Share Name Share Symbol Market Type Share ISIN Share Description
Marwyn Val. LSE:MVI London Ordinary Share KYG5897M1740 ORD 0.0001P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.125p +0.08% 151.125p 149.25p 153.00p 151.125p 151.00p 151.00p 6,181 14:12:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 9.6 9.6 -38.2 - 106.86

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Date Time Title Posts
28/4/201715:33Marwyn Value II1,035.00

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Marwyn Value Investors Daily Update: Marwyn Val. is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker MVI. The last closing price for Marwyn Value Investors was 151p.
Marwyn Val. has a 4 week average price of 134.13p and a 12 week average price of 134.13p.
The 1 year high share price is 174.75p while the 1 year low share price is currently 134.13p.
There are currently 70,711,826 shares in issue and the average daily traded volume is 87,824 shares. The market capitalisation of Marwyn Val. is £106,863,247.04.
davebowler: Liberum; Marwyn Value Investors (Mkt Cap £101m) 2016 results: -6.9% total return Event Marwyn's NAV total return for the year to December 2016 was -6.9%. NAV total return in the second half of the year was +3.2% following a decline of 9.7% in H1. NAV performance has continued to recover in 2017 with a return of +3.3% to date. The NAV decline in 2016 was mainly due to a fall in the share price of Zegona and the valuation of Le Chameau Group. Zegona released 2016 results last week which highlighted an uplift in revenue and cash flow of 3.0% and 9.7% respectively over the year. BCA's share price rose by 8.1% in 2016. The company acquired Paragon Automotive during the year to broaden and increase the penetration on value-added services which help to retain the customer base and drive revenues. Interim results for the period to October demonstrated strong growth in all key areas resulting in a 28% increase in earnings per share. There are now six portfolio companies following two new investments in Safe Harbour and Wilmcote Holdings. Safe Harbour is an unquoted company that has been seeded with £10m of capital by Marwyn and is seeking to acquire industrial distribution businesses. Wilmcote Holdings is a new management platform focused on the acquisition and development of businesses in the specialty chemicals sector. It has been established in partnership with Adrian Whitfield, who previously implemented a turnaround and growth strategy at Synthomer plc, a FTSE 250 listed specialty polymer operator. Liberum view Recent NAV performance has been strong mainly due to a 26% increase in Zegona's share price following the announcement that Euskaltel is in talks to acquire Telecable from Zegona. Consolidation of regional cable operators in Northern Spain has often been speculated. Zegona has been seeking further investment opportunities and is not under pressure to sell. We believe any bid would need to be at an attractive level in order to succeed. Marwyn is currently trading on a 34% discount to NAV (5.9% dividend yield). Cash as a percentage of NAV has declined from c.57% in December 2015 to 26% at the end of March 2017 and further deployment to fund an acquisition for one of the management platforms could act as a catalyst for a narrowing of the discount.
davebowler: Zeus on BCA; BCA has delivered a strong set of results that are 5% ahead of our forecast at the adjusted EPS level. Strong growth has been made across all four divisions leading to an impressive +31% increase in adjusted EBITDA. Our EPS assumptions remain unchanged, and we are comfortable at the top end of the consensus range. We continue to believe BCA remains well positioned as an attractive structural growth play and is underpinned by a solid dividend yield. § H1 results: BCA has delivered strong results, which were 5% ahead of our forecast at the adjusted EPS level. The Group has delivered an impressive 31% YOY EBITDA growth driven by strong organic growth and the successful integration of acquisitions. Cash conversion was 116% and net debt on track vs. our FY assumptions. The interim dividend was +10% and in line with our expectations. § Key performance drivers: UK Remarketing was a strong performance with core volumes +8.4% (including SMA) producing YOY EBITDA growth of 23.4%. International Remarketing saw volumes +5.7% YOY with FX rates providing a 11% favourable movement to reported results vs. the prior period. Revenue per vehicle were +19.9% YOY driving revenues +26.5% and EBITDA +33.3%. WBAC continued to deliver strong volume growth ahead of our expectations, which was running at 13.3% during the period, driving revenues +14.3% and EBITDA +6.0%. Acquisitions have been integrated well via Automotive Services, with management also taking decisive action to drive enhanced profitability namely via UK logistics. Group costs were broadly in line with our expectations. § Forecast assumptions: We are maintaining our headline EPS forecasts on the back of these results. We have increased volumes in the UK, albeit this is largely offset by slightly higher depreciation and interest cost. We remain comfortable with our assumptions at the upper end of the consensus range. § Investment view: We remain comfortable with our original investment thesis based on the underlying performance of the business. We continue to believe the growth potential is significant from here across all divisions, especially in Europe in future years. We continue to see BCA as attractive critical infrastructure as it now touched over 3.5m vehicles in the UK supply chain alone, and would expect to see continued growth under most post Brexit scenarios. With an attractive dividend yield of 4% following some share price weakness, we would expect the shares to perform well given the attractive structural growth opportunities.
