Private Investor.
Joined July 2021
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Feb 22
$PIF.TO #PIF #PolarisRenewable Update of its FY'2025 results. Link in picture, below and bio:
* Results analysis
* Mexico: new horizons
* Acquisitions/Developments
swearengenenterprises.substa…
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Jun 9
$PIF.TO #PIF #PolarisRenewable big news for the expansion in Mexico. All 3 projects selected to advance to final contract negotiations.
250 MW Solar 180 MWh batt, w 25-year PPA
Bigger than current Polaris portfolio (~182 MW)
Mexico's moving faster...
x.com/TomSmith839/status/206…
Jun 9
Polaris $RAMPF $PIF.TO up only 10% on the news that 250 MW of Solar and 180 MWh of BESS has been selected.
Will more than double installed capacity (not apples to apples as geo & hydro > solar)
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Jun 3
5/ They're being very aggresive in the reinvestment. Net cash position at 2.8m, lower than FY'25. They deployed 10.2m in inventory and 2.5m in loan book. They're also opening new stores targeting the 10-12 new openings, so they need investment...
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Jun 3
6/ As for shareholders rewards, 33% the ordinary interim dividend (6p) and added a new special dividend (3p) to share the extraordinary profits derived from gold price
Guidance another upgrade: Now expecting 30-33m for FY'26 (up from 28.6m)
They're killing it. SP went to 490p
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May 27
3/ They close with 1m of Net Debt, so practically free of debt
The remaining earnout payments from 2027 until 2031 should be around 6.4m, so not much for now
Mark Fry now is CEO, Traynor Chairman and Taylor continues at the CFO. Good continuity good work all these years of mgmt
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May 27
4/ Today @ 120p /share:
- ~10.3x P/E
- 3.7% Yield
With around 70% of the revenues in counter-cyclical activities. I would like them in the 100-110p with <10x and > 4% like in the past, but does not look bad here. And who knows you could have a re-rate to 15x in some moment...
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May 15
1/ Reviewing Q1'2026 numbers of $PIF.TO
- Q1'26 numbers were mixed
- But the news that matters dropped 4 days later with FOMB approving the SO1 Agreement, unlocking the 71.4 MW battery storage project in P. Rico
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May 15
5/ Beyond P. Rico batteries, the other big growth spot is Mexico. They're pretty active there and in the next quarters they should bring several projects. It seems the things move faster in Mexico...
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May 15
6/ All in all the Balance Sheet still waiting to deploy mentioned that in Mexico they could use some extra equit partner if they have a lot in the plate:
- 97.5m in cash right now in BS
- Green Bond fixed until 2029
- Dividend kept at 0.60 USD (6.6% yield)
Big Patience here
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May 12
1/ PCA Corp (TYO 9629). Reviewing the FY'26 of this Japanese SaaS, which is the opposite of Avant Group (TYO 3836) on Capital Allocation: cheaper on paper, but mgmt just rewrote the alloc rules and I do not see it, even w the big cash posi
Math says cheap, the mgmt/gov says trap
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May 12
5/ FY'27 Guidance takes another twist:
- Revenue: 9.6%
- O. Profit: -48.6%
- Net Income: -66.1%
- 1B of Investments in AI, cloud migration, talent with no clear sight of returns in my opinion, there is a real risk of cash position incineration...
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May 12
6/ The BIG cash position dropped 2.9B YoY because big divi, but also M&As and investments. Right now:
- Market Cap: 26.1B
- Cash invs: 23.6B
- Zero debt
You're paying almost nothing for the op biz. BUT you're trusting a mgmt that it seems they're not going to return the cash...
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