2204 days ago
I don't normally take broker research seriously but a) Galantas (GAL) operates in Ulster so I am biased in its favour and b) analyst Roger Bade at Whitman Howard is no fool. He reckons Galantas at 6p is worth 17.3p per share. The market cap today is £12 million but Bade explains why by 2020 the company could be generating £8 million of cashflow and by 2023 that could be £13 million and that is on uber-cautious gold price assumptions. The note (below) is very much worth a read.
3198 days ago
Strange missives from Whitman Howard the broker employing the world's Number 1 Mining analyst Roger Bade. It all started with an "unusual" note he published on Anglo American (AAL) which was emailed to clients on 16 February:
Anglo American (AAL) - Reiterated SELL
3349 days ago
As you know I have gained a real understanding of how folks live in the grim Northern Welfare safari by becoming an avid viewer of Coronation Street. As such I note comments from the world’s number one mining analyst Roger Bade of Whitman Howard today and begin to think that the man’s judgement may be seriously suspect. Bade notes on the comedy that is Minera (MIRL):
3398 days ago
Life has not been easy for AIM listed Stratmin (STGR) but top mining analyst Roger Bade has flagged up a new dark cloud hanging over the entire Graphite sector. The great man writes:
3704 days ago
The world’s No 1 mining analyst Roger Bade of Whitman Howard has produced his quarterly review and while there are a few new buy ideas, such as Amara (AMA), on the whole his tone is as bearish as ever. Anyone who says how some mining juniors should be “viewed with contempt” is a top man. Although Mr Bade’s less than complimentary words about the quite excellent Women in Mining organisation run by mining guru Amanda Van Dyke (pictured left since she is a tad more photogenic than Mr Bade, actually that is not Amanda but I cannot find a pic of her on this website) have “been noted”. Naughty. The review makes for sobering reading for anyone still investing in this sector. Mr Bade writes:
3772 days ago
Uber cynical mining analyst Roger Bade of Whitman Howard is normally incredibly bearish on mining juniors which is why he is so good. So when he suggests 100% upside in shares in a small miner you wake up. I tend to agree with him that Minco (MIO) looks a value investment. I am not joking.
The world’s number one Mining analyst writes today:
3895 days ago
Shares in New World Resources have perked up by 10% in the past couple of days to 33p – valuing this enterprise at c£90 million. But the very real downside risk is 100%, something flagged up this morning by the world’s Number One Mining analyst Roger Bade of Whitman Howard. He rates the shares a sell as do I.
The great Bade
3906 days ago
The peasants at Kenmare Resources (KMR) are revolting. Quick! Toss them a few pieces of bread from over the castle walls. That will keep them quiet. And allow the board to keep their noses in the trough for a bit longer. Yes these grotesquely overpaid failures have bought a few shares in this hapless enterprise.
The world’s number one mining analyst Roger Bade of Whitman Howard commented today:
“The Bulletin Boards have been pleading for Director share purchases for ages and now they have got their wish.”
Really? Check out the RNS.
3906 days ago
Yesterday I pointed out how Wolf Minerals (WLFE) the AIM Cesspit and ASX listed wannabbee miner had engaged in typical pump and place activities which will inevitably see some PIs (the folks paying 26p two weeks ago) screwed as institutions get in on a placing at sub 20p.
Actually we do not know what the placing price will be yet, Wolf has not got around to letting us know. Perhaps its board is too busy enjoying spending the A$1.2m they trouser collectively each year. You can read about the pump and place HERE.
While we mere mortals were fooled by this operation I should flag up that the World’s Number One Mining Analyst Roger Bade of Whitman Howard was not legged over. Writing after an operational update on 20th January the great man opined:
3922 days ago
I do not agree with this call but in the interest of balance I note that the World’s greatest living mining analyst, uber cynical Roger Bade of Whitman Howard has today upgraded his stance on Sirius Minerals (SXX) at 13.5p from hold to buy with a four month target of 20p.
The great Bade writes:
3954 days ago
Like myself, the world’s number one mining analyst Roger Bade of Whitman Howard has been a scathing critic of Ireland based Kenmare Resources (KMR) but is the guru now calling the bottom for the shares? It seems as if he might be heading that way.
