Noble Group

The "brain-drain" is typical, after a restructuring of company strategies. It will work, only if the company has enough "talent reserve" to support the biz, IMO.

Noble's US metal traders leave in latest senior exits: sources

SINGAPORE (Oct 7): Noble Group Ltd ( Valuation: 2.00, Fundamental: 0.35)'s senior US metals traders Scott Evans and Jeff Romanek have left the company, four sources said on Tuesday, the latest in a string of high-profile departures as the Asian commodities trader battles weak metals and oil prices.

The departures come as Asia's biggest commodity trader seeks to shore up its balance sheet and reduce its exposure to capital-intensive operations like trading copper, and returns to its historic roots in aluminum and alumina.
...
http://www.theedgemarkets.com/sg/article...ts-sources

Financial summary on Noble Group which I did up:



I still can’t figure out how it is that they actually make money.

Orbis owns a sizeable stake though. I really respect them on the investing front. Not sure what they are seeing that I am not.

(07-10-2015, 12:23 PM)theasiareport Wrote: Financial summary on Noble Group which I did up:

[Image: noble11-1024x145.png]

[Image: noble1-1024x145.png]

I still can’t figure out how it is that they actually make money.

Orbis owns a sizeable stake though. I really respect them on the investing front. Not sure what they are seeing that I am not.

http://www.valuebuddies.com/thread-5901-...#pid120539

Before the last GFC, I already raised the same red flag liao...

I actually quite like the comments posted on Glencore by the journalist...

I used to be a day trader when I was on the desk and simply can't understand why would anyone silly buyers pay a multiple for a trader, a group of traders or even a broker...

Dun bother to crack yr brains lah...

Conspiracy here basically lies in the counter-parties... Noble loses some body wins... Noble do senseless share buybacks... some smart cookie sells... only an ignorant mata lie on the back and stare into the sky... admiring the stars and oblivious to the bings and bangs around the station...

Odd Lots Vested
GG

(07-10-2015, 12:23 PM)theasiareport Wrote: Financial summary on Noble Group which I did up:

[Image: noble11-1024x145.png]

[Image: noble1-1024x145.png]

I still can’t figure out how it is that they actually make money.

Orbis owns a sizeable stake though. I really respect them on the investing front. Not sure what they are seeing that I am not.

Any possibility of miscounting? I did a preliminary sum of OCF (2010-2014), the result is +2.2 billion. What is the CAPEX used? We need to ensure only replacement CAPEX used, right? Based on your numbers, you are likely using the published CAPEX numbers, which includes the CAPEX for growth.

(not vested)

CityFarmer Wrote:

(07-10-2015, 12:23 PM)theasiareport Wrote: Financial summary on Noble Group which I did up:


I still can’t figure out how it is that they actually make money.

Orbis owns a sizeable stake though. I really respect them on the investing front. Not sure what they are seeing that I am not.

Any possibility of miscounting? I did a preliminary sum of OCF (2010-2014), the result is +2.2 billion. What is the CAPEX used? We need to ensure only replacement CAPEX used, right? Based on your numbers, you are likely using the published CAPEX numbers, which includes the CAPEX for growth.

(not vested)

I pulled the figures from Morningstar, but you're right. They look wrong. Let me pull them from the AR tomorrow.

I didnt break out the CAPEX for growth and maintenance in this case as I wasn't doing a deep dive into the company.

I reckon, "the board" means the chairman. The chairman is withdrawing his influence, thus the CEO can re-build the trust now...

(not vested)

Noble Group CEO says he should have pushed transparency harder

SINGAPORE (Oct 14): Noble Group ( Valuation: 2.00, Fundamental: 0.35), which faced criticism of its accounting, should have been "more forceful" in pushing the company to be more transparent to fend off the attacks, Chief Executive Officer Yusuf Alireza said.

The Singapore-listed company that's also Asia's biggest commodities trader said being transparent was a challenge as it gave competitors a peek into its business. Most of Noble's rivals are private companies and didn't face the same scrutiny, said Alireza.

"It's the lesser of two evils," Alireza said at a conference in Singapore. "In hindsight I should have been more forceful with the board about supporting more transparency because I think if we had more transparency up front we'd be less exposed."
...
http://www.theedgemarkets.com/sg/article...ncy-harder

(14-10-2015, 04:49 PM)CityFarmer Wrote: I reckon, "the board" means the chairman. The chairman is withdrawing his influence, thus the CEO can re-build the trust now...

(not vested)

Noble Group CEO says he should have pushed transparency harder

SINGAPORE (Oct 14): Noble Group ( Valuation: 2.00, Fundamental: 0.35), which faced criticism of its accounting, should have been "more forceful" in pushing the company to be more transparent to fend off the attacks, Chief Executive Officer Yusuf Alireza said.

The Singapore-listed company that's also Asia's biggest commodities trader said being transparent was a challenge as it gave competitors a peek into its business. Most of Noble's rivals are private companies and didn't face the same scrutiny, said Alireza.

"It's the lesser of two evils," Alireza said at a conference in Singapore. "In hindsight I should have been more forceful with the board about supporting more transparency because I think if we had more transparency up front we'd be less exposed."
...
http://www.theedgemarkets.com/sg/article...ncy-harder

Aiya, the listco is where wealth can be enhanced further via expansion of mutilple of earnings.

If the original owners are so contented with a pte co type of earnings, they wouldn't have list it and rara during the good times and of course when all chips are down, they will start their crocodile tears and all their tricks.

Bottomline line they are traders that got hype up and got caught up with easy $...

http://www.valuebuddies.com/thread-5901-...#pid120539

Veteran sharemarket hands have a saying that the right multiple for profits made from trading is zero: that is because there can never be a guarantee that the profits made from trading last year will be repeated this year. And it doesn't matter what is being traded – shares, bonds, commodities or currencies.

Noble should be in a better financial shape, after the new credit facility...

(not vested)

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Noble Group Limited (“Noble”) is pleased to announce the successful completion of a US$1.1 billion
Revolving Borrowing Base Facility (the “Facility”), which will be utilized by Noble Americas Corp.
and Noble Petro Inc., both wholly owned subsidiaries of Noble, to fund their growing business
requirements.
...
http://infopub.sgx.com/FileOpen/20151019...eID=373924

(19-10-2015, 10:00 AM)CityFarmer Wrote: Noble should be in a better financial shape, after the new credit facility...

(not vested)

-----
Noble Group Limited (“Noble”) is pleased to announce the successful completion of a US$1.1 billion
Revolving Borrowing Base Facility (the “Facility”), which will be utilized by Noble Americas Corp.
and Noble Petro Inc., both wholly owned subsidiaries of Noble, to fund their growing business
requirements.
...
http://infopub.sgx.com/FileOpen/20151019...eID=373924

More debt spells more trouble further down the road...

http://www.straitstimes.com/business/com...till-mixed

Recent share gains point to recovery, but it still has to cope with weak commodity prices
Noble Group has taken some right steps to get back on track after being derailed by the Iceberg saga, and the efforts are one reason why its shares have seen strong gains in recent weeks.
But it remains to be seen if things have really changed for the battered commodity trader.