Watkin Jones (WJG)
Current Price:92.8p
Shares in issue: 256,430,367
Market Cap: £237.9m
Watkin Jones claims to be the UK’s leading developer and manager of residential for rent, focusing on the build-to-rent, student accommodation and affordable housing sectors. The Group has strong relationships with institutional investors, such as pension companies, who now look to the property market for safer, growing investments. Since 1999, Watkin Jones has delivered 46,000 student beds across 136 sites, making it a key player and leader in the UK purpose-built student accommodation market. It is increasingly expanding its operations into the build-to-rent sector. In addition, FRESH, the Group’s specialist accommodation management business, manages over 22,000 student beds and builds to-rent apartments for its institutional clients. Watkin Jones has also been responsible for over 80 residential developments, from starter homes to executive housing and apartments.
The Group’s competitive advantage lies in its experienced management team and capital-light business model, enabling it to offer investors an end-to-end solution. Builds are forward sold to investors minimising risk.
The current macro headwinds have affected business, pushing the price down 70% from the highs seen in January 2022. But if you believe these headwinds are short-term, this could present a buying opportunity.
The company operates in growing sectors, The Build to Rent (BTR) and Purpose Built Student Accommodation (PBSA).
As a property investor monitoring the growth areas in the UK, I have often come across the Build to Rent (BTR) market. With the increased urbanisation, lifestyle trend changes and working professionals not just concentrating on the London market, I have watched BTR developments dominate the landscape in areas such as Leeds, Manchester, and Liverpool. I have heard from Buy to Let housing investors that they worry that the BTR market could take over the industry in their urban areas.
Where traditional living standards are changing, young professionals and individuals looking to start families later look for the flexibility of renting in more urban areas. Professionals find that the facilities offered by the BTR Market meet their needs, such as working-from-home facilities, security, gyms, and concierges. Due to rising housing prices and interest rates, many young people need help to enter the housing market. The no-deposit BTR schemes are perfect for those individuals looking to save.
Watkin Jones also operates in the Purpose-Built Student Accommodation sector (PBSA). Like the BTR industry, the PBSA is like traditional student accommodation but on steroids, offering everything to meet the customer’s needs. Gone are the days of students slumming it like a scene from ‘The Young Ones’; students now want everything stylish and techy at their fingertips. With more young people choosing this lifestyle and the growth of international students coming to the UK, the demand for this type of accommodation grows.
The company also manages some lettings through their FRESH division. This is the backbone of both service lines, ensuring it can act dynamically and responsively to each market segment’s intricate nuances and marketing requirements. Fresh had 22,896 student beds and apartments under management at the year’s end. By 2024, it is currently expected to manage almost 25,000 units, including expected renewals. The division has achieved outstanding ratings for customer service.
The company’s developments are forward sold, meaning institutions buy the development before it’s finished, providing liquidity and less risk than the developers who build something and then spend, sometimes years, finding a buyer. Investment in the industry comes mainly from pension and insurance firms. Investment also comes from property companies (PROPCOS), REITS and private equity.
Financials
Revenue of £407.01m was down on the previous year as expected due to the macroeconomic environment in the UK. The mini-budget fiasco particularly affected business.
Operating profit also struggles with pressures from Interest rate hikes, inflation, and supply chains. As many predict, will the UK achieve zero interest rates by the end of 2023? Supply chains seem to be easing, and commodity and energy prices are still heading lower, which is suitable for lower prices on building materials.
The balance sheet is strong, with £83m in cash reported on 31st March 2023. The company states that cash generation typically comes late in the year to finance the following year, so it is usual to see this figure down slightly from FY22 results. With £100m in banking facilities and an undrawn overdraft, the company has the funds for potential opportunities. The company could be stronger than the competition—something I will investigate.
£30m of provisions have been set aside to replace cladding after the Grenfell Tower fire. The money is expected to be used over the next five years. Unfortunately, the company doesn’t know if this will be enough, as they also don’t know 100% what is expected of them. So, this number could increase. The reported EPS doesn’t take this number away.
Management has a significant stake, with recent directors buying to top up their holdings; this is a good sign as it reduces the risk of share dilution. Note that there has been no share dilution since the company was listed.
WJG provides a dividend yield of 8.5%, boosting the investment case, but mindful of the potential for this to be cut if needed.