This morning he has formerly initiated his coverage of the ilmenite producer – hitherto he has merely sniped from the sidelines. The great man writes:
The Mozambiquan ilmenite producer has disappointed in almost its entire 20 year existence, but it comes to a stage when it may not disappoint any more, at least in the short term.
4036 days ago
Another day and another apparently positive statement from Sirius Minerals (SXX) as it tries to maintain interest to keep its equity drawdown death spiral going. But as ever the maths are not all that supporters might have hoped for.
The worlds No 1 mining analyst Roger Bade of Whitman Howard expresses it thus:
4057 days ago
I have been a bear of Kenmare Resources (KMR) for some time and predicted that a cash call was on the way. That it and a profits alert was served up at 5.21 PM the other day rather makes my point about the management of this business. But the mega teddy on Kenmare is the world’s most cynical mining analyst Roger Bade of Whitman Howard who has let rip today. Bade writes:
4113 days ago
An explicit sell note comes out today from mining guru Roger Bade on New World Resources (NWR). Unlike most common or garden analysts, the guru Bade looks past the P&L to the balance sheet. The most excellent Roger writes:
4131 days ago
Kenmare Resources (KMR) has served up a trading statement which for one shows more steps forward than back. But it is hardly impressive. At least it has managed to persuade the banks to extend debt repayment terms. But ilmenite prices remain soft. The uber excellent mining analyst Roger Bade of Whitman Howard writes:
4137 days ago
The uber excellent mining analyst Roger Bade of Whitman Howard has today pointed out what seems blindingly obvious to me but apparently not to most of the other mining analysts in London: shares in Johnson Matthey (JMAT) at 2758p just look to be patently overvalued. In my humble opinion there has to be 20% downside. But Bade is the expert and he writes:
4146 days ago
I am not a fan of AIM Cesspit listed Sirius Minerals (SXX) and so on this occasion merely relay a broker note from the man who I think provides the best independent broker comment in London, Roger Bade of Whitman Howard. This note out on Tuesday is balanced and fair. Bulls should take note of his caveats and the cash warnings, bears be aware of the upside. Over to the excellent ( and amusing) Roger:
4161 days ago
Roger Bade the mining analyst at Whitman Howard has called both metals prices and the mining sector very accurately. That is to say he has been bearish. And in his quarterly review he remains bearish. Those tempted to bottom fish might want to have a quick look at his report out today before getting too enthusiastic.
The report covers the outlook for most metals but also a few company specific comments as well as a note on the worsening political situation in Mozambique – watch out Kenmare Resources (KMR). Roger writes:
4213 days ago
On 9th may AIM Cesspit listed Sirius Minerals (SXX) updated investors on the planning process for its proposed mine on the North York Moors. The RAF has asked a few questions which Sirius says that it will answer. But there was another submission made to the North York Moors National Park Planning Authority which Sirius, er…neglected to detail its release. It is not good news.
At this point I hand over to the ever excellent Roger Bade of Whitman Howard who writes in his morning missive:
4298 days ago
I spent two years working along Sam Bottell as he worked with minesite.com and oilbarrel.com and he is a good, honest and clever chap. Now that he is starting his career freelance writing as well as an organiser of the UKInvestor Show I have no hesitation in helping him along via this blog as a guest contributor. As such I bring to your attention a share tip from TradingResearch Point on the major gold producers across the globe (85 of them). It is very interesting indeed.
Did you wonder why when gold was racing ahead to $1,700 most gold stocks failed to follow suit? You would think that operational gearing would have seen gold stocks racing ahead across the board. As a believer in gold heading past $2,000 within 12 months you would have thought that I would be universally bullish but those who have read my work will know that I am not. As such I thought it worth reprinting an excerpt from a note published this week by analyst Roger Bade of Whitman Howard who makes a very valid point.
Reviewing 85 gold producers from across the globe he finds just 11 that manage a 25% return on capital. That is truly dismal. Bade’s conclusion is that the obsession with stock promotion has led to an increasing focus on production targets and valuations based simply on per ounces in the ground rather than on what return investors might actually generate. He writes:
