Ashley House Share Chat (ASH)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Ashley House	LSE:ASH	London	Ordinary Share	GB00B1KKCZ55	ORD 1P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	+0.60p	+3.92%	15.90p	15.50p	16.30p	15.90p	15.25p	15.30p	204,249	15:12:24

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Construction & Materials	18.6	0.1	0.1	144.5	9.50

Ashley House Share Discussion Threads

Showing 2551 to 2574 of 2575 messages

Chat Pages: 103 102 101 100 99 98 97 96 95 94 93 92 Older

Date	Subject	Author	Discuss
19/8/2018 15:51	Yump, yes would be nice to know the break out of the revenue earned by modular vs health/housing pipeline. I should think we will get that segmental level reporting in the next period but would be nice to know what that looks like for the past year. I see Modular as being a growth business which they acquired for very little. But on my reckoning it lost about £1.2MM in the year based on earnings due to non-controlling interests.	toadhall1	Read Full Thread Reply
19/8/2018 14:11	Really surprised of the point made by topvest, but does look like it is true, so good spot. Does look like the 4MM is included in revenue with no mention of this exceptional item as revenue. There is it mention in the cash flow statement hence the number must be included in operating profits. No subsidiary was sold just access to a future pipeline. I know when other companies make licensing agreements these are accounted for as revenue. This is similar, but no mention of the treatment is so surprising. Will do some more digging. Also a down side of the JV when interpreting the financials is the reduced view of revenue and gross profit. If we approach the company maybe they will seek to provide some management reporting financials for shareholders consistent with their position as a socially responsible developer.	toadhall1	Read Full Thread Reply
19/8/2018 10:15	No, not got access to that, I've cut down on all the notes appearing in my inbox. Any summary would be helpful thanks.	yump	Read Full Thread Reply
18/8/2018 22:41	Yump - assume you have seen the latest WHI note out this week?	norbert colon	Read Full Thread Reply
18/8/2018 22:11	May be just have to wait for some forecasts now. Might try a few estimates on an A4, based on guesses about profit from joint venture + recent financial closure on Scarborough and Peterborough. Not an easy task, as obviously the full revenue doesn't just appear on financial close, so those 2 will contribute to this year + F1 revenue. 4 schemes add up to £36mln, Scarborough is 10, Ryde is 18 - that leaves 8 from others, plus whatever else closes this year.	yump	Read Full Thread Reply
18/8/2018 18:04	Balance sheet tells you everything you need to know	riddlerone	Read Full Thread Reply
18/8/2018 17:46	Yes, I did probably sell too early. I’m a cautious sort of guy and got fed up with the endless delays. I’ve said congratulations to those that held. Hope this does turn the corner as management have done very well to keep the wheels on without massive dilution. Just think the results disclosure is misleading and not technically correct. There is no indication of underlying profitability as the results are highly impacted by a material transaction that isn’t disclosed properly, but mixed up with continuing operations. Anyone else got a technical view?	topvest	Read Full Thread Reply
17/8/2018 22:01	If you're questioning their accounting topvest, strongly suggest you contact the company, or their accountants. Shame you may have sold too early? PS: I'd say that there's a pretty clear clue in the debt reduction figures as to where a large chunk of the cash from MS went!	microscope	Read Full Thread Reply
17/8/2018 21:19	Its the disposal of a subsidiary undertaking and should be separately disclosed as far as I'm concerned. The most important number in the announcement should be what the profit on disposal was, but its not disclosed. The business is no longer fully consolidated, but now accounted for as an investment in a joint venture with JV profits brought in as one line. The JV profits are disclosed, but not the disposal. Odd and a tad misleading, albeit the audited accounts are not yet available! Only had a fairly quick look so apologies if I have missed something, but its not telling me what I'd want to know!	topvest	Read Full Thread Reply
17/8/2018 21:12	Not sure what it constitutes, although I've assumed its just produced unexpected profits, with the current year actually being the year decent earnings were forecast. Its not entirely a disposal really. Perhaps its like receiving payment for a 50% share of patent rights, although not sure how that would be treated in accounts. Is that an asset sale ?	yump	Read Full Thread Reply
17/8/2018 20:17	Well done to those still here. Things seem to be looking up. I can't follow their results at all. What have they done with this one time transaction, as its highly material to the results for the year? It makes it look like the business is now profitable on an ongoing basis, but the profit in the year is generated by this one-time transaction is it not? "New joint venture The Company has set up a new limited liability partnership, Morgan Ashley Care Developments LLP ("MACD") into which it is transferring the majority of the pipeline schemes from its Housing division. MSIL has acquired a 50% interest in the new venture for a total consideration of 4 million (the "Transaction"). The Company has today received 2 million in cash from MSIL and will receive a further 500,000 at the beginning of January 2018 with the remaining 1.5 million contingent on certain completion mechanics but expected to be paid in early 2018." It looks to me like they have taken this through revenue. Not sure that is really correct. Surely it should be calculated as the profit on disposal of a subsidiary as it was stepped down to a joint venture?	topvest	Read Full Thread Reply
