Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Ashley House Plc 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
  0.00 0.0% 1.20 0.00 0.00 0.00 0.00 - 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 18.5 1.8 2.9 0.4 1

Ashley House Share Discussion Threads

Showing 2576 to 2598 of 2900 messages
Chat Pages: Latest  104  103  102  101  100  99  98  97  96  95  94  93  Older
DateSubjectAuthorDiscuss
24/8/2018
10:43
Ive just added too.
jpuff
24/8/2018
10:40
Added on the pullback, seems a great price post results.
ileeman
23/8/2018
09:57
Isn't the easiest way to look at this, by just assuming the net profit from the JV might be similar to that from ASH revenue, however it arrives at ASH and however management charges or seconding are costed. So if the total Housing and Health schemes for this year reach say £40mln (£10mln pure ASH + £40mln JV), then that's the same as £30mln pure ASH and happy days ? Plus modular, which they say will be profitable this year - but safer to assume that's quite small I think. I'm assuming they mean profitable, taking employee costs etc. into account. So the Health & Housing can be viewed as having similar overheads/costs as in the past, when revenues were higher. JV scheme announcements are going to give a big clue and if the pipeline starts to move, the JV is a much better situation than ASH suddenly having to find resources for a much higher level of activity - which is why they set up the JV. If I have time I'll look back and see how ASH's costs have varied when their revenue has changed. That's probably as good as we can get to see where total revenue needs to be. (ASH+JV).
yump
23/8/2018
09:46
Looking back at the F1M acquisition I note that once it becomes profitable Ashley will pay £240k of contingent consideration, but only once F1M has repaid a £210k loan.
toadhall1
23/8/2018
09:44
Not any more. It was announced in the last RNS that the minority shareholders no longer have that option.
toadhall1
23/8/2018
09:43
I like the potential of F1M but its performance needs to improve in 2019. For the JV, we need to see the improved regulatory certainty lead to a much increased throughput of deals on site to make up for the 50% share of profits.
toadhall1
23/8/2018
09:39
Isn't there something in the acquisition agreement of Modular that if profits rebound the original owners are given a stake back?
podgyted
23/8/2018
09:23
Good points being made. Especially about revenues being lumpy by nature of business, even more so this year vs last vs coming year due to regulatory rules, F1 Modular, JV fee. Another point making extrapolation of profits tricky is that staff from Ashley have been seconded to the JV which means while Ashley pays their wages etc, this will be offset by management recharges from the JV. Meaning JV profits do not represent 50% of gross profits but more like 50% of net profit , ignoring tax etc. So in theory we should see admin costs in Ashley's PBT reduce in 2019. Of course, admin expenses have increased yoy mainly because of the acquisition by F1 Modular of its former modular construction partner in March 2017, hence average staff numbers increased from 42 in 2017 to 85.
toadhall1
22/8/2018
20:24
I suppose the flip side that I had missed is that Modular could be about £10m, so will replace the "lost revenue" to the JV. Not sure on the gross margin and profitability of that element though as it was loss making last year. I think that makes the target revenue easier to achieve, but not sure about gross margins. You can't extrapolate gross margin from FY18 as FY19 is very different and didn't get a £4m windfall. I would suggest that gross margin will be much lower, but supplemented by the JV profit line which could be a £1m or so ballpark numbers.
topvest
22/8/2018
20:12
The business will always be subject to timing issues re-closure of schemes, on annual numbers. Always has been, always will be.The numbers are merely a snapshot on a particular date. If a scheme closes the day after year end, in the grand scheme of running the business, it actually matters not a jot. Simply means the following 12 months are off to a flier. All imho.
microscope
22/8/2018
18:55
Well the brokers have got £19mln for ASH from somewhere for this year and it can't be from the JV, so must be a combination of existing 'pure' ASH schemes that have not fully been recognised, plus revenue from Modular which is 100% ASH. I can't imagine that ASH have let the broker's put that in if its way out. Like any company based on contracts, of course its not in the bag, but can only go on what appears to be the case and I think an equivalent of £30mln (old ASH style) is easily reachable. ie. £19mln ASH + half profits from £20mln in the JV. Of course I expect the JV to be announcing some significant schemes. The modular development value left from schemes already underway is £8.6mln according the accounts. So maybe not a big ask to get to £19mln in total. I think the potential reward in one year far outweighs the risk. Just suppose one JV scheme for £20mln gets underway. Add that to part of the £18mln Ryde scheme and there could easily be £40mln-50mln in the JV. If the profit from that is anywhere near the profit from the 'old' ASH revenue... Of course the key thing is what sort of profit drops out of the JV, but I think there is a clue in the £4mln that MS paid for the 50/50 stake in the pipeline.