gleach23: ZEG up another 4% today and now more than 25% up since early Sept lows. There used to be an obviously slow reaction by MVI to significant movements in ETO share price in the past - I presume this slow reaction might now be even more pronounced so would expect a tick up in the not too distant...
jhan66: I think ZEG is 30% of MVI. Its up 6% since last NAV news, £2.129. Add roughly 1.8% gets me to £2.17 current NAV. that's about 35% discount which I assume is about as high as its ever reached. I see discounts were previously 25.9% in June & only 10.7% a year ago. Together with the boards stated intention of reducing the discount, id like to believe this share price is due a rise.
tiltonboy: ● Numis Views: The Ordinary shares (£112m market cap) are trading at a discount to NAV of 33%, and on the face of it the opportunity to convert into a Realisation share class sounds appealing given that the portfolio had significant net cash of 24.2% of net assets as at 29 September. However, the Realisation shares appear to have been designed to appear as unattractive as possible. Holders of the realisation shares are likely to be left with an illiquid investment, with no dividend and the likelihood that no significant realisation proceeds will be received for at least five years. There is also the threat of potential dilution in the investments in future. In particular, we find it hard to understand why the Realisation shares will not benefit from the same quarterly dividend as the Ordinary shares. Although there is a significant pull to redemption due to the size of the discount, shareholders face management fees of 2.0% pa on the underlying assets, as well as listed company costs (and potential incentive fees on gains). ● In our view, investors in the Ordinary shares seeking an exit are now caught between a rock and a hard place. We believe that Marywn Value has an interesting mandate, and it has an impressive long term record, largely due to its previous investment in Entertainment One. However, we have been wary of the fund due to the concentrated nature of the portfolio and concerns over corporate governance. In December 2015 the fund raised £50m at 220p which represented a 15% discount to the prevailing NAV on a non-pre-emptive basis, resulting in dilution of c.5% for shareholders that were unwilling/unable to participate. The company has strong backing from a number of institutional shareholders, notably Invesco AM, which holds a stake of 41.3%, according to Bloomberg. However, we do not believe that Boards should justify corporate action that may be unfavourable for many smaller investors just because they can gain support from a handful of large investors. We therefore continue to believe that Marwyn Value is a stock to avoid. Over the past three years, the fund’s NAV is down 10.7%, while its share price has fallen 21.2% (both on a total return basis). Over the same period, the Numis Smaller Cos Index (ex ICs) is up 21.5%.