Outlook
Due to the economic environment, things will worsen before they improve. Guidance already points to an H2 weighting, so half-year results due in May could give more downside. The Building Safety Act is also changing what areas require attention, which could also increase costs. This will have to be monitored closely.
It is times like these that I like to identify strong companies with excellent management teams that find themselves in a short-term rut which is reflected in the share price. We know the company is in a growing sector and has an excellent business model. One day these problems will be a distant memory, and one will utter the words, “I should have bought more”, or you can be in the camp that thinks the days are numbered for Watkin Jones. The fad of building to rent is finished, students are giving up on university, and the company will never achieve what it has in the past.
My Price Target
Analysts estimate Earning Per Share (EPS) to come in at 15p for FY23, raising to 20p for FY25.
Since listing on the UK Alternative Investment Market in 2016, the company has had an average Price to Earnings Ratio (PE) of around 11x.
The industry that WJG operates in also has an average PE of 11x.
Valuing the company at these levels presumes everything returns to normal; I think that’s a lot to ask, and we could see further profit warnings. By 2025, I expect to be at least viewing the current macro events in the rear-view mirror. I would be more conservative, considering a PE ratio of around 9. This would give me a price target of 180p, a 73% increase on today’s price. We don’t have a crystal ball, but I’m happy to invest in a well-run business that has identified a growing market early and developed an excellent reputation and relationships in a growing industry.
WJG also has a 2 Stage Free Cash Flow to an Equity valuation of 242p.
InMode (INMD)
Current Price: $36.68
Shares In Issue: 83,070,917
Market Cap: $3.04b
The investor YouTube scene has highly promoted this company due to its significant revenues and margins. The share price has fallen a lot from the highs seen in 2021, and the current valuation doesn’t reflect the excellent financials of the business. InMode released a trading update this week, and I thought it was time to look deeper. At first glance, this looks like the perfect investment.
InMode Ltd. (Nasdaq: INMD) is a leading global provider of innovative medical technologies. This week the company gave us a trading update ahead of its Q1 results, due for release on May 2nd, 2023. The statement states impressive results once again:
- Revenue for the first quarter of 2023 ranges from $105.7 million to $105.9 million.
- Non-GAAP earnings1 per diluted share for the first quarter of 2023 in the range from $0.50 to $0.51.
- 1Non-GAAP gross margin for the first quarter of 2023 in the range of 83% to 85%.
Compared, revenue for Q1 2022 was $85.9m, and Gross Margins of 82.8% with a Diluted EPS of $0.36.
This Israeli company listed on the US Stock Exchange has offices globally. The business operates in the UK under the Name INVASIX UK LIMITED, and the registered address is Wigmore Medical in London. I don’t know how these companies are related. I can see no cross-over of directors; InMode or INVASIX seems to use the Wigmore address for the UK operations. The company address in Israel is hard to identify. The registered address shown shows a shopping centre. I thought a company worth $3b would have been easier to identify on google maps. Inmode employs 480 people, and these will be global. I guess the research and development team based in Israel has 23 employees. Maybe this company is working from a shed like that of Aerotyne International.
InMode uses light, laser, and radiofrequency devices to treat face and body areas through skin tightening, contraction, resurfacing and contouring. InMode claims its treatments are the gold standard for aesthetic medicine. They are clinically proven to reduce treatment recovery time and deliver actual results.
The leading brands of InMode are FaceTite and BodyTite. These treatments use laser energy to contract skin and correct sagging without incisions or downtime. The laser energy also helps boost the production of collagen. After treatment, wrinkles begin to lessen, and the face and body contours are improved. They also plan to expand into the reduction of snoring in patients.
These services have mixed reviews, with many questioning whether this is just another fad in the beauty industry.
I remember that in the 1990s, there was a craze of women buying muscle tension machines, and the trend died out. My first thought of Inmode is bringing this craze back.
The company designs the machines and outsources the manufactured to China. The company sells these machines to medical practices mainly in the US (90% US and 10% Rest of the World). Prices range from a few thousand to hundreds of thousands.
The company has very little recurring revenue, something InMode could be looking at improving.
Financials.
Excellent. These are some of the best financials I have seen, no debt, a massive cash pile with investors wondering what the company will do with it, and significantly increasing revenues with large margins. Many on Youtube, even while supporting the company, state, “This is too good to be true”. This passing comment needs more attention.