yump
22/8/2018
18:24
Hmmm...they only did £14.5m revenue in the last year when you back out the £4m sale of the subsidiary. A chunk of that revenue was on the business that they sold, so will be in the JV line and will not be included in revenue from now on. On reflection, whilst the finances have definitely improved, it’s very difficult to comment on what’s going on in terms of current trade and it’s obvious that it’s not in the bag, so to speak, so there is continued execution and delay risk. Meeting last year’s revenue numbers when you are starting at about -£10m like for like is demanding.
topvest
22/8/2018
10:27
Backtesting, 14.4p to buy.
ileeman
21/8/2018
15:52
imo it might take a while for any new investors to digest what has happened here, forecasts, outlook etc. Its not exactly a hyped up tech. However, for anyone holding after buying last year and knowing what has been happening, this level looks quite good for adding.
yump
21/8/2018
11:35
This is how I see it from a TA point of view. Breakout, backtest of previous resistance. 20p-25p target. free stock charts from uk.advfn.com
ileeman
21/8/2018
11:11
Someone mentioned the possibility that some of the Moy holding might get sold. I imagine that now it wouldn't be difficult to move some of that onto institutions/funds, given the improved prospects - which look like they run well into the future, with the market growing - some catching up to do in just building enough. There's been such a long period in the doldrums that presumably a lot of shares are now tightly held, so maybe impossible to build any significant stake for a fund, unless larger shareholders are prepared to part with some.
yump
20/8/2018
12:46
WHI 2019 forecasts are Rev £19.4m; PBT £2.0m; EPS 3.3p.
rp19
20/8/2018
12:05
I think forecasts are unchanged, although I don't have direct access to WHI. That means just over 3p as far as I can see on various sites. Presumably the almost 550k interest payment will reduce this year. That's quite a big proportion of profits when they are 1.7mln. I assume the lowly rating is still factoring in the government related risk, although that has now passed to a large extent. Which leaves the timing risk of not knowing exactly when each scheme will close.
yump
20/8/2018
11:57
Looks like it wants to backtest the 15p area before heading towards 20p.
ileeman
20/8/2018
11:47
Yes while I'm happy to leave the niceties of accounting to others, perhaps these two comments from results throw some more light on them. ' Following the completion of the joint venture transaction which created Morgan Ashley, net debt has been reduced to GBP1,492,000 from GBP3,621,000 as at 31 October 2017...' And 'As the Morgan Ashley joint venture is a 50% partnership, the results will not be consolidated and therefore the scheme value will not show as revenue of the Group, but the Group's share of profits from Morgan Ashley will be included as share of profits from joint ventures and associates within the income statement. Revenue and profit recognition for Morgan Ashley follow the normal Ashley House accounting policies.' What I do know is the results are great imho, and if anyone can share a summary of the new WHI Ireland note re prospects that would be appreciated.
microscope
19/8/2018
17:44
My guess is that the one-offs are the £4m consideration for the sale of the joint venture, plus the £0.5m impairment reversal less any costs associated with the transaction. Should be separately disclosed, but only the reversal of the impairment is. I suspect the auditors will get them to disclose properly in the Annual Report.
topvest
19/8/2018
17:22
It would be very useful to know what proportion of the Ryde development value has generated the 491K of the joint venture profit, although I think that might be pushing it a bit in terms of disclosure - competitors etc. Be easy to guess at the gearing of dev. value to JV profit then, although I guess the terms for initial and following payments on closure of schemes will vary. They say modular will contribute to profits this year, so that will be interesting. I'd just like to be able to work out how cheap it is, as imo it doesn't look a big ask to get to a similar profit figure this year, given the 2 schemes outside the JV. So is it just cheap or cheap as chips...?
yump
19/8/2018
16:55
On second thoughts to my earlier post, it's possible the 4MM has been held by the JV off balance sheet. So MS contributes the cash and AH contributed the future pipeline into the JV. I'll drop them an email to clarify.
toadhall1
Chat Pages: Latest  104  103  102  101  100  99  98  97  96  95  94  93  Older
ADVFN Advertorial
Your Recent History
LSE
ASH
Ashley Hou..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20200402 06:25:24