Amadeus quarterly report was out today and it is hard to see what is different about the company now that warrants the huge increase in its price over recent months.
Gross revenues for the September quarter were actually down on those of June and at US$1.76 million are not particularly impressive anyway. Looks to me like expenditures weren't covered by outlays (exploration, development and admin) and the company doesn't say how much cash it had left at the end of the quiarter. My guess is not very much.
Amadeus has been rerated on the back of an upbeat brokers report with a lot hinging on getting the bio diesel project up and running. Given that this project has been on the drawing boards for at least two years and to date not a sod has been turned and finance still not arranged you would have to be a bit sceptical about it getting going in the near future.
A much over rated stock IMO.
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