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 2276 to 2300 of 2900 messages
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DateSubjectAuthorDiscuss
22/12/2017
14:43
I understood we were in a close period at the moment so a bit surprised to see any director (or related party) transactions?
norbert colon
22/12/2017
13:49
The RNS states she sold yesterday (21st Dec) so she managed to sell pretty much at the offer which was around 13.25p. Suggests someone keen to get in rather than her keen to get out?
cockerhoop
22/12/2017
13:09
RNS just out Maureen Moy sold 550k at 13.2p. She must have sold them on the spike to 15p otherwise it would have been impossible to get that kind of size out at that price.
dave4545
21/12/2017
16:23
Unfortunately the NHS is an easy target for the press and for anyone that wants to make an issue out of its level of funding, waiting times etc., whereas for anyone who has experienced it (and there are a heck of a lot), the issue of moving an older person out of hospital after an op. is way more important and way more difficult for everyone concerned.
yump
21/12/2017
15:34
Got to agree with Norbert, a valuation of 9 million (15p) can only be 'fair' if your view is short term. Interesting comment from the PM yesterday in select committee that there was too much emphasis on the NHS compared to other aspects of 'social care' which need greater support.Element of 'she would say that, wouldn't she' but certainly seems to have taken the issue to heart which can only be positive for us. The committee seemed to welcome the remarks.
microscope
20/12/2017
21:26
Topvest. Yes I am expecting financial close on those 2 schemes to be the next news we hear. Why would you want to sell now or saying that at any time now that the black cloud(a) of the last few years are firmly starting to clear?There is very little downside - the only negative I can think of is further uturns / procrastination by Govt over the structure of social rents but my understanding is that there is more than enough confidence for schemes to move ahead now. No issues with finances, big (and growing) pipeline, historically good ROCE.Keen to hear the bear case?
norbert colon
20/12/2017
20:39
I suppose the next news might be financial close on the 2 housing schemes. Bet they are working hard to get these over the line by the end of the year. Lets hope we get a positive RNS on at least one of these before the interims. Interim results will be pretty bad, so this is now the main area of focus. Can't deny that I'm torn between holding or selling, but think the valuation is a tad low at this level. I'd wanted 14-15p.
topvest
20/12/2017
16:50
There can't be many better tips for 2018, now the joint venture's put them on firm foundations. The perfect tip material is something with plenty of upside potential but little chance of plummeting/going under, and that's what we've got here. Might be below most tipsters' radars sizewise though.
verulamium
20/12/2017
16:12
The question is: will it appear in a serious review/tipsheet early new year and go out of sight... should I get some more while its quiet... decisions, decisions
yump
20/12/2017
11:49
The 2 month share price chart has a camel formation, which is a nice festive touch. Just hope it belongs to the wise man with the gold...I don't like smelly stuff.
verulamium
20/12/2017
10:48
Thanks. Will have to have a few more if the drop continues.
yump
20/12/2017
10:30
I have added some further notes to my thread on stockopedia if anyone is interested.
norbert colon
20/12/2017
09:42
Still 13.089p to buy . One 20k buy on NEX and that's your lot so far. One mm has this stock to offer. When they run out you know what will happen.
dave4545
20/12/2017
09:36
This looks like one of those stocks where a guess-the-share-price-in-a-year could be fun, although I'm not sure I could show my workings...
yump
20/12/2017
07:44
Thanking of adding now its nice and settled, looks a very good investment at these levels
urigem
19/12/2017
11:59
A few taking advantage of the value here today, chased to 15.5p high Friday but now 13.2p offer
dave4545
19/12/2017
08:50
SP of ASH was 10p while they were in a "bad" financial shape. They've sold 50% of their pipeline (not 50% of their entire business!) for 7p per share. Share price should be at least: 50%*10p + 7p = 12p. It should do better than that because the financial condition (of the remaining 50% pipeline + modular busines + medical business) is very good now and there's no longer the chance of an equity raise. Furthermore the JV will likely get ASH 50% of bigger profits (I expect the JV to realize bigger revenues sooner).
greedfear
19/12/2017
08:46
I wonder how all this is going to impact upon ASH's standing with its potential customers. The positives up to now have been its reputation for ethical value helped by its position as a prominent member of the Social Stock Exchange. Also its understanding of the special needs sector which makes a major impact upon the design and usage aspects of the buildings it delivers. A loyal and skilled workforce based on the healthcare credentials of the early founders and carried through to the present day gives a level of knowledge that Morgan Sindall would struggle to replicate. The downside of course has been the government's attitude to the sector which has now fortunately been changed. MS have obviously recognised the gap in the market and seized the first mover advantage represented by ASH. What has to be preserved are the values that ASH have brought to the sector and their specialist negotiating skills when dealing with local authorities, health trusts et al. The fiscal advantages of the JV should hopefully mitigate any worries about ASH's ethical values being compromised as long as ASH continues to be forward face of the JV. Quality must be maintained whilst project volumes must now be increased. The existing pipeline is the tip of a potentially large iceberg. On this basis I have increased my holding.
