Volvere Share Discussion Threads

[melf] 05/2/2017 11:32

I don't think it's one of the 2017 bargain shares but in the summary of the 2016 bargain shares' performance ST rates it still a buy.

[rivaldo] 05/2/2017 11:22

Good to se ST publicising VLE once more, this time as one of his bargains for 2017 - you can never have too much publicity, even if it did only result in one buy on Friday! Perhaps more buying will come through this week.

I note that the West Cornwall Pasty Company (who also do pies) has been sold to the Samworth Brothers Group, a very large UK food group:



No financial details, but hopefully a sign that there's activity in this sector of the market and that at the right time Shire will find decent buying interest, judging by Samworth's comments in the article anyway.

[rhomboid] 03/2/2017 10:15

I think ST has tipped VLE so many times that any readers who have an interest have already bought, what will move the needle here is news of corporate activity

[rhomboid] 03/2/2017 10:14

I think ST has tipped VLE so many times that any readers who have an interest have already bought, what will move the needle here is news of corporate activity

[eeza] 03/2/2017 10:01

No-one's told the MM's - yet.

[greek islander] 03/2/2017 08:34

Todays INVESTORS CHRONICLE Simon Thompson tips VOLVERE strongly

[spob] 31/1/2017 08:26

Hi rivaldo

you may want to take a look at CNN

Hidden value on the Balance Sheet due to accounting rules (lower of cost or realisable value)

assets properties worth far more than the current market cap with planning permissions etc

I've tucked a few into my isa

[rivaldo] 18/1/2017 12:27

Nice £20,000 buy at 534p today. You can only buy a maximum 2k shares at 539.9p online at present, whereas you can sell 3k at a small premium to the bid, so quite tight.

[rivaldo] 04/1/2017 22:52

Cheers martinthebrave, good to see more people finally noticing!

I believe fair value is some way north of 785p, but that's a good starting point.

[martinthebrave] 04/1/2017 15:53

Graham Neary newsletter stock pick of the week - may have accounted for todays rise:

Stock Tip of the Week: Volvere Plc (VLE.L)

Firstly, the elephant in the room is that this is an investment company. Most stock-picking investors (myself included) prefer to find operating companies - otherwise we would have bought index or mutual funds like everybody else. However, I'm willing to make an exception in the case of the turnaround specialist Volvere.
• Performance
Since formation in 2002, Volvere has achieved an astonishing compound annual NAV growth rate of 15%. The Lander brothers are founding directors of the company and continue to serve as CEO and COO/CFO (find a CEO interview at this link).

How many hedge fund or mutual fund managers do you know who have achieved returns of 15% or more, over such a long timeframe, and without using leverage?
• Valuation
The stock market doesn't seem to care about Volvere's fantastic track record.

At the company's interim results to June 2016, NAV climbed to 576p per share. Based on the company's current offer price of 530p, this is still an 8% discount to NAV (this excludes any gains in value since then).

And since the company's three operating subsidiaries are privately held and consolidated on Volvere's balance sheet, the capital value created when their performance improves does not immediately show up in Volvere's NAV. It only shows up when a business is eventually sold.

To get a sense of how much hidden value might be in Volvere's NAV, one needs only consider that the group's £24.7 million of net assets includes £18.5 million of cash and securities. But its largest operating subsidiary earned £1.6 million in profit before tax and group charges in 2015.

If Volvere's operating subsidiaries were awarded a normal earnings multiple, based on estimates for a weaker 2016 result compared to 2015, and if this was added to Volvere's cash position as at June 2016, I estimate that fair value for Volvere shares would be in the region of 785p.

[melf] 04/1/2017 14:03

Looks like Shire have a new website. I hesitate to use the word updated.......as you'll see, no expense spared!

[rivaldo] 04/1/2017 13:15

And to you Melf.

The real spread online is 520p-540p, so slightly better. And we know how quickly VLE can move once you trade....

[melf] 04/1/2017 12:48

Happy New Year Riv and all holders........25p spread though!

[rivaldo] 04/1/2017 12:37

New highs now.

[rivaldo] 04/1/2017 10:03

Good to see a tick up after further buying today.

Online you can sell 5,000 shares at a premium at 515p, but can only buy a maximum 2,000 shares at 529.9p, so things are looking encouraging.

[rivaldo] 03/1/2017 12:26

Happy New Year VLE'ers.

More buying this morning, with around a net £15,000 bought already. I presume our two usual suspects are still top-slicing into demand. They each went below 3% almost a year ago now with 241k shares between them, so they can't have much if any stock left by now.

[rivaldo] 22/12/2016 12:37

Another 3 small buys this morning. Perhaps VLE will be tipped for 2017 in the press...otherwise it's presumably someone buying for all the obvious reasons.

[melf] 21/12/2016 16:26

They've been holding significant cash now for sometime. The Landers are obviously a very patient bunch!

[longshanks] 21/12/2016 13:21

I guess they are holding on to cash so as they can move quickly as and when the right deal comes along. The share price has appreciated more or less over time with NAV so even though the price remains at a discount to NAV there doesn't appear to be a huge stock overhang requiring attention.The situation could change if a large holder decides to sell in quantity. Given they don't pay a dividend such an event could find few buyers in the market and result in the company buying back stock.

[rhomboid] 21/12/2016 10:19

Well somebody has just sold 6..yup 6 whole shares ..so today's trading is really hotting up. I'm not sure why the company isn't buying back shares anymore unless there's just not the volume available to justify the RNS cost?

[rivaldo] 21/12/2016 09:41

Three small buys in the first 9 minutes of trading today - a frenzy of buying :o))

[melf] 12/12/2016 13:22

Thanks Riv....although I certainly wouldn't describe Shire as a "people business".

[rivaldo] 12/12/2016 09:57

VLE have been tipped here as an alternative turnaround specialist to Melrose - it's certainly a lot cheaper, since VLE trades at a discount to NAV, let alone with any of the premium on top for when one or more of the investees are sold:

[melf] 15/11/2016 15:17

virtually a month's volume in a day :-}