BRM - New Warrant Issue for Barramundi

[Basil]

yep caught out in this one as well... warrants not like they use to be!! What about u beagle, u must have a few?

No, sadly I have lost confidence in Robbie Urquart and his team.  I didn't like the answers to my questions at the 2024 annual meeting.  Holding stocks on a forward PE of over 100 when they are only growing EPS at twenty something percent makes no sense to me.

[Dolcile]

I've been very critical of BRM... so it might surprise you to read I've taken a position.

At 48c I estimate he discount to NAV to be over 16%.  I've also looked at the trend over time and while there have been some divergence between the NAV and Share Price over time it has generally trended toward neutral.  My thesis is that this provides a margin of safety.  Let's see how it goes. 

[Basil]

Crickey ! Good luck with that mate.  I see Marlin have employed two new analysts.  I'd need to see the same at BRM before I'd be as brave as you.   I have no confidence left in Robbie Urquart.

[Dolcile]

Only a small position for a bit of fun.  I put the discount to NAV at 16.65% as of today's close.

[moose]

I'm a rounding error away from you at 16.67%. Looking at end of month data, the nta reached a low of 0.534 at the end of March (and then same again end of June) before soaring to 0.577 today (8.05% rise).....
Over the same time SP changed from 0.58 to 0.48 (17.2% fall). The swing in SP discount to nta is -8.6 to +16.7 (25.3%)
What does it all mean? Investors have lost faith in either the fund manager or the underlying basket of shares - IMO mostly the former.

[Dolcile]

Totally agree Moose.   I don't have a lot of faith in the FM either but at a 16% discount - and a small portion of my portfolio - I'm happy to find out whether they can turn this around.