irenekent
19/12/2017
07:20
If ASH were already going to make 3.6mln in earnings 2018 and 2019, then presumably that was based on a modest increase in pipeline projects actually undertaken, which will now increase as a result of the JV.
yump
18/12/2017
23:23
NC Thanks for that. I got the cash issue which is a relief and I can see what you mean about the existing expectations for ASH without the JV. Although MS have what's termed a 50% interest, I think judging by what I've read about LLP's, the profits don't have to be divided 50/50. May be wrong, but as an LLP doesn't have shares, there's no proportion distribution of dividends. I guess we'll find out more in 6 months or so as we're not going to get to see the JV details. At least all agreed on undervaluation I think.
yump
18/12/2017
21:16
Norbert.See where you're coming from, however I would be surprised if MS would have gone for the deal, paying 4 million up front, if as you imply they were going to only make £900k in each of the first two years - assuming approx 50/50 split of course.Yump is right that the 50/50 is 'variable' to an extent depending on small print etc, that said I don't think it is going to be too far wide of the mark.With cash in the bank and for me a ball park figure of 1.5 million by the third year, at some stage my target of 40p feels reachable, even if my original timeframe of 12 months is probably overstating it.No share is ever a one way ticket, but it's hard to see how fair value for those of us following progress closely, is even close to the current rating.
microscope
18/12/2017
20:03
yump Not sure but I think you are slightly missing the point with respect to JV profits. The key issue hanging over ASH after the LHA rent cap issue was recently resolved was cash i.e. they didn't have any. The partnership with MS has provided them with a much needed cash injection of GBP 4m - problem solved / decent balance sheet. This is huge relief for the Board and investors. Now, the related issues.... So whilst they have got some cash into the business they have sold 50% of their housing pipeline valued at circa GBP 200m. What does this mean? Well, I am having to take an educated guess somewhat as I have no further details than anyone else but ASH were due to make circa GBP 3.6m in earnings over 2018 and 2019 from their housing pipeline so this partly answers your first question i.e. they were ALREADY going to end up with several million in profit despite the MS partnership. So, depending on the exact commercial details of the partnership you could crudely estimate that ASH will now only earn GBP 1.8m over the next 2 years (plus profits from the health schemes so say GBP 2m). The actual numbers could be very different depending on the deal. So the partnership wont (over the short term) increase profits - the opposite in fact. The plus side is that as well as the up front cash, ASH get a well established and reputable partner to help develop the schemes with lots of opportunities to leverage that relationship going forward. MS may even buy ASH if the partnership works and Extra Care does get the predicted growth. Now, MS would not have paid GBP 4m for the 50% share without still wanting to make a good ROI. Whilst margins for typical house building developers are circa 15 - 20% I am not sure of the margins on extra care as it wont include the land element, but MS have paid 4% margin already (GBP 4m / GBP 100m pipeline) and I would anticipate them wanting to make at least a further 10% on that as a target. I think you need to look beyond the PE in valuing ASH although its certainly very handy. Peers such as MS are on a PE of 11 compared to ASH on a PE of 4.4. That would imply circa 30p but remember that ASH's earnings will likely fall by 40% due to the MS partnership so perhaps 18p is nearer the mark. That doesn't allow for the cash injection and future prospects under the MS partnership so I have an initial valuation of 23p. These are just my initial thoughts and I welcome corrections. The Broker note in January will enlighten us. I was very surprised to see the retracement today but am already overweight so haven't added further - if Mr Market gets very depressed over the next few days / weeks I will gladly take some more off him though. Good luck to all.
norbert colon
18/12/2017
18:29
I suspect Ashley House will provide design and project management at agreed salary rates plus overhead and margin up to a budgeted level. You would have then thought that Morgan Sindall deliver the construction contract on a fixed fee basis adjusted for any variations. Suspect you will need to look at the combined impact of the Housing Division and the JV result.
topvest
18/12/2017
16:20
Has anyone any views on how ASH could not end up getting several million profit out of the joint venture ? Basically I'm trying to find a reason not to mop up as many shares as possible, on the basis that the p/e might well be less than 10 based on a couple of years away... Seeing as they have a 50% share, I can only think of 2 reasons: - Pipeline just doesn't go ahead much for some reason - Costs are billed in a complicated way to the venture that results in profits being limited. However, that would imply that the profits would be hidden within the costs for both parties, in which case ASH would still benefit because their margin on revenue would be much higher. I imagine there will be a 'best' way of handling costs billed to the venture from a tax and accounting point of view. ie. do you let the venture make the profit, or do you bill higher and have the profit within the charges to the venture ? - Or MS bill much more to the venture than ASH and their costs include a high margin, so they get their 'profits' that way, even if ASH have the same margin on costs billed to the venture thinking aloud a bit...
yump
18/12/2017
16:10
Think some of them must have gone to OMIP as that took off on the back of 2 big name NED's joining.
yump
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