I have seen foreign companies before turning out to be complete frauds and witnessed dodgy dealings coming from Israel in the past. I’m not against Israel, but I would like the company more if it was wholly based in the UK or US.
There are many moving parts to Inmode that I don’t understand, and I would like to look deeper into them when I have time these could include.
- A detailed understanding of the products and customer reviews.
- Who are the board, and what background do they have?
- Employee reviews of the company.
- Audits of the financials
If you trust and believe in all the financials and the business model, this could be the perfect investment whilst mindful of a potential recession. This is a cyclical business; customers will still pick food and energy over removing that double chin. A recession could expose the company if anything is not quite right; I already think it’s amazing how the company made massive amounts of money through the pandemic.
Listening to a recent earnings call, the company described the problems high delivery crate prices had created for the business. Increasing tenfold from $2000 to $20000, they had decided not to pass this cost increase onto the customer. Does this show a lack of pricing power or the right decision now that crate prices are back to normal? If the company could pass on the costs, margins would have been considerably more. Is this the management not wanting to take the piss and attract unwanted attention later? My head is full of questions, and I like it when all my questions are answered easily.
I will have to sit out of this one and watch the stock 10x or even 100x if everything reported is accurate. Time will tell whether the business model works. A competitor beating on price could easily affect the high margins; it wouldn’t be hard to do, and why hasn’t this been done to date if the machines are so good, and the market is there? These machines could be just another fad like the latest diet pill or a revolutionary in the cosmetic surgery industry. I watch with interest.
SCS (SCS)
Current Price £1.77
Shares in Issue: 33,823,314
Market Cap: £59.9m
SCS is highly regarded in the UK investment scene due to its excellent management team, customer reputation, and strong balance sheet. I have seen little upside as a swing trader looking to extract profits from the market by the share price increase over a short period. But as an investor, this company provides a dividend yield of 7.8% whilst also giving years of EPS growth.
ScS is one of the UK’s largest upholstered furniture and floorings retailers. It is promoting itself as the “Sofa Carpet Specialist”, seeking to offer value and choice through a wide range of upholstered furniture and flooring products. The Group’s product range is designed to appeal to a broad customer base with a mid-market priced offering and is currently traded from 98 stores.
The company is customer-driven, with a mission to be the UK’s best value home retailer, delivering outstanding value, quality and choice with a seamless customer experience. I have used SCS myself and was extremely happy with the service and the products.
The products SCS offer are very cyclical, meaning at these tough economic times when potential customers are tightening their belts and deciding on the next purchase, I’m sure a new sofa will be at the bottom of that list. That being said, the company is still holding its own. Order intake is down slightly, but the company has a positive outlook and expects to meet expectations. If things improve in the second half of the year in the economy, this may give the customer more confidence, and there could be some pent-up demand enabling SCS to beat those expectations. I feel positive, so maybe now I’ve changed my mind. This could be a swing trade.
With the large cash pile and no debt, the company stated in the FY22 results that they hoped to take market share, and this ambition looks to be materialising by completing an acquisition of modular sofa-maker Snug. Will we see more in the coming months?
SCS is constantly reviewing its strategy, redesigning stores, reviewing products, and improving omnichannel technology to increase growth and provide excellent customer service. The company looks after their staff by increasing wages and providing cost-of-living support bonuses. These increases and higher distribution and energy costs have affected operating margins, but these should improve in the future.
My Expectations
SCS has an average PE of around 9x. It traded around 9x pre-pandemic, rising to 14.6x during the crazy upside of 2021, with customers rushing to spend unnecessary stimulus funds dished out by the government. I am comfortable using 9x as a guide to what could be achieved.
Estimated Earnings for FY23 ending 20 July 2023 is that revenues come in slightly lower at £340.8m and an EPS of 14p 59% lower but raising to 21p in 2025. This gives a price target of £1.89 by 2025, as the price today is £1.77, there’s not much upside, but as said above, this could change dramatically with the economic outlook improving. As the company provides a dividend yield of 7.8%, this could still be a good investment if you think the dividend won’t be cut with a declining economy.
DISCLAIMER: I am not a financial advisor; this is not a financial advice website. All information provided does not take into anybody’s personal circumstances, situation, trading style or risk levels. If you are making an investment or other financial management decisions and feel you need guidance or advice, please consult a suitably qualified licensed professional. If interested in trading, please develop your strategy and research your own trades.
