DEEPLY UNDERVALUED Mark Bunting PROPERTY BANK LAST … · 2018-09-15 · Jack Stock, CEO, Globex Mining COVER STORY DEEPLY UNDERVALUED PROPERTY BANK GLOBEX CAN SOAR AGAIN IN A NEW

APRIL 17, 2017 INVEST LIKE A PRO, WITH THE PROS

What if you thought you had a great business model, owned more than 155 mining properties, and made money, but most investors — including gold guru Eric Sprott — weren’t interested. Well, you’d be frustrated.

That’s the case with Jack Stoch, the long-time CEO of Globex Mining Enterprises (GMX-V).

“We’re just doing so much,” he says. “I’ve got to find a way to get the message out for people to understand the incredible value that we have here.”

The value that Mr. Stoch perceives in Globex and many in the market don’t is derived from owning stakes in a vast array of mining properties, shares in other mining companies, and the royalties Globex receives from its various properties, most of which are in Quebec. .

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“We’re just doing so much, I’ve got to find a way to get the message

out for people to understand the incredible value that we have here. The big challenge is get-

ting the intrinsic value of the company recognized. It’s a tough story to tell, and it’s a tough story to

sell.”

Jack Stock, CEO, Globex Mining

COVER STORY

DEEPLY UNDERVALUED PROPERTY BANK

GLOBEX CAN SOAR AGAIN IN A NEW MINING CYCLE

Mark Bunting Publisher

CAPITAL IDEAS DIGEST

Property Bank is Deeply UndervaluedGlobex Mining CEO touts “tremendous” business model

SMART MONEY: THE 21 MOST

PROFITABLE STOCKS FOR ’17 AND ’18 FROM

GOLDMAN SACHS

LAST WEEK’S COVER IDEA PHOTON CONTROL

GETS ITS TARGET RAISED 33% AS IT

SETTLES A LAWSUIT

PIVOT TECHNOLOGY COULD SURGE MORE

THAN 200% AS ECHELON NAMES IT A TOP PICK

FOR 2017


Why a property bank

On the surface, one may be tempted to call Globex a project generator whereby mining companies make discoveries and either build a project themselves, bring on partners or sell their assets to another company. Here’s how Mr. Stoch differentiates the business model of Globex Mining.

“I would call it a property bank. We’ll do anything as long as it has the potential to make money,” he says “We don’t care what it is. We have over 65 gold properties, over 40 poly-metallic projects, and we have a whole bunch of industrial minerals, speciality metals, we’ll do rare earths, we do manganese, we do feldspar, anything that is an opportunity to make money we’re interested in doing. At the same time, we limit the risk for our shareholders. We have so many assets I consider ourselves a bank rather than just a regular prospect generator.” (Feldspar is a group of minerals that have alumina and silica in their chemistry including soda, potassium and lime. It’s the most abundant mineral group on earth.)

Markets not getting it

Confused by that explanation? Mr. Stoch says many people in the investment community can’t seem to get their heads around exactly what Globex does. The company currently trades at around $0.53 a share, which is far below the value of the Globex’s assets, according to Mr. Stoch.

“It’s ridiculous (long pause). Our model has some draw-backs,” he admits. “Number one it’s complex because of the diversity of assets, and the number of assets so brokers don’t want to spend the time to try to understand it. Investors can’t understand it. We did a deal on manganese. Everybody knows gold, everybody knows copper. They don’t know how important manganese is to the steel industry or the battery industry so we confuse people, and people don’t get it.”

Mr. Stoch continued. “Our model, value-wise is tremendous. In actually getting understanding from the brokerage community, it’s difficult. We have investors who really love our model, and then we have other people who look at it and say ‘it’s too complex, forget it’.”

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“We acquire things cheaply

and we sell high. Buy low, sell high. It’s a very old idea

but it’s a valid idea, and a lot of companies don’t seem to under-

stand that. They’ll pay any price just because the mar-

ket's high. We don’t do that.”

Jack Stoch, CEO, Globex Mining

“We showed Eric Sprott what we

were doing, and he looked at it and he said ‘this is a great

company’ but he said ‘unless you

stop exploration I’m not recommending you, I’m not going

to do anything with you’. He doesn’t get

it. We make money.”


Even Sprott didn’t get it

Mr. Stoch claims even highly-regarded gold investor Eric Sprott didn’t fully understand Globex’s model when the company showed it to him.

