TGISVP – H1 2012 Performance – Firing On all Cylinders!

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Aer Lingus, AGI Therapeutics, Alpha Portfolio, Beta Portfolio, Botswana Diamonds, Cove Energy, Datalex, ISEQ, Karelian Diamond Resources, market-neutral, natural resource stocks, Ovoca Gold, Petroneft Resources, portfolio performance, Prime Active Capital, Providence Resources, Readymix, Risk Arbitrage, Siteser, Smart Alpha Portfolio, Smart Beta Portfolio, TGISVP, Worldspreads

Now H1 2012 is over, it’s time to revisit The Great Irish Share Valuation Project. Here’s my Q1 2012 performance post – well worth revisiting as background, but I’ll recap some important points below.

Let’s first look at individual stocks. I count 4 de-listings (which I’ll continue to include for performance purposes, at their final values): AGI Therapeutics (AGI:ID/LN) was a profitable Event-Driven investment for me, and inspiration for some detailed Risk Arb. posts. Siteserv (SSV:ID/LN) & Worldspreads (WSPR:LN/ID) both exited amid scandal – possibly criminal in the case of the latter, with alleged charges now including share price manipulation, in addition to accounting/actual fraud. Finally, Readymix (RYX:ID) succumbed to a Cemex (CX:US) bid, illustrating that the right investment thesis (an eventual takeout by the controlling shareholder) is not enough. Timing & the price you pay are equally important – despite the bid premium, RYX’s multi-year operational & price decline meant v few long term shareholders made any profit. Looking ahead, Cove Energy (COV:LN) seems set to follow the de-listers, but promises to provide some final drama!

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The Great Irish Share Valuation Project IV

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Atlantic Resources, Austevoll, Continental Farmers Group, Hoarders, Independent News & Media, Limited Brands, Merrion Pharm, Origin Enterprises, Ormonde Mining, Ovoca Gold, Paddy Power, Petroceltic, Petroneft Resources, Polymetal, Prime Active Capital, Providence Resources, Readymix, Ryanair, TGISVP

Continued from here:

OK, time to tackle another batch of 10 Irish stocks. First, let me insert the Excel files. Again, all market prices (and FX rates) are updated, so this is a live snapshot of all stocks covered to date (with each stock’s upside/downside potential also recalculated vs. its valuation).

As I’ve mentioned before, please feel free to provide your own Price Targets on the Template sheet – it would be greatly appreciated by me, and many of my readers. If you disagree with some of my valuations, this is a great way to express yourself! I think we can all learn a lot more from divergent rather than convergent views on stocks..! Here are full notes/instructions if you wish to submit any Price Targets.