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% 2.75 2.50 3.00 2.75 2.75 2.75 1 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 18.5 1.8 2.9 0.9 2

Ashley House Share Discussion Threads

Showing 2576 to 2599 of 2900 messages
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DateSubjectAuthorDiscuss
21/8/2018
10:35
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
10:11
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
11:46
WHI 2019 forecasts are Rev £19.4m; PBT £2.0m; EPS 3.3p.
rp19
20/8/2018
11:05
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
10:57
Looks like it wants to backtest the 15p area before heading towards 20p.
ileeman
20/8/2018
10:47
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
16:44
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
16:22
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
15:55
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
19/8/2018
14:51
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
19/8/2018
13:11
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
19/8/2018
09:15
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
18/8/2018
21:41
Yump - assume you have seen the latest WHI note out this week?
norbert colon
18/8/2018
21:11
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
18/8/2018
17:04
Balance sheet tells you everything you need to know
riddlerone
18/8/2018
16:46
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
17/8/2018
21:01
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
17/8/2018
20:19
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
17/8/2018
20:12
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
17/8/2018
19:17
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
17/8/2018
18:12
Fair summary and why I have picked up a stake today
the big fella
17/8/2018
17:59
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
17/8/2018
15:00
Wait for 20s - I think it is entirely feasible considering -
tomboyb
17/8/2018
14:33
That is certainly in line with my thoughts.
the big fella
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