“I’m frustrated in that I’ve not been successful in getting the idea simple enough that people understand it,” Mr. Stoch says. “We showed Eric Sprott what we were doing, and he looked at it and he said ‘this is a great company’ but he said ‘unless you stop exploration I’m not recommending you, I’m not going to do anything with you’. He doesn’t get it. We make money. Some of the money goes to advance the properties but if you’re going to maintain your assets, you have to explore because if you don't explore you lose your assets. That’s the law. You have to work.”

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No financings, no fees, no brokers

One key reason the broker community doesn’t understand Globex’s story or simply ignores it is because the company has no need for financing, according to Mr. Stoch.

“One of the other problems we have is that we make money. I know that may sound strange but the fact that we make money makes us unattractive to brokerage firms because we rarely do financings,” he says. “If you don’t do financings, you don’t get the brokerage firms support. We’ve never been written up by a brokerage firm — ever.”

Sentiment has shifted

Globex may not be in need of financing but many mcompanies are. That follows a painful, grinding downturn in the mining sector that started in 2011 and only lifted within the last year. Mr. Stoch says investor sentiment is certainly healthier than it was.

“You’re definitely seeing an uplift in financings, in interest in properties, in acquisition of assets,” he says “There’s been a sea change in that, that’s for sure. Definitely, clearly, there has been a change in the attitude in investors, and their willingness to take risk in junior companies, and junior companies becoming active again being able to do financings.”.

Miners always have their day

Amid his frustration, one thing Mr. Stoch knows after 30 plus years with Globex Mining is that the mining sector has very pronounced multi-year up and down cycles. He believes that eventually, inevitably, the market will once again take notice of Globex, and send the shares soaring as they did in the mid-1990s and the mid-2000s, when the stock surged to well over $7 a share. In fact, in 2005 alone, Globex shares jumped nearly 1000%. More recently, Globex’s stock has more than doubled from its cycle bottom in 2014.

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Globex Mining Enterprises Inc. (GMX-T) - 20 Year Chart


Assets on the cheap

Globex Mining was opportunistic during the downturn because, unlike many companies that had to close shop, Globex was in good financial position to pick up a lot of assets on the cheap.

“This down period was a tremendous opportu-nity. It was a chance to acquire assets at incred-ibly crazy prices,” Mr. Stoch says. “We just did a deal with a company called Enerspar, and they bought our Feldspar property. We sold for 2 million shares, a 2% gross overriding royalty and $100,000 cash. We picked that property up, I think it was, for like $150. When people get negative and don’t invest and companies can’t maintain their assets, we’re there.”

Bad periods are good

Now, as the mining environment improves, Globex can reap the benefits of the inexpensive assets it acquired during the doldrums of the market.

“The bad periods of the cycle are great for us because those are acquisition periods, and the good period that we’re in now, this is the opportunity to actually make money off of the things that you did previously in what was considered the bad cycle by most people,” Mr. Stoch says. “That’s part of our model that is completely different than how other people approach things. We’re long-term, we’re not shutting the doors.”

A novel idea

“We acquire things cheaply and we sell high. Buy low, sell high. It’s a very old idea but it’s a valid idea, and a lot of companies don’t seem to understand that,” Mr. Stoch says. “They’ll pay any price just because the market's high. We don’t do that. Some of these things that you pick up, you may have to wait five years, six years, whatever, more, to be in the position where the market catches up to your concept and your idea that, yes, you have value.”

Mr. Stoch believes the model that Globex has is far superior to those of most junior miners. “We make more money than about 90% of the juniors. We drill, we do deals, we make money,” he says.

Hard to replace

Mr. Stoch essentially wears three hats at Globex. He’s a geologist, a salesman and an acquirer of assets. He’s been looking for a successor for a few years but has come to the realization that his replacement needs to be more than one person because of the unique set of skills he brings to the table.

“I’ve pretty much come to the conclusion that if I want to semi-retire at some point I have to hire a couple of people to take my position,” he says. “I didn’t realize until about six months ago how difficult it is to find somebody with all the — I don’t want to sound pompous — the variant abilities that I have. Not that I’m great in all of them. I’m not the world’s best geologist, I’m not the world’s best salesman, I’m probably not the world’s best property acquirer but I’m pretty good at all of them.” Ownership down to the pencil

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Ownership down to the pencil

Another aspect of the Globex model that is different from junior miners is that the company owns the vast majority of its properties.

