VMT

4.35%

12.0¢ vmoto limited

it's hard to understand why sellers outnumber buyers by such a...

First 3 Last

Share
Profile

Follow
veeone

7,062 Posts.

176

02/08/24

13:51

Post #: 75045410
Share

Originally posted by DAK123: ↑

Hi Mr Lumin, I would hypothesise that VMT is currentlyvalued well below NTA.
Working backwards the Net Assets per the audit accounts at December were AUD$79.5m.
The only intangibles on the balance sheet were shown at AUD$2.8m plus the Right of use assets (for leased assets) were at AUD$3.5m (Net of Lease liabilities).

There were Investments accounted for using the Equity accounting method at $AUD5.6m but ordinarily, they would have been written down to realisable value if the auditors said they needed to be, so I assume no adjustment was required.

They would also be sitting on substantial tax losses, but they haven't been recognised on the balance sheet either.

As you say it is also possible that their buildings are worth more than what's on the balance sheet too. I remember previous posts about this and the consensus was the existing building must be worth more than they paid. The same will be true of the new building under construction if the government incentives they referred to when the decision was made are real.

That puts Net Tangible Assets at AUD$73.2 at December, subtracting a small loss for the 6 months since then, and NTA today couldn't be much below $70m (of which $41m is cash!, $8m is property, plant and equipment and potentially it might be worth much more than that, and there is no tax to pay for years by using the unbooked tax losses)>

At 13c, current market cap is only $54m, representing a very substantial discount to both Net Assets and Net Tangible Assets.

The company calculated NTA per share at 19.40c in the Appendix 4E they lodged for December 2023 (down from 20.66c at Dec 22).

Given all of this, it's hard to understand why sellers outnumber buyers by such a large margin unless the market believes that the small loss I suggested above is actually a big loss, and that losses are likely to continue for a long while to come.

VMT did forecast a loss for CY 2024 so if they were off about how big it is then they would need to update the market but todays announcement made no reference to a loss and in fact only mentioned that the company was Cash Flow positive so I have to assume the P&L situation is no worse than they previously announced.

All my own opinions, DYOR.

Expand

it's hard to understand why sellers outnumber buyers by such a large margin
No shortage of buyers for the 650k parcel thats just completed tho!!

VMT Price at posting: 13.0¢ Sentiment: Buy Disclosure: Held
3 Upvote

0 Great analysis

Reply

Top Stories

ARV

Smallcap Artemis Res' jumps 23% on six digit gold grade rockchip find at Titan

IMA

Issues emerging as Australian companies tackle critical minerals challenge

SHN

Sunshine Metals kicks off copper gold drilling at Truncheon; Highway East targets

Tonight's US CPI data could set the tone for November. What are markets expecting?

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

OCT

Octava Minerals joins the antimony train with high-grades on the radar at Yallagong, WA

NWH

NRW Holdings inks $109M deal with BHP for works at Jimblebar

ASX Market Open: ASX200 to open flattish after Wall Street weakens on hot US inflation data | October 11, 2024

ARB

Court process clears way for ARB to buy up 4 Wheel Parts business in the US

RAG

Ragnar impressed by 11.55 metre pegmatite in Sweden, anticipating further mineralisation

There are more pages in this discussion • 44 more messages in this thread...

First 3 Last

Add VMT (ASX) to my watchlist

(20min delay)
Last 12.0¢		Change 0.005(4.35%)		Mkt cap ! $50.18M

Open	High	Low	Value	Volume
11.5¢	12.0¢	11.5¢	$10.64K	88.89K

Buyers (Bids)

No.	Vol.	Price($)
1	11384	12.0¢

Sellers (Offers)

Price($)	Vol.	No.
12.5¢	99069	6

View Market Depth

No.	Vol.	Price($)
1	11384	0.120
9	202811	0.115
2	70000	0.110
2	58257	0.105
2	16500	0.100

Price($)	Vol.	No.
0.125	99069	6
0.130	388698	3
0.135	94459	2
0.140	572189	3
0.145	112654	3

Last trade - 14.28pm 11/10/2024 (20 minute delay)

VMT (ASX) Chart

it's hard to understand why sellers outnumber buyers by such a...

Smallcap Artemis Res' jumps 23% on six digit gold grade rockchip find at Titan

Issues emerging as Australian companies tackle critical minerals challenge

Sunshine Metals kicks off copper gold drilling at Truncheon; Highway East targets

Tonight's US CPI data could set the tone for November. What are markets expecting?

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Octava Minerals joins the antimony train with high-grades on the radar at Yallagong, WA

NRW Holdings inks $109M deal with BHP for works at Jimblebar

ASX Market Open: ASX200 to open flattish after Wall Street weakens on hot US inflation data | October 11, 2024

Court process clears way for ARB to buy up 4 Wheel Parts business in the US

Ragnar impressed by 11.55 metre pegmatite in Sweden, anticipating further mineralisation

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

it's hard to understand why sellers outnumber buyers by such a...

Top Stories

Smallcap Artemis Res' jumps 23% on six digit gold grade rockchip find at Titan

Issues emerging as Australian companies tackle critical minerals challenge

Sunshine Metals kicks off copper gold drilling at Truncheon; Highway East targets

Tonight's US CPI data could set the tone for November. What are markets expecting?

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Octava Minerals joins the antimony train with high-grades on the radar at Yallagong, WA

NRW Holdings inks $109M deal with BHP for works at Jimblebar

ASX Market Open: ASX200 to open flattish after Wall Street weakens on hot US inflation data | October 11, 2024

Court process clears way for ARB to buy up 4 Wheel Parts business in the US

Ragnar impressed by 11.55 metre pegmatite in Sweden, anticipating further mineralisation

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News