Positioning no disclosures inside 60 days, left as found
Options put/call open interest 4.14, read 2026-11-02
Ethical passes the values gate
Price20.01 USD
Fair valueUnder review
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markdown24.14-17.1% to today ✓Accumulation gives way to Markdown after a 6% rise in 5 weeks
2026-08-25Read Accumulation22.74-12.0% to today Distribution gives way to Accumulation after a 34% rise in 4 weeks
2026-07-25Read Distribution16.98+17.8% to today Markdown gives way to Distribution after a 16% slide in 3 weeks
2026-07-02Read Markdown20.18-0.8% to today ✓First review on file: Markdown
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Caledonia Mining Corp Plc holds its Markdown at $20.01. The statistical read favours the sellers, held for 45 days.
As held on the ledger · 2026-11-02
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 45 days
Price at the screen
$20.01
Valuation
6.09 trailing · 4.65 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.73
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
7.91%
Below 33%
Interest-bearing debt is just 7.9% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
1.21%
Below 33%
Cash held in interest-bearing accounts and securities is 1.2% of assets, under the one-third limit.
Pass
Receivables
10.55%
Below 49%
Money owed to the company is 10.6% of assets, under the 49% limit.
Pass
Revenue purity
0.17%
Below 5%
Only 0.2% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Caledonia Mining Corp Plc clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 8%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-02. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when CMCL's ethical verdict changes
Today CMCL passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Fair value under review. Our model's value is 2.09x the price, above our 1.35x limit. We show no fair value, margin of safety or value read built on it until the review clears.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to Jersey and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CMCL trades on NYSE AMERICAN (the company is based in Jersey). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Markdown$21.26-10.3%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 10.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (3 analysts) rates it none, with a mean price target of $43.
2026-10-21Markdown$23.70-0.2%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (3 analysts) rates it none, with a mean price target of $43.
2026-10-14Markdown$23.75-1.6%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 1.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (3 analysts) rates it none, with a mean price target of $43.
2026-10-02Markdown · changed$24.14+6.2%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 6.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (3 analysts) rates it none, with a mean price target of $43.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 33.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (3 analysts) rates it none, with a mean price target of $43.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 15.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (3 analysts) rates it none, with a mean price target of $43.
2026-07-18Markdown$20.18+0.0%Entry 3
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 36%. The street (3 analysts) rates it none, with a mean price target of $43.
2026-07-03Markdown$20.18+0.0%Entry 2
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markdown$20.18Entry 1
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.