Watkin Jones (WJG)
Current Price:92.8p
Shares in issue: 256,430,367
Market Cap: £237.9m
Watkin Jones claims to be the UK’s leading developer and manager of residential for rent, focusing on the build-to-rent, student accommodation and affordable housing sectors. The Group has strong relationships with institutional investors, such as pension companies, who now look to the property market for safer, growing investments. Since 1999, Watkin Jones has delivered 46,000 student beds across 136 sites, making it a key player and leader in the UK purpose-built student accommodation market. It is increasingly expanding its operations into the build-to-rent sector. In addition, FRESH, the Group’s specialist accommodation management business, manages over 22,000 student beds and builds to-rent apartments for its institutional clients. Watkin Jones has also been responsible for over 80 residential developments, from starter homes to executive housing and apartments.
The Group’s competitive advantage lies in its experienced management team and capital-light business model, enabling it to offer investors an end-to-end solution. Builds are forward sold to investors minimising risk.
The current macro headwinds have affected business, pushing the price down 70% from the highs seen in January 2022. But if you believe these headwinds are short-term, this could present a buying opportunity.
The company operates in growing sectors, The Build to Rent (BTR) and Purpose Built Student Accommodation (PBSA).
As a property investor monitoring the growth areas in the UK, I have often come across the Build to Rent (BTR) market. With the increased urbanisation, lifestyle trend changes and working professionals not just concentrating on the London market, I have watched BTR developments dominate the landscape in areas such as Leeds, Manchester, and Liverpool. I have heard from Buy to Let housing investors that they worry that the BTR market could take over the industry in their urban areas.
Where traditional living standards are changing, young professionals and individuals looking to start families later look for the flexibility of renting in more urban areas. Professionals find that the facilities offered by the BTR Market meet their needs, such as working-from-home facilities, security, gyms, and concierges. Due to rising housing prices and interest rates, many young people need help to enter the housing market. The no-deposit BTR schemes are perfect for those individuals looking to save.
Watkin Jones also operates in the Purpose-Built Student Accommodation sector (PBSA). Like the BTR industry, the PBSA is like traditional student accommodation but on steroids, offering everything to meet the customer’s needs. Gone are the days of students slumming it like a scene from ‘The Young Ones’; students now want everything stylish and techy at their fingertips. With more young people choosing this lifestyle and the growth of international students coming to the UK, the demand for this type of accommodation grows.
The company also manages some lettings through their FRESH division. This is the backbone of both service lines, ensuring it can act dynamically and responsively to each market segment’s intricate nuances and marketing requirements. Fresh had 22,896 student beds and apartments under management at the year’s end. By 2024, it is currently expected to manage almost 25,000 units, including expected renewals. The division has achieved outstanding ratings for customer service.
The company’s developments are forward sold, meaning institutions buy the development before it’s finished, providing liquidity and less risk than the developers who build something and then spend, sometimes years, finding a buyer. Investment in the industry comes mainly from pension and insurance firms. Investment also comes from property companies (PROPCOS), REITS and private equity.
Financials
Revenue of £407.01m was down on the previous year as expected due to the macroeconomic environment in the UK. The mini-budget fiasco particularly affected business.
Operating profit also struggles with pressures from Interest rate hikes, inflation, and supply chains. As many predict, will the UK achieve zero interest rates by the end of 2023? Supply chains seem to be easing, and commodity and energy prices are still heading lower, which is suitable for lower prices on building materials.
The balance sheet is strong, with £83m in cash reported on 31st March 2023. The company states that cash generation typically comes late in the year to finance the following year, so it is usual to see this figure down slightly from FY22 results. With £100m in banking facilities and an undrawn overdraft, the company has the funds for potential opportunities. The company could be stronger than the competition—something I will investigate.
£30m of provisions have been set aside to replace cladding after the Grenfell Tower fire. The money is expected to be used over the next five years. Unfortunately, the company doesn’t know if this will be enough, as they also don’t know 100% what is expected of them. So, this number could increase. The reported EPS doesn’t take this number away.
Management has a significant stake, with recent directors buying to top up their holdings; this is a good sign as it reduces the risk of share dilution. Note that there has been no share dilution since the company was listed.
WJG provides a dividend yield of 8.5%, boosting the investment case, but mindful of the potential for this to be cut if needed.