“The Globex model of the property bank — we have no debt, we have about $2.5 million in the bank in cash and shares of other companies. We make money. We own all our assets — that’s an-other thing — other people option properties and they have to make payments in order to main-tain their asset,” Mr. Stoch says. “Every single property, whatever percentage we have, and most them are 100%, we own. Not only that, we own our office buildings, we own our core facilities, we have all kinds of physical assets that we own. We own everything down to the pencil. What that allows us to do when things turn to crap — we know that is a cyclic business — our model allows us to continue to exist and not go back to our basement like most companies do. They either shut down, they lose their assets or they go down to the basement and they fire all their staff.”

Tight share supply

Globex may not have friends among brokers due to its lack of financing needs, but it’s created some loyal shareholders who never have to worry about having their shares diluted by a stock of-fering.

“We’ve got 49 million shares outstanding after 30 years. Those are all original shares. We’ve never done a rollback, Mr. Stock says. “That’s because we respect our shareholders, we run this thing like a business, and a business is supposed to make money, and it’s supposed to invest, and that’s what we do. We grow the business. The big challenge is getting the intrinsic value of the company rec-ognized. It’s a tough story to tell, and it’s a tough story to sell.”

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Goldman Sachs has weighed in on what it thinks will be the most profitable stocks this year, and some of the names may (or may not) surprise you.

Goldman identified 21 stocks it believes can increase profit margins by at least 50 basis points during 2017 and 2018, according to an Investopedia article on the report.

Eight of those stocks are I.T. companies, including top pick Broadcom Ltd. (AVGO-O).

“Broadcom’s leading status in high-growth technology markets, including wired and wireless network tools, data storage controllers, and automotive computing, helped the company beat analyst expectations in the first quarter of 2017,” the article states.

It said Goldman forecasts “continued robust demand to lift its already high operating profit margin by a further 493 basis points over the rest of the year.”

In the consumer discretionary space Goldman pointed to Chipotle Mexican Grill (CMG-N), Netflix Inc. (NFLX-O) and Expedia Inc. (EXPE-O).

“Chipotle … is forecast to have the second-best year for profit margin growth,” the article states, reminding readers about the contract from when it was hit by food borne illness scares in 2015.

“The restaurant chain is now believed to be in a strong position, thanks to a combination of better management and surging consumer demand for healthier food choices.”

Goldman’s third-place pick, also in IT, is Applied Materials Inc. (AMAT-O).

“Like Broadcom, the maker of semiconductor chips for smartphones, televisions and solar products has carved out a dominant position in the markets it serves. After years of heavy investment in research and development, Applied Materials is now able to provide much better equipment design experience than competitors,” the article says.

In health care, Goldman selected five stocks including Zoetis Inc (ZTS-N) and Celgene Corp (CELG-O). Industrials included Masco Corp. (MAS-N), Equifax Inc. (EFX-N) and Allegion PLC (ALLE-O). The three materials stocks it highlighted were Vulcan Minerals (VMC-N), Martin Marietta Materials (MLM-N) and Mosaic Co. (MOS-N).

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SMART MONEY


CIBC World Markets analyst Scott Fromson initiated coverage of Ritchie Bros. Auc-tioneers Inc. (RBA-N, RBA-T) with an "outperformer" rating and $36 (U.S.) target. Consensus is $35.89. The stock is currently trading around $30.55 in New York."RBA's multiple distribution channels, broad geographic coverage and long-standing relationships combine to form a powerful value-added proposition," said Mr. Fromson in a note. "We see two potential catalysts. First, RBA's acquisition of IronPlanet, the largest online competitor, will add signifi-cant revenues, increase diversification and secure Ritchie Bros.' position as the leading global player in the used heavy equipment auction business, both online and off. IronPlanet will also significantly bolster RBA's relationship with Caterpillar. Closing is expected in Q2/17. Second, we see RBA shares as a way for long-term investors to play the potential U.S. infrastructure build.”

Meanwhile, Ritchie Bros was downgraded to "sector weight" from "overweight" at KeyBanc by analyst Joe Box without a specified target. Consensus is $50.47 (Canadian).

Among 15 analysts that cover the stock, six have a "buy," seven a "hold" and two a “sell."

A number of analysts initiated coverage of Canada Goose Holdings Inc. (GOOS-T , G O O S - N ) a f t e r i t s r e c e n t IPO. Consensus is $26 (Canadian). The stock is currently trading around $21.30 on the TSX.

RBC Dominion Securities analyst Brian Tunick has an "outperform" on the stock and called the iconic down coat company at “compelling growth idea.”

