Well I've been invested in EVN the last 9 years. It's been a hell of a ride. Happy to hold for a other 10 if that's the case.
Seriously that's all you've got?
- Capex?
- SP spike?
I can certainly give you a longer list of cons to help you out. How about:
- JK promising to be counter cyclical in M&A. Not counter cyclical on the gold front as I stated above.
- EVN is now very top heavy in BOD and in management. The nimble and agile outfit I liked is gone.
- JK is an Executive Chairman. Chairmanship should be non-executive.
- 6 producing assets max. Not counting Mt Rawdon(non-producing) brings us to 5 - Cowal, EH, Mungari, RL and now NP. It is highly likely we in for 1 more and those that don't like CR events really need to get out of EVN until we reach 6.
No beer googles here if that is what you are trying to say. I can go on and on to the nth degree as to the issues of EVN. But show me a better (gold) miner than BHP, FMG, RIO, EVN, NST, GMD, GOR etc then I'll buy it. If you haven't noticed I own a few.
You make it sound like Capex is dead money. In business you've got to spend money to make more money. I see it as investing into the business. The fruits of which will come in due time. If you can't see yourself as a part owner of this business then you are just here for the SP spike.
The difference between you and I is that I'm not into miners (including gold miners) for an SP spike. I'm here to invest and EVN has shown me they can pull many levers to grow and are actively pulling them to grow (including organically hence the CAPEX). I'm more than happy to back JK and Co in these endeavours. SP spike (I prefer accretion in line with fundamentals) is welcome but not necessarily an immediate expectation.
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