I can't comment on your figures at this stage as I haven't crunched the figures lately. It's been enough on the back of envelope for me to take a position given my financial background - i've found however the approach to new producers who are now cashflow positive and turning net cash positive to be a slow burn: it's not the first company which is hitting good targets yet not rerating. I think as someone mentioned alot of funds are chasing alternative investments - which in a good business sense are lacking comparative to businesses like IMA , but from a return point of view these are being pushed upwards by money trying to find a home.
People out there are making 10,20,30% regularly on the latest pump , so it's hard on a steady as she goes op like this. Risk-reward wise you can rest at night knowing they're making cash though - which if your a believer in long term business fundamentals still holding true, means holders will be rewarded "eventually".
I'll come back when i've got some more tangible calcs. I'd still like to see a pull back to 15-15.5 to (selfishly said) load up more, but also wipe some more hands out. Why worry if fundamentals hold true? My only worry is what insiders may know - that's two majors who have exited. I get the argument for there's a buyer for every seller, but I'd always like to see a major buy/sell come through on the way up, than on the way down/stagnating - price wise. But that's just me...
IMA Price at posting:
17.0¢ Sentiment: Hold Disclosure: Held