“Despite its 60-year history, we see Canada Goose as in the early stages of its growth trajectory, particularly in the fragmented and growing premium outerwear market,” he said in a note. “We see Canada Goose's premium positioning, technical emphasis, strong and authentic heritage, customer loyalty (84 per cent of customers willing to purchase again as per 2016 survey), and seasoned management team as key assets as the brand aims for $1-billion in sales from an estimated $384-million today."

BMO Nesbitt Burns analyst John Morris ini-tiated coverage with an “outperform” rating and $28 target price. “Canada Goose offers an opportunity for investors to invest in a high-growth retailer at a reasonable price,” said Mr. Morris.

Canaccord Genuity analyst Camilo Lyon gave the stock a “buy” rating and $27 tar-get.

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Initiations


Canaccord Genuity analyst David Galison initiated coverage of Hydro One Ltd. (H-T) with a “buy” rating and $26 target price. Consensus is $25.95. The stock is currently trading around $24.35

“We also believe the shares could see potential upside to our base case outlook as management continues to focus on consolidating the fragmented electric local distribution market in Ontario,” he said.

“Considering the various avenues for potential upside to our base case outlook we feel comfortable with our target multiples slightly above the company’s limited average historical trading range …. Continued growth through acquisitions or additional regulated capital projects as well as positive improvements in future regulated ROE’s could mean further upside to our valuation.”

Among 14 analysts that cover the stock 5 have a "buy," 8 a "hold" and 1 a "sell."

Canaccord Genuity analyst Matt Bottomley initiated coverage of iAnthus Capital Holdings Inc. (IAN-CNSX) with a “speculative buy” rating and $4 price target. Consensus is 4.84. The stock is currently trading around $2.80.

“After going public in September of last year, iAnthus has already deployed $35 million raised in the Canadian equity market into a number of strategic investments in the U.S. cannabis industry,” the analyst said. “These investments range from modest ownership of vertically integrated operators in mature (but predictable) medical markets, to cultivation/sales licences in geographies with the potential for significant recreational upside.”

The biggest risk is the federal restrictions on the legalization of cannabis in the U.S., noting that the Trump’s administration has caused “increased uncertainty” in the sec-tor, even as more states legalize the prod-uct.

Both analysts that cover the stock have a “buy.”

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Photon Control (PHO-V) Echelon Wealth Partners raises the price target on last week’s Digest cover story idea to $2 from $1.50, giving the shares 22% upside. Here is fresh research on this optical sensor company which announced Monday that it had settled a lawsuit.

"The resolution of the lawsuit with the R&D partner removes a signifi-cant layer of uncertainty, where Photon Control’s core know-how, and ultimately, its long-term survival were at stake. While we thought a loss was a black swan event in that it was a low probability outcome with major potential negative implications, we recognized that a speedy resolution was vital to ensure operational continuity with a highly concentrated client base. The company has recently undertaken aggressive steps aiming to restore confidence and ensure continued operational success. Namely, Photon now boasts a bolstered manage-ment team with deepened industry pedigree, an aligned board of directors, and an in-house R&D team with full intellectual property ownership.

Investment thesis: Photon exposes in-vestors to a solid and growing business at what we consider to be very compelling valuation levels. While we recognize the risks of customer concentration and industry cyclicality, we believe the

company presents attractive risk-reward characteristics at current levels. Namely, we see solid free cash flow generation driving the company’s cash balance from $0.23/shr in 2015 to $0.47/shr in 2018. A revenue compound annual growth rate (CAGR) of 17.1% during 2016-2018, together with an EBITDA margin expansion, are set to drive a 24.8% EBITDA CAGR , helping sustain the company’s best-in-class return on invested capital of 30%+.

Valuation: Photon currently trades at what we consider attractive valuation levels relative to its fundamentals. The Company’s stock price is currently reflecting a 10.5x 2018 EBITDA multiple (a discount to peers’ 11.7x). **

Pivot Technology Solutions (PTG-T) Echelon Wealth names this I.T. services company as one of its two top small cap picks for 2017 giving it a “buy” rating and a price target of $5.50, which indicates a projected return of 214%.

BlackBerry Ltd. (BB-T, BBRY-Q) received some upgrades after announcing it has been awarded about $815 million (U.S.) in an arbitration decision in a dispute with Qualcomm Inc. over royalty overpayments.

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Noteworthy


Scotia Capital’s Paul Steep upgraded the stock to “sector outperform” from “sector perform” and increased his target to $13.27, up from $10.71. Consensus is $8. The stock is currently trading around $11.50 in Toronto and around $8.65 in New York.Mr. Steep said the award will make BlackBerry "extremely well positioned” to do to M&A and further its software strategy.

