Holders Technology Share Discussion Threads

[liarspoker] 18/4/2009 19:07

From The Scotsman :

SCOTS STOCKS: Europe-wide rating boost sends Wolfson's shares climbing


Date: 17 March 2009
WOLFSON Microelectronics shares rose to the highest level since early January yesterday, after JP Morgan Cazenove increased its rating for a range of European semiconductor companies it covers to "outperform".

[liarspoker] 17/4/2009 21:24

I bought all of mine on T3's - planning on holding for some time.

I've had good communication with the company btw. The main message is that management is aiming to maximise medium - long term shareholder value. This isn't surