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By Tom Winnifrith, The Sheriff of AIM | Wednesday 7 February 2018
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I am really warming to analyst Anne Stevenson-Yang of JCap whose latest note on Neil Woodfords pals at IP Group (IPO) "Some Companies deserve to die" is a stormer. And she cites the great work done by Shareprophet (sic) in her report.
Her point is the valuation of certain companies that IP and also Nomates are invested in are just bonkers and she serves up three clear examples. Since the valuations cannot be maintained, they can only be manipulated to defy gravity for so long, the sustainability of current NAVs looks very questionable.
One of the investee companies flagged up is AIM listed Mirriad Advertising (MIRI) which I was doing some work on a couple of weeks ago but never got around to writing up. My own view is that the valuation of this cash guzzling monster is utterly insane and that it is not a question of whether it will go tits up but when.
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