CIBC World Markets analyst Todd Coupland upgraded BlackBerry to “neutral” from “underperform” with a target of $13.27, rising from $10.64.

Among six analysts that cover the stock, two have a "buy," three a "hold" and one a "sell."

**

CIBC World Markets analyst Todd Coupland raised his target price for Shopify Inc. (SHOP-N, SHOP-T) to $100 (U.S.) from $70. Consensus is $69. The stock is currently trading around $71. He maintained his “outperformer” rating.

“We expect Shopify to continue to exceed expectations and be rerated once it achieves positive earnings,” he said in a note. “The first test will be in Q4/17 when the company is expected to have positive adjusted EBIT. After this, margins should continue to move towards the 2020 aspirational goal of 20 per cent.

“We also maintain that a price-to-sales metric remains an appropriate valuation tool until 2020 or when earnings and cash flow become positive. We believe that Shopi-fy's momentum should continue and that its shares remain attractive and should be purchased.”

Among 26 analysts that cover the stock, 18 have a "buy" and eight a "hold."

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UPGRADES

Black Diamond Group Ltd. (BDI-T) was upgraded to “hold” from “reduce” by GMP analyst Ian Gillies. He has a target of $4. Consensus is $5.44.

Boeing Co. (BA-N) stock is a "hold" at Canaccord Genuity. Analyst Ken Herbert raised his target price for the stock to $170 (U.S.) from $162. Consensus is $179.43.

Canadian Western Bank (CWB-T) was upgraded to “buy” from “hold” by Laurentian Bank Securities analyst Marc Charbin. He raised his target price to $36 (Canadian) from $30. Consensus is $31.23.

Caterpillar Inc. (CAT-N) is a “market perform” at BMO Nesbitt Burns and analyst Joel Tiss increased his target to $105 (U.S.) from $100. Consensus is $92.81.

Capstone Mining Corp. (CS-T) was raised to "buy" from "hold" by TD Securities analyst Craig Hutchison. He kept his target price of $1.90 (Canadian). Consensus is $1.68.

Cogeco Communications Inc. (CCA-T) is an “outperform” at CIBC World Markets.

Analyst Robert Bek raised his target to $78 from $75. Consensus is $78.08.

Constellation Brands Inc. (STZ-N) is a “neutral” at Credit Suisse. Analyst Laurent Grandet increased his target to $182 (U.S.) from $165. Consensus is $190.94.

Corus Entertainment Inc. (CJR.B-T) is a “hold” at Canaccord Genuity. Analyst Aravinda Galappatthige in-creased his target by a loonie to $12 (Canadian). Consensus is $13.51.

Freehold Royalties Ltd. (FRU-T) was increased to “outperform” from “market perform” by Raymond James analyst Jeremy McCrea. He has a target of $15.50. Consensus is $16.79.

Horizon North Logistics Inc. (HNL-T) was upgraded to “outperform” from “market perform" by Raymond James analyst Andrew Bradford. He maintained a target of $2. Consensus is $2.44.

Interfor Corp. (IFP-T) was raised to "buy" from "hold" at TD Securities. Analyst Sean Steuart raised his target to $23 from $19. Consensus is $20.71.

Lululemon Athletica Inc. (LULU-Q)

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Upgrades & Downgrades


was upgraded to "buy" from "hold" by Stifel analyst Jim Duffy. He kept his with a $60 (U.S.) target. Consensus is $60.85.

Rogers Communications Inc. (RCI.B-T) is a “neutral” at CIBC World Markets. Analyst Robert Bek raised his target price to $62 (Canadian) from $61. Consensus is $57.71. The company announced that former Telus executive Joe Natale would take over the CEO’s role two months earlier than originally planned after Rogers worked out an agreement with Telus.

Shaw Communications Inc. (SJR.B-T, SJR-N) is an “outperform” at RBC Dominion Securities. Analyst Drew McReynolds raised his target by a loonie to $30. Consensus is $29.07.

Toll Brothers Inc. (TOL-N) was upgraded to “outperform” from “sector perform” by RBC Dominion Securities analyst Robert Wetenhall. His target price rose to $43 (U.S) from $37. Consensus is $37.77.

Wells Fargo & Co. (WFC-N) was raised to "neutral" from "underweight" at Piper Jaffray by analyst Kevin Barker. His target rose to $55 (U.S.) from $52. Consensus is $59.96.

