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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tvc Hldgs | LSE:TVCH | London | Ordinary Share | IE00B1Z90V93 | ORD EUR0.01 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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| 0.00 | 0.00% | 5.00 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | O | 0 | 5.00 | GBX |
Tvc Hldgs (TVCH) Share Charts1 Year Tvc Hldgs Chart |
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1 Month Tvc Hldgs Chart |
Intraday Tvc Hldgs Chart |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 20/6/2014 16:20 by wexboy Company: TVC HoldingsPrior Post(s): 2012 & 2013 Ticker: TVCH:ID Price: EUR 0.92 I get the feeling some readers might think I was bearish on TVC in the past two years... Not at all I saw decent upside for TVC in both 2012 & 2013, and I was also very bullish on its major holding UTV Media (UTV:LN). But yeah, I was distinctly bearish on TVC's corporate governance. Management enjoys a cushy number here, and I haven't heard a peep out of shareholders about high operating expenses & the glaring lack of new (unquoted) investments over the years. Frankly, I'm astonished by the recent wind-down announcement I suspected a possible corporate event was inevitable, but not this... And the (main) reason cited seems pretty laughable: 'the very substantial amount of Irish and international funding seeking investment opportunities similar to those sought by TVC'. So, we're expected to believe TVC's been competing tooth & nail with other Irish/international investors to provide venture capital to 'early stage & expanding Irish companies'?! I must have missed that particular investment wave myself... But perhaps the answer's staring us in the face the Chairman, Shane Reihill, owns about 30% of TVC: Maybe he just wants to cash out & move on to greener pastures? All in all, Reihill & John Tracey (TVC's CEO) have really made out like bandits bankers here: - TVC floated in 2007, with investors actually paying a premium to NAV. This basically reflected TVC's purchase of Trinity Venture Capital Ltd. (founded by Reihill) for EUR 22.7 million, including EUR 12.5 M of goodwill. To this day, I'm mystified by this goodwill what extra secret sauce did investors think they were acquiring? A fund management business? No. [There was some talk of organizing investment syndicates, but details were skimpy & it came to naught]. The unique skills & experience of Messrs. Reihill & Tracey perhaps? If so, why the generous compensation packages ever since? - Since TVC floated, total operating expenses have amounted to an approximate & astonishing...wait for it, wait for it...EUR 22.1 million!?! - I haven't seen all the gory details, but executives & staff will actually receive severance now TVC's glory days are over. - Finally, I'm sure Reihill & Tracey will be back with a new venture in the none too distant future. Surely TVC shareholders deserve even a tiny slice of any future action in return for their unstinting generosity over the years?! Please sir... But investors will probably have to make do with whatever smidgeon of porridge's left over here: NAV now breaks down to EUR 67.3 M of cash, a 27.5 M stake in UTV Media, a 5.6 M unquoted 24.4% stake in CR2 & 0.6 M in net working capital. We should revalue the UTV stake, plus we'll add a full year's worth of operating expense (to be safe). There's also outstanding options the last annual report listed 2.5 M options outstanding (with an average EUR 0.80 strike), but management's presumably snaffled up more since then. In fact, the proposed 91 M distribution's noted as equivalent to EUR 0.95 per share on a fully diluted basis, suggesting 4.3 M options are now outstanding. Oddly enough, there's no mention of any option-related cash inflow 3.4 M of cash (say) isn't to be sneezed at shareholders would do well to track it down... I'll simply assume it's soaked up by fees, expenses, severance, cigars, fine cognac, etc: (EUR 67.3 M Cash + 9.6 M UTV Shares * GBP 220.25p / 0.8135 EUR/GBP + EUR 5.6 M CR2 Stake + 0.6 M Net Working Capital 2.8 M Op Expense) / (91.5 M Shares + 4.3 M Options) = EUR 1.011 TVC's only marginally undervalued at this point, but it's still interesting as a specific event-driven opportunity. Management promised a EUR 91 M capital distribution to shareholders in cash & UTV shares (equivalent to EUR 0.95 per TVC share) for July. Assuming the cash component (63.5 M) remains constant, we're now looking at a total distribution of 90 M (or EUR 0.935 per share) based on the current UTV share price. [Implying