also made me realize Ovoca isn’t remotely an Irish company any more – in fact, I seriously considered kicking it out of TGISVP. But it’s still an Irish-listed company – so let’s hold our noses & take a closer look.