Whole Foods Market Inc. (WFM-Q) is an “outperform” at Credit Suisse. Analyst Edward Kelly raised his target to $40 (U.S.) per share from $36. Consensus is $29.74. The shares jumped after activist investor Jana Partners announced a stake in the company.

DOWNGRADES

Automotive Properties Real Estate Investment Trust (APR.UN-T) was downgraded to "hold" from "buy" at Industrial Alliance Securities. Analyst Brad Sturges raised his target price to $11.50 (Canadian) per unit from $11.25. Consensus is $11.25.

FirstService Corp. (FSV-Q, FSV-T) was downgraded to “market perform” from “outper-form” based on valuation, by Raymond James ana-lyst Frederic Bastien. But he raised his target price to $61 (U.S.) saying they’re still “big fans” of the company. Consensus is $55.25.

Hudson’s Bay Co. (HBC-T) is an "outper-form" at BMO Nesbitt Burns. Analyst Wayne Hood lowered his target to $31 (Canadian) from $35. Consensus is $14.89.

Osisko Mining Inc. (OSK-T) was downgrad-ed to “hold” from “speculative buy” by Echelon Wealth Partners Inc. analyst Ryan Walker. His target is $5.50. Consensus is $5.88.

Penn West Petroleum Ltd. (PWT-T) was downgraded to "sector perform" from "outperform" at by Alta Corp. analyst Thomas Matthews. He lowered his target to $2.60 from $3.25. The stock was also downgraded to “market perform” from “outperform” by Raymond James’ Jeremy McCrea. He lowered his target price to $2.50 from $2.75. Consensus is $2.78.

Pine Cliff Energy Ltd. (PNE-T) was downgraded to "sector perform" from "speculative buy" at Alta Corp. by analyst Patrick O'Rourke. He lowered his target to $1 from $1.30. Consensus is $1.17.

Raging River Exploration Inc. (RRX-T) was downgraded to “sector perform” from “outperform” by Alta Corp. analyst Thomas Matthews. He lowered his target to $11.50 from $12.50. Consensus is $12.52. Raging River surged last week on speculation the company had hired bankers to help find a buyer. The company said GMP Securities had been engaged as a financial advisor but that the process had ended.

Slate Office REIT (SOT.UN-T) is a "market perform" at BMO Nesbitt Burns and analyst Troy MacLean lowered his target slightly to $8.55 per unit, down from $8.70. Consensus is $8.76.

Veresen Inc. (VSN-T) was upgraded to “market perform” from “outperform” by Raymond James analyst Chris Cox. He in-creased his target to $16, up from $14. Con-sensus is $15.42.

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!14

TMAC Resources (TMR-T) is breaking out from a Volatility Squeeze which can be described as the calm before the storm. When a breakout of this type occurs the results are usually explosive. The RSI (14) has been showing positive divergence and is now pushing back toward 70. With the MACD turning positive and Relative Strength vs. the S&P500 breaking out above its downward sloping trending, this price action should continue to move higher.

Technically SPEAKING by Dwight Galusha

setyourstop.com

http://setyourstop.com

http://setyourstop.com


!15

Loblaw (L-T) has recently broken out to new 52-week highs from a Cup And Han-dle continuation pattern. Last week the price action pulled back to successfully test this breakout. With all indicators trending higher this chart remains bullish.


!16

After dropping below the 200-day moving average, Rogers Sugar (RSI-T) was able to break back above its downward sloping trend-line. The price action has since created a double bottom reversal pattern before pushing back above the 200-day moving average. A close above $6.25 would complete the bottoming process and a new uptrend should begin.

The CAPITAL IDEAS Digest is published by Capital Ideas Research Inc. The letter does not, and cannot, constitute a recommendation to buy or sell any security. By subscribing, you acknowledge that it is provided for informational purposes only and does not constitute investment advice. You also acknowledge that Capital Ideas may use the subscriber information to offer additional products and services in accordance with applicable laws. You further agree that Capital Ideas will not be liable for any losses or liabilities that may be occasioned as a result of the information or commentary provided in the newsletter. Further disclosures at www.capitalideasresearch.com/disclaimer.php

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Documents

DEEPLY UNDERVALUED Mark Bunting PROPERTY BANK LAST … · 2018-09-15 · Jack Stock, CEO, Globex Mining COVER STORY DEEPLY UNDERVALUED PROPERTY BANK GLOBEX CAN SOAR AGAIN IN A NEW