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VLE Volvere Plc

1,225.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Volvere Plc LSE:VLE London Ordinary Share GB0032302688 ORD 0.00001P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1,225.00 1,150.00 1,300.00 1,225.00 1,225.00 1,225.00 650 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Business Consulting Svcs,nec 41.56M -537k -0.2292 -53.45 28.71M
Volvere Plc is listed in the Business Consulting Svcs sector of the London Stock Exchange with ticker VLE. The last closing price for Volvere was 1,225p. Over the last year, Volvere shares have traded in a share price range of 1,060.00p to 1,300.00p.

Volvere currently has 2,343,422 shares in issue. The market capitalisation of Volvere is £28.71 million. Volvere has a price to earnings ratio (PE ratio) of -53.45.

Volvere Share Discussion Threads

Showing 3601 to 3625 of 5350 messages
Chat Pages: Latest  154  153  152  151  150  149  148  147  146  145  144  143  Older
DateSubjectAuthorDiscuss
01/6/2016
09:53
Hi Riv - Are you planning to update the header at some point? (he asks on the anniversary of the last update)
melf
01/6/2016
09:47
Yes, well, given that clacre said quite recently "Impetus is a worry with the VW/AUDI situation, which I understand is a biggish part of their business. I expect this is losing money at the moment and could be a thorn in Volvere's side for the foreseeable future. Perhaps they should knock this one on the head - you can't win them all" then perhaps we can take his/her lowly valuation of Shire with a pinch of pepper ;)

Always good to hear a bearish view however, to balance one's thinking.

eezymunny
01/6/2016
08:36
Shire Foods owns say £4m of freehold property and plant and equipment, and any business earning £1.6m PBT must be worth a fair bit on top of that. VLE have also inferred that what sounds like a fairly small reduction this year from one customer may well be compensated for in other contract wins anyway.

EM suggested a range of sale prices between £9m-£12m for Shire, which sounds entirely reasonable to me given the asset backing and the much improved and highly profitable core business. This would add around another 125p-200p of NAV on to the current 569p NAV.

Impetus won't be sold for a while yet, and it still has to establish a consistent trading record as Shire now has, so the next sharp move upwards will either arise from another acquisition or from the sale of Shire imo.

rivaldo
01/6/2016
08:02
Sorry I was being stupid.I blame a day out in the full sun on the Snowdon horseshoe
zoolook
31/5/2016
20:40
We shall indeed see.
clacre
31/5/2016
20:12
OK Shire, since it was bought by VLE, has had annual revenues of 3,6,8,12 and now £15m. Yes, this year will be tougher according to the company, but that's not an "extremely chequered" recent history is it?

Shire is in a competitive sector, with low barriers to entry. Things can go wrong. It may well, ultimately, be worth book value or less. I accept that....but you have to look at the bull and bear cases and come up with some valuation you are happy with. Mine, I believe, is perfectly reasonable. You, it appears, aren't prepared to even consider the upside. Pukka Pies in yr ending May 2015 did £46m revenue and £4.3m pbt. No reason why Shire can't grow to that size.

eezymunny
31/5/2016
19:24
I think you are conveniently forgetting that this is a private company with very few customers, the largest of which is leaving, and an extremely chequered history. You seem to be comparing this scenario with a large sized PLC. Now try applying a little realism to your valuation.
clacre
31/5/2016
18:12
The book values are perfectly sensible zoolook - but book value is a very different thing to "real life" value. VLE aren't in any way trying to value their subsidiaries. That is the accounting realm of investing companies (eg private equity) rather than trading companies like VLE.

Look at Zoopla if you want an astonishing example. Tangible NAV is c. MINUS £80m and the market cap is over £1.3 BILLION.

But if you don't understand all this you need to read some investment books.

More medicine, nurse!

And clacre, why do you think I am optimistic? FIF valued 7xTNAV, CWK 5xTNAV, DCG 20xTNAV, DVO 3.5xTNAV, HFG 8xTNAV. Can you name me a boring old food company valued only at TNAV (especially one that has just reported a 30% return on that TNAV?)

eezymunny
31/5/2016
17:53
I think you're right on Impetus but too optimistic on Shire. Frozen Food companies of this sort of size aren't worth much more than asset value.
clacre
31/5/2016
17:47
Is there a particular reason that Volvere assign a book value so far below fair value? Do they just give it a value based on the acquisition cost and then never revalue?
zoolook
31/5/2016
17:34
Err I'm valuing Shire (in the middle of my range) at a price/sales of 0.68 and a P/E ratio of about 8, and Impetus at price/annualised sales of 0.7.

As with every company things can go wrong but for now my valuations are pretty sensible IMO.