davebowler: Liberum; Event Marwyn's NAV total return for the six month period to June 2016 was -9.7%. Since the period end NAV has recovered slightly and YTD NAV total return is now -8.0%. Zegona's (29% of NAV) recent interim results have highlighted the ongoing progress at Telecable with a 4.4% increase in revenues and growth of 10.6% in cash flow. The company is on track to meet 2016 guidance of mid-single digit revenue growth and double digit cashflow growth for FY2016. BCA released its maiden results covering the 12-month trading period since acquisition (to 3 April 2016), reporting revenue of £1,153 million and adjusted EBITDA of £98.5 million. The company's leading market position was strengthened with UK a significant increase in remarketing volumes (UK +7.9%; International +6.4%) BCA has also completed the acquisition of Paragon Automotive Ltd (leading UK provider of outsourced vehicle services to automotive manufacturers and fleet operators) to broaden and increase the penetration on value-added services which help to retain the customer base and drive revenues. Marwyn has today announced a new £10m investment in Marwyn Specialty Chemicals, a private company focused on the specialty chemical and industrial sectors. The company is seeking to acquire a business with an enterprise value of £250m - £1.5bn and intends to seek a listing around the time of the initial platform acquisition. Liberum view Marwyn now trades on a 32.5% discount to NAV (5.8% dividend yield). The price implies a c.40% discount on Zegona and BCA positions (ex-cash and assuming 50% discount on remaining assets). Catalysts for a narrowing of the discount include the deployment of capital to fund an acquisition for Gloo and new management platforms such as Marwyn Specialty Chemicals. The 5.8% dividend yield should also provide further support for the share price.
jonwig: Skyship, taking your points in turn: 1) Ignoring of pre-emptive rights - yes, this was unfortunate. I suspect the subsequent share price weakness has something to do with it, and the only other company which has done anything similar (JZCP, 2015) suffered, too.) 2) The "dividend" was never advertised as such, (RNS 22/09, 06/10). It was a return of capital. One way to play it was to front-run the distribution by buying shares in the market ahead of the event. If you believe the company's aims, that's effective, and probably tax-efficient, too. You only get 4p by misrepresenting it. 3) Tec h stocks investment. This isn't what they are doing. They are creating shells which will target existing, underperforming businesses and spinning them off. The BCA was a classic case here. And Gloo and Zegona are following this pattern. Again, believe it or don't. Is MVI private equity? I'd say not, though it's hard to classify. And LMS .. it strikes me as an asset realisation play, though I'd want to know what "adopt a strategy of active investment in the energy sector" will involve. And it's not for me. Unlike yourself, I've always been reluctant to push my own holdings (as stuff happens), but in PE, APAX is a recently-listed fund, and JZCP may now be lifting itself from the floor. Both have dividend yields of around 5%.
ceaserxzy: looking at the eto share price one has to applaud the MVI management for exiting eto with perfect timing.
envirovision: I wonder if MVI will be increasing its stake in the placing Haversham will be doing, clearly a £1.50 placing is a distinct premium to its suspended share price. Even if MVI don't get involved in the placing when it reopened there should be a nice uplift in the share price and MVI's nav will benefit.
blondeamon: JUST BEEN RECOMMENDED ON SIMON THOMPSON'S BARGAIN SHARE PORTFOLIO!! Imagine being able to buy shares in an investment company for a third less than the combined market value of all that company's investments. Even better than that, imagine that all those investments are soaring in value, but investors have yet to cotton on to the fact. It may seem an unlikely scenario, but this is exactly what I have uncovered in a special situation this week and one that provides us with one heck of an arbitrage opportunity. And I don't expect it to last long once other like-minded investors wise up to this valuation anomaly. Time to 'arb' away the valuation anomaly The company I have uncovered, Marwyn Value Investors (MVI: 143p), has been under my watchful eye for some time now as I have been waiting patiently to press the buy button. I think that time has now come because the share price discount to net asset value has widened to such an extent that the downside risk looks virtually non-existent and a 20 per cent-plus re-rating in the share price looks firmly on the cards. Let me explain. The company was created in April 2008 through the amalgamation of two Marwyn funds and was admitted to trading as a closed-end investment company on the Specialist Fund Market of the London Stock Exchange in December 2008. The investment objective of the company is simple: to maximise total returns through the capital appreciation of its investment in Marwyn Value