W.h. Ireland Share Discussion Threads

[paleje] 27/7/2015 08:35

Who's increased their holding by ~4%. Another RNS to come?

[gargoyle2] 22/7/2015 11:26

Some pretty hefty buying at 125p today. A 60k and a 40k.

[paleje] 21/7/2015 12:13

ST article today, echoes many of Equity's points, won't paste the lot cos its subscription but conclusion is positive:-



Trading on about less than half sum-of-the-parts valuations of around £61m, or 249p a share, the company remains significantly undervalued in my view. There is also value on an earnings basis as W.H. Ireland is being valued on about 14 times current year post tax earnings based on a pre-tax profit outcome of £2m after adjusting for net of cash on the balance sheet. It’s worth noting too that the board paid a dividend of 2p a share in April this year, so there is a modest income stream.

So if you followed my earlier advice, I would run your healthy 65 per cent paper profits and I maintain a conservative target price of 140p. Run profits.

[paleje] 20/7/2015 13:46

There will be an IC article tomorrow, it was due today but ST wanted to speak with Richard Killingbeck first, now done.

[gargoyle2] 20/7/2015 10:27

Nice chart too, imo. Reckon we'll be up at that previous high of around 140p within the next 3 months.

[gargoyle2] 20/7/2015 10:26

Agree with that, AB. You just have to look at the major shareholders here, imo, to see that there might be some M&A action contemplated: Polygon and Oceanwood could well be angling for a sale here imo.

[andrewhbruce] 20/7/2015 09:47

Good stuff G2, can't help thinking this is a tasty morsel for somebody?!
AB

[paleje] 20/7/2015 09:12

Cheers Gargoyle2.

[gargoyle2] 20/7/2015 08:56

Pretty happy with my investment here, after seeing today's results. Here's Equity Development's take (or at least a summary of their report today):
----
Despite continuing adverse market conditions in the first few months of 2015, with the number of companies on AIM falling, money raised on AIM 18% lower and the value of trades 31% lower than in H1 2013/4, WH Ireland has made good progress in the first half of its current financial year (6 months to 31 May). It achieved growth in revenue, Pre Tax Profit, Assets under Management, and its Corporate Client list. Profits were well over double the comparable half-year, on either a Headline Earnings or IFRS basis, and EPS more than trebled to 1.86p.

The Private Wealth Management increased Assets under Management and Advise from £2.69bn to £2.76bn on a statutory basis, and the mix has improved with continued growth, to £834m, in the more valuable discretionary Assets under Management.

Within Corporate Broking WHI grew its client list to 98, (11.3% of all companies on AIM), took part in 15 transactions (v 9 in H1 2013/4), grew retainers by 7% to £1.68m and grew transaction fees by 30% to £2.73m.

We continue to believe that WHI is undervalued: A standard sum of parts valuation (using 4% of Discretionary, 2% of Advisory and 0.5% of Execution Only AUM plus surplus cash and equity in the Head Office building) comes to £61m, equivalent to 249p/share, over double the current price. Using a more conservative basis and applying a 10% conglomerate discount could reduce that to 177p, still 50% above the current share price.

[paleje] 10/7/2015 09:28

Results a week Monday, unusually ST made a comment yesterday he mentioned several shares he's working on updates but singled WHI to update 'on the day of the results'. As its one he's been following for a while I'd imagine he must be feeling pretty confident that he'll be saying good things.

[gargoyle2] 26/6/2015 07:48

Very positive trading update imo. 'Significant' growth in management fee income and recurring retainer fee income 'continuing to increase'. The only blot is that market making revenues are lower than last year, although as a % of total revenue I don't think market making is a huge contributor. (I'd need to check that though.)

[gargoyle2] 22/6/2015 11:01

Trading update here soon? 23 June last year. They seem to have had a strong start to the year.

[sharesoc] 02/6/2015 12:09

We are holding one of our popular Investor Masterclasses in Manchester so local investors and shareholders in WHI may be interested in attending as WHI is based nearby our venue...

[gargoyle2] 01/6/2015 12:23

Another tick up towards the 105p resistance here. Through that and we could be away, imo.

Trading update likely in the next couple of weeks. We already know they've had a strong start to 2015.

DYOR

[gargoyle2] 27/5/2015 13:18

Ticking up here. If we can get through the resistance at 105p, then we could be away back up to 120 pretty quick imo. DYOR

[gargoyle2] 22/5/2015 13:13

Darrener, 5 posts on ADVFN in 6 years, all on WHI. You don't happen to work there, do you? :) Good to have an insider around. The price has ticked up today, so maybe the ops director leaving isn't such a bad thing..

[darrener] 22/5/2015 10:20

Ear to the ground!

[meijiman] 22/5/2015 08:53

you must have a contact there Darrener?

[darrener] 21/5/2015 21:18

Operations director gone - 2nd one in two years -
what is going on??

[gargoyle2] 21/5/2015 06:38

I'm expecting a trading statement before then. Issued on 23 June last year.

[tanelorn] 21/5/2015 00:53

Thanks for the post, am content to hold, and expect more buying activity leading up to mid year report.

[gargoyle2] 20/5/2015 14:32

Strong start to 2015, according to this item posted on the 'News' section of the WHI website a couple of days ago (although not the subject of an RNS):



Trading update next month should confirm it, imo.

[gargoyle2] 06/5/2015 07:44

Interesting RNS. Just looks like Polygon are now holding actual shares, rather than by way of CFD through JP Morgan. They have increased their shareholding slightly since the initial announcement of their interest back in March.

Oceanwood and Polygon, who both seem to have similar ('event driven') investment strategies, now hold over 22% of the company. I wonder what they have in mind..

[gargoyle2] 01/5/2015 14:02

Actual sell and buy prices at the moment (for a 10k deal) are 104 and 107. With a quoted spread of 102/107, that suggests that someone is keen for these.

tanelorn, I think that has to be the right decision..

[tanelorn] 01/5/2015 13:27

Gut instinct; I'm not selling!.