17/8/2018 19:12	Fair summary and why I have picked up a stake today	the big fella	Read Full Thread Reply
17/8/2018 18:59	Need to be careful projecting results forward. Company structure is highly complex. Schemes depend on closure dates for revenue recognition and with planning in UK so sluggish, interims and finals can vary a lot. Good to see new blood here :) Earlier in the thread we figured that MS would need to make at least 1.1 million (edit: annually) to make their investment here break even. Obviously they will expect more than break even, as will Ashley House. The 496k mentioned earlier gives a clue as to where we might be headed, the figure after only a few months. Then there are ASH's own projects and that of the subsidiary to add. Management know exactly how to exploit the opportunity with over 20 years experience, and taken together I think 2 million next year would be a fair pre-tax base camp figure. At 30p that would be a pre-tax p/e of 9, with good prospects of a divvy. Hardly demanding.	microscope	Read Full Thread Reply
17/8/2018 16:00	Wait for 20s - I think it is entirely feasible considering -	tomboyb	Read Full Thread Reply
17/8/2018 15:33	That is certainly in line with my thoughts.	the big fella	Read Full Thread Reply
17/8/2018 15:29	TBF Not many stocks can rival MRS for potential profits v small market cap but ASH is right up there. Guess it's all depends if the second half can be repeated or at least half matched. If they made £1.25 mil second half that would be £3 mil profits v market cap approaching £10 mil. Amazing value, so many stocks worth £10 mil or more do not even make £500k	dave4545	Read Full Thread Reply
17/8/2018 15:16	I've been making repeated purchases to add to the lower ones. If this isn't a stock that will double within the next year, just based on results rather than any hype, I don't know what is.	yump	Read Full Thread Reply
17/8/2018 15:13	Cannot buy 5000 at 16p online It's poised for that break out sooner than I expected.	dave4545	Read Full Thread Reply
17/8/2018 14:34	Weekly chart cup and handle pattern. Very bullish. free stock charts from uk.advfn.com	ileeman	Read Full Thread Reply
17/8/2018 10:31	Don't know if any useful link/ratio can be concluded from this but accounts are showing 491K from share of joint venture profits. Ryde scheme first phase is worth £18mln. So perhaps some idea of the profits that might flow out from the pipeline ? ie. Ryde scheme first phase is the only one that profit could have come from. That would make sense of MS paying £4mln, which was I remember discussed on the other thread, as to why they would pay that amount up front.	yump	Read Full Thread Reply
17/8/2018 09:37	Cheers Sikh, but I think the credit goes to people in the previous thread, where i first saw the news of the government change too, and decided it was perhaps time to start a new thread. The numbers are just great imho, especially as they made a loss at interims if i recall - about 3p a share, wasn't it? - so a second half pre-tax profit of something close to 6p. Analysts were forecasting a small pre-tax profit for the year just reported, certainly nothing like though the nearly 3p they made for the full year. Obviously that huge second half can be put down in large part to the MS agreement and government policy change, and while I wouldn't project that forward as a figure to work from (the statement actually says it should not be used as an indicator), nevertheless it shows the vast potential that the deal with MS has given the company going forward. I think it is now high time the analysts had another look and reassessed their forward projections.....	microscope	Read Full Thread Reply
17/8/2018 08:22	Wonder where the first new coverage will come from - would have thought its certain to be spotted, but not an easy stock to get to grips with if you're new to it. Microscope's header should help. Even if you just stick a p/e of 10 onto whatever the forecast ends up being for 2019 (last one I saw was just over 3p earnings), the share price ends up way higher. I suppose people get used to seeing smaller stocks floundering and never really recovering, so ASH will be a bit of a double-take. Think I might sell my INL and get some more - that stock really doesn't seem to have any permanent friends although solid enough.	yump	Read Full Thread Reply
16/8/2018 18:37	Often seems a matter of luck if you happen to spot things like that - if you're not keeping daily track of all your shares. I suppose ideally, you'd have a note somewhere to keep an eye on policy change, given that ASH had been held back for so long by it and the potential impact of a change. Nice to have a positive change - many of mine have been negative eg. holding 2 gambling shares when the tax thing was announced a few year ago that knocked their future profit forecasts for six.	yump	Read Full Thread Reply
16/8/2018 18:30	yump.. "the government's change in policy." I think it was Micro who mentioned it and yes, it also interested me...	sikhthetech	Read Full Thread Reply

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