Do you think those are over-valuations and if so, what are yours?

eezymunny
31/5/2016
17:18
No your numbers just overinflate the values of the Impetus and Shire Foods but when you're long that's fair enough - I'm not complaining other than about your tone.
clacre
31/5/2016
15:38
No, clacre. Rivaldo worded something like that in error and, as he pointed out, has corrected himself. My numbers don't do that at all, nor anybody else's that I remember.
eezymunny
31/5/2016
15:32
My point is simply that most people are incorrectly saying that the book value of the existing businesses is just about nothing and therefore if they sell them for x that will increase the asset value by x. In Shire's case that simply isn't true. It has a book value of £5.9m. Any increase in the asset value over £5.69 per share will only occur if they sell Shire for more than £5.9m.
clacre
31/5/2016
13:41
Ah yes. I can't reconcile those two numbers. Whatever, clacre's point that Shire not worth much more than book value is the point worth debating. Finsbury food for example TNAV is £21m vs market cap of £150m....book value really is no guide to the value of a business at all in most cases.
eezymunny
31/5/2016
13:14
Assets of Food Manufacturing are shown with Net Assets £5.9 million in Note 5 Segment Analysis, where the sum of each segment correctly adds up to Group Net Assets. Assets and liabilities stated excluding intra-group balances.

It is then slightly confusing that Shire Foods is given a Net Assets figure (before intra-group eliminations) of £4.9 million in Note 27 Non-Controlling Interests.

rndm355
31/5/2016
12:49
Well if you call £5m (for example) "not much" then good luck to you clacre. I guess you're a person of great wealth?

Oh, and Shire's assets are stated in the 2015 results as £4.872m (split £3.901m to VLE and £.971m non-controlling interests), not your £5.8m.

If you are a person of great wealth I guess it wasn't from detailed analysis? ;)

eezymunny
31/5/2016
12:34
Assets of Shire in the books at £5.9m. VLE's share of any potential sales proceeds may not amount to much more than that!
clacre
31/5/2016
11:45
The freehold property (which I assume is in Shire) is in the books at £2,400,000 (revalued figure) less £95,000 depreciation so a NBV of £2,335,000.

The revaluation was done in April 2014 so it would be fair to say that it's probably increased in value since then.

melf
31/5/2016
11:18
Clacre, absolutely correct, my initial attempt at post 2047 was complete rubbish (posted late on the Bank Holiday after a long day out in my defence). So I'd actually already edited it to make more sense just before you posted anyway :o))
rivaldo
31/5/2016
09:25
Indeed clacre. If VLE find a buyer for Shire you'd expect it to be valued at tangible book (for the freehold/equipment etc) plus some premium. The accounts at Dec 14 showed book value c. £4m...

We can only guess but I'd guess that Shire might sell for £9-12m giving an uplift to VLE NAV of £3-5m or 75-120p (after non-controlling interests and VLE management bonuses.

Impetus is potentially more exciting IMO in terms of VLE NAV uplift. If that were sold on a 0.7 price to sales ratio (ie same ballpark as JMP) could give a sale price of c. £12m and an uplift to VLE NAV of c. £8m or 200p/share.

So maybe a £1m/share uplift in VLE NAV on sale of Shire, £2/share on sale of Impetus, a bit more for Sira, added to existing NAV of 560p/share gives you a possible 900p/share.

Oh and most exciting is the prospect of VLE continuing these spectacular turnarounds for years to come.

VLE really does still look very, very cheap to me here but of course there's always a bear case!

Rough numbers. DYOR!

eezymunny
31/5/2016
09:15
983.90 target.......that's more like it :-)



The stock of Volvere PLC (LON:VLE) gapped up by GBX 32.05 today and has GBX 983.90 target or 101.00% above today’s GBX 489.50 share price. The 7 months technical chart setup indicates low risk for the GBX 20.00M company. The gap was reported on May, 28 by Barchart.com. If the GBX 983.90 price target is reached, the company will be worth GBX 20.20 million more. Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 9.39% or GBX 42 on May 27, hitting GBX 489.5. About 16,888 shares traded hands or 1192.12% up from the average. Volvere PLC (LON:VLE) has risen 26.14% since October 27, 2015 and is uptrending. It has outperformed by 22.62% the S&P500.

melf
31/5/2016
08:57
Rivaldo - but isn't the £5m of Shire's assets in the books? If they sold Shire say for that £5m that wouldn't increase the NAV - it would just increase the cash.
clacre
31/5/2016
08:31
Above 500p now. Hopefully not long to 600p.
rivaldo
30/5/2016
22:20
Cheers rndm355 - great to see VLE finally get some attention from the wider world. And to see the tipster confirming he's bought VLE shares himself.

I agree with eezymunny's comment at the bottom of the article that VLE's NAV is probably 800p+. And the NAV is supported strongly not only by the 400p per share of the cash pile, but also the £5m or so of freehold property and plant and equipment owned by Shire which is worth another 120p per share.

rivaldo
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