a 7.6 ct post-distribution NAV - equivalent to management's 9 ct indicative NAV, after adjusting for an additional 0.9 M of operating expense I've included in my NAV calculation & some rounding]. Go long TVC now, and your main exposure's UTV Media price risk. However, UTV's now a much smaller NAV component, plus I reckon it trades close to fair value at the moment it might be worth a flier for the next few months, otherwise you may wish to hedge your exposure with an appropriate UTV short position. Assuming a EUR 0.935 distribution's locked in, you'll realize a small profit vs. TVC's current share price & also enjoy a free bet on TVC's residual value essentially, the eventual realization of its current CR2 stake (plus related appreciation/depreci Price Target: EUR 1.011 Upside/(Downside): 10% |
Posted at 27/2/2014 12:21 by mach100 Well it has managed to sell down its stake in UTV without substantially hitting the share price Wonder if it will now move to buy the hotels group. Might be getting value as Ireland is post-bailout. TVCH are well supported by Irish shareholders so could be attractive to them. Only wish I had punted for more at 56p as I knew this was substantially undervalued. Got to work out a Target Price now as these are up 50% since I bought. I have a feeling there is more to come! |
Posted at 21/2/2013 16:06 by wexboy 2013 The Great Irish Share Valuation Project (Part V)I take a look at TVC Holdings, plus a batch of other Irish stocks: Cheers, Wexboy |
Posted at 15/5/2012 22:51 by lbo A large discount to cash is warranted. They have made bad investment decisions in the past and its unknown if future investments will results in shareholder returns or if current investments will perform in the future. If the company was to be broken up the cash distributions would be subject to tax so this also warrants a discount to cash. Also FYI "TVC's quoted investment in UTV Media plc was valued based on its closing bid price on 31 March 2012". Since then the UTV shares have fallen from 1.50 to 1.30.Trinity flotation document bares fund wounds Sunday, July 15, 2007 Trinity Venture Capital, which raised 50 million in a flotation Dublin and London last week, wrote off half the value of its last fund during the technology downturn "The shares were trading at 1.55 late last week" |
Posted at 23/2/2012 02:42 by wexboy Hi folks,Just posted Part V of The Great Irish Share Valuation Project, including valuation and some commentary about TVC holdings: Cheers, Wexboy |
Posted at 28/7/2009 19:50 by djderry Share price performance and company performance often diverge over long periods. |
Posted at 30/6/2009 23:00 by lbo Not long ago Boundary Capital had assetsBoundary Capital has announced (June 30th) its results for the year ended December 2008. Net asset value (NAV) per share was reported at minus 0.12 versus a positive 0.91 per share the previous year, representing a 1.03 loss in the year. Unquoted investments revaluation decreased the NAV by 0.76 per share (i.e. Arnotts, CJ Fallon, ODC and RQB). The mark-to-market of the group's quoted investments in Veris and Siteserv decreased the NAV by 0.11 per share. |
Posted at 17/6/2009 21:02 by djderry But we've already said that:It's still at a significant discount.Anyway the 66million euro 'loss' is a paper loss.The quoted share prices went down.When they go back up again you'll have a 'gain'.It's not as if the co. is eating up cash: It's an investment vehicle. |
Posted at 11/6/2009 10:27 by craffert LBO do you think they are good value at these prices? The discount to NAV is really saying that the cash will be eaten up supporting their investee businesses in Ireland (which I tend to agree with). However, Norkom is a good company and UTV will be one of the first to pick up if the recession ends soon. My gut feel tells me that TVCH share price could double very quickly...and at least we don't have the banks beating down their door looking for debt repayment. What is your view on it as an investment at this price? |
Posted at 10/6/2009 20:40 by djderry It looks to be at a very attractive price.They bought their quoted investments at fairly knock down prices and they've continued to plunge.Now,if that weren't enough,the share price is at a healthy discount to its NAV,whether you take cash -at- bank into account or not.I only took pass maths at school but will they have a tax loss for future year's profits.Looking at the results I just want to get more information regarding director's fees and the no. of employees,etc,before taking the plunge. |
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