Investors LP, an open-ended fund domiciled in the Cayman Islands, which was launched in March 2006 with backing from more than 60 leading institutions and alternative funds. Marwyn Value Investors LP specialises in the acquisition of growth businesses by taking significant stakes in quoted portfolio companies and has so far invested in 13 portfolio companies which have together completed 68 transactions, with an aggregate transaction value in excess of £1bn. It has been successful, having generated net asset growth of 140 per cent in that period. Hidden value in the portfolio Currently, the ordinary shareholders of MVI have interests in five companies: film producer Entertainment One (ETO); healthcare software company Advanced Computer Software (ASW); Breedon Aggregates (BREE), the largest independent aggregates company in the UK; specialist asbestos services company Silverdell (SID) and transport and consumer goods investment company Marwyn Management Partners (MMP). Of these companies, all bar Marwyn Management Partners, which only accounts for around 2 per cent of net assets of MVI, are Investors Chronicle buy recommendations. Moreover, shares in these companies have been soaring since MVI last updated the market. For instance, shares in Entertainment One, which has just completed the acquisition of Alliance Films to become the largest independent film distributor in Canada and the UK, have risen 10 per cent since 18 January as investors warm to the earnings-enhancing deal. Even now, shares in Entertainment One are still only rated on 11 times EPS for the 12 months to March 2013, dropping to 10 times the year after. Given that the investment in the company accounts for more than 75 per cent of MVI's net asset value then prospects for the two companies are closely interlinked. But even though shares in Entertainment One have rallied 46 per cent off their lows last May, shares in MVI have only risen by 16 per cent in this time, which means the share price discount to net asset value has widened further. That's important because, by my reckoning, the investment in Entertainment One, a company with a £500m-plus market value, is now worth more than MVI's own market value. Of interest, too, is the investment in Advanced Computer Software (ASW). Half-year figures from the healthcare and business software specialist revealed robust sales growth and impressive cash-flow generation. Underlying cash profit jumped 10 per cent to £13.2m, while cash generated from operations rose 9 per cent to £12.3m. The cost-saving IT solutions offered by the company are clearly proving popular in the current climate, which is hardly surprising. The shares are proving popular, too, having soared by 40 per cent from 60p at the end of September to 83p now. In fact, the value of MVI's investment has increased in value by almost 20 per cent in the past three weeks alone. By my reckoning, MVI's holding is now worth around £25m. And it is not the only share price gathering momentum as MVI's investment in Silverdell has soared 45 per cent since late September and is up 12 per cent in the past three weeks. The company offers specialist asbestos services in the UK by providing environmental, remediation and consultancy services across diverse end-user markets including government, retail, utilities, nuclear, marine and petrochemical. To highlight the growth potential in this business, it's worth considering that the price has more than doubled since we first tipped the shares at 7.25p two years ago, and yet the shares still trade on just nine times forecast earnings. True, the share price of Breedon Aggregates is unchanged since the last investment update from MVI but, taking all the gains into account, by my reckoning MVI currently has a net asset value well over 10 per cent higher than the 186p a share reported on both 18 January 2013 and 28 September 2012. But MVI's share price, at 135p, is barely changed, having been 127p at the end of September and 130p a month ago. On this basis, I calculate that shares in Marwyn Value Investors (MVI), are priced at a third below net asset value which is anomalous to say the least considering the buoyant performance of its shareholdings and the operational performances from the companies to back up those. Share price breakout looms Interestingly, ordinary shares in MVI are now priced just below their September to December highs around 144p and look poised for an imminent breakout. That would certainly be justified based on the performance of the portfolio and the operational performance of the constituent companies. Priced on a bid-offer spread of 140p to 143p, I rate Marwyn Value Investors' (MVI) ordinary shares a very strong trading buy and have a conservative three-month target price of 165p, which, if achieved, would narrow the share price discount to current book value to around 20 per cent. Please note that Marwyn also has a 'B' class of shares, which I am not recommending buying.
Marwyn Value Investors share price data is direct from the London Stock Exchange
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