Outlook
Due to the economic environment, things will worsen before they improve. Guidance already points to an H2 weighting, so half-year results due in May could give more downside. The Building Safety Act is also changing what areas require attention, which could also increase costs. This will have to be monitored closely.
It is times like these that I like to identify strong companies with excellent management teams that find themselves in a short-term rut which is reflected in the share price. We know the company is in a growing sector and has an excellent business model. One day these problems will be a distant memory, and one will utter the words, “I should have bought more”, or you can be in the camp that thinks the days are numbered for Watkin Jones. The fad of building to rent is finished, students are giving up on university, and the company will never achieve what it has in the past.
My Price Target
Analysts estimate Earning Per Share (EPS) to come in at 15p for FY23, raising to 20p for FY25.
Since listing on the UK Alternative Investment Market in 2016, the company has had an average Price to Earnings Ratio (PE) of around 11x.
The industry that WJG operates in also has an average PE of 11x.
Valuing the company at these levels presumes everything returns to normal; I think that’s a lot to ask, and we could see further profit warnings. By 2025, I expect to be at least viewing the current macro events in the rear-view mirror. I would be more conservative, considering a PE ratio of around 9. This would give me a price target of 180p, a 73% increase on today’s price. We don’t have a crystal ball, but I’m happy to invest in a well-run business that has identified a growing market early and developed an excellent reputation and relationships in a growing industry.
WJG also has a 2 Stage Free Cash Flow to an Equity valuation of 242p.
InMode (INMD)
Current Price: $36.68
Shares In Issue: 83,070,917
Market Cap: $3.04b
The investor YouTube scene has highly promoted this company due to its significant revenues and margins. The share price has fallen a lot from the highs seen in 2021, and the current valuation doesn’t reflect the excellent financials of the business. InMode released a trading update this week, and I thought it was time to look deeper. At first glance, this looks like the perfect investment.
InMode Ltd. (Nasdaq: INMD) is a leading global provider of innovative medical technologies. This week the company gave us a trading update ahead of its Q1 results, due for release on May 2nd, 2023. The statement states impressive results once again:
- Revenue for the first quarter of 2023 ranges from $105.7 million to $105.9 million.
- Non-GAAP earnings1 per diluted share for the first quarter of 2023 in the range from $0.50 to $0.51.
- 1Non-GAAP gross margin for the first quarter of 2023 in the range of 83% to 85%.
Compared, revenue for Q1 2022 was $85.9m, and Gross Margins of 82.8% with a Diluted EPS of $0.36.
This is an Israeli company listed on the US Stock Exchange. The company has offices globally. The business operates in the UK under the Name INVASIX UK LIMITED. The company’s registered address is Wigmore Medical in London. I don’t know if these companies are related. There is no cross-over of directors; InMode or INVASIX seems to use the Wigmore address for the UK operations. The company address in Israel is hard to identify. The registered address shown shows a shopping centre. I thought a company worth $3b would have been easier to identify on google maps. Inmode employs 480 people, and these will be global. I guess the research and development team based in Israel has 23 employees. Maybe this company is working from a shed like that of Aerotyne International.
InMode uses light, laser, and radiofrequency devices to treat face and body areas through skin tightening, contraction, resurfacing and contouring. InMode claims its treatments are the gold standard for aesthetic medicine. They are clinically proven to reduce treatment recovery time and deliver actual results.
The leading brands of InMode are FaceTite and BodyTite. These treatments use laser energy to contract skin and correct sagging without incisions or downtime. The laser energy also helps boost the production of collagen. After treatment, wrinkles begin to lessen, and the face and body contours are improved. They also plan to expand into the reduction of snoring in patients.
These services have mixed reviews, with many questioning whether this is just another fad in the beauty industry.
I remember that in the 1990s, there was a craze of women buying muscle tension machines, and the trend died out. My first thought of Inmode is bringing this craze back.
The company designs the machines and outsources the manufactured to China. The company sells these machines to medical practices mainly in the US (90% US and 10% Rest of the World). Prices range from a few thousand to hundreds of thousands.
The company has very little recurring revenue, something InMode could be looking at improving.
Financials.
Excellent. These are some of the best financials I have seen, no debt, a massive cash pile with investors wondering what the company will do with it, and significantly increasing revenues with large margins. Many on Youtube, even while supporting the company, state, “This is too good to be true”. This passing comment needs more attention.
I have seen foreign companies before turning out to be complete frauds and witnessed dodgy dealings coming from Israel in the past. I’m not against Israel, but I would like the company more if it was wholly based in the UK or US.
There are many moving parts to Inmode that I don’t understand, and I would like to look deeper into them when I have time these could include.
- A detailed understanding of the products and customer reviews.
- Who are the board, and what background do they have?
- Employee reviews of the company.
- Audits of the financials
If you trust and believe in all the financials and the business model, this could be the perfect investment whilst mindful of a potential recession. This is a cyclical business; customers will still pick food and energy over removing that double chin. A recession could expose the company if anything is not quite right; I already think it’s amazing how the company made massive amounts of money through the pandemic.
Listening to a recent earnings call, the company described the problems high delivery crate prices had created for the business. Increasing tenfold from $2000 to $20000, they had decided not to pass this cost increase onto the customer. Does this show a lack of pricing power or the right decision now that crate prices are back to normal? If the company could pass on the costs, margins would have been considerably more. Is this the management not wanting to take the piss and attract unwanted attention later? My head is full of questions, and I like it when all my questions are answered easily.
I will have to sit out of this one and watch the stock 10x or even 100x if everything reported is accurate. Time will tell whether the business model works. A competitor beating on price could easily affect the high margins; it wouldn’t be hard to do, and why hasn’t this been done to date if the machines are so good, and the market is there? These machines could be just another fad like the latest diet pill or a revolutionary in the cosmetic surgery industry. I watch with interest.
SCS (SCS)
Current Price £1.77
Shares in Issue: 33,823,314
Market Cap: £59.9m
SCS is highly regarded in the UK investment scene due to its excellent management team, customer reputation, and strong balance sheet. I have seen little upside as a swing trader looking to extract profits from the market by the share price increase over a short period. But as an investor, this company provides a dividend yield of 7.8% whilst also giving years of EPS growth.
ScS is one of the UK’s largest upholstered furniture and floorings retailers. It is promoting itself as the “Sofa Carpet Specialist”, seeking to offer value and choice through a wide range of upholstered furniture and flooring products. The Group’s product range is designed to appeal to a broad customer base with a mid-market priced offering and is currently traded from 98 stores.
The company is customer-driven, with a mission to be the UK’s best value home retailer, delivering outstanding value, quality and choice with a seamless customer experience. I have used SCS myself and was extremely happy with the service and the products.
The products SCS offer are very cyclical, meaning at these tough economic times when potential customers are tightening their belts and deciding on the next purchase, I’m sure a new sofa will be at the bottom of that list. That being said, the company is still holding its own. Order intake is down slightly, but the company has a positive outlook and expects to meet expectations. If things improve in the second half of the year in the economy, this may give the customer more confidence, and there could be some pent-up demand enabling SCS to beat those expectations. I feel positive, so maybe now I’ve changed my mind. This could be a swing trade.
With the large cash pile and no debt, the company stated in the FY22 results that they hoped to take market share, and this ambition looks to be materialising by completing an acquisition of modular sofa-maker Snug. Will we see more in the coming months?
SCS is constantly reviewing its strategy, redesigning stores, reviewing products, and improving omnichannel technology to increase growth and provide excellent customer service. The company looks after their staff by increasing wages and providing cost-of-living support bonuses. These increases and higher distribution and energy costs have affected operating margins, but these should improve in the future.
My Expectations
SCS has an average PE of around 9x. It traded around 9x pre-pandemic, rising to 14.6x during the crazy upside of 2021, with customers rushing to spend unnecessary stimulus funds dished out by the government. I am comfortable using 9x as a guide to what could be achieved.
Estimated Earnings for FY23 ending 20 July 2023 is that revenues come in slightly lower at £340.8m and an EPS of 14p 59% lower but raising to 21p in 2025. This gives a price target of £1.89 by 2025, as the price today is £1.77, there’s not much upside, but as said above, this could change dramatically with the economic outlook improving. As the company provides a dividend yield of 7.8%, this could still be a good investment if you think the dividend won’t be cut with a declining economy.
DISCLAIMER: I am not a financial advisor; this is not a financial advice website. All information provided does not take into anybody’s personal circumstances, situation, trading style or risk levels. If you are making an investment or other financial management decisions and feel you need guidance or advice, please consult a suitably qualified licensed professional. If interested in trading, please develop your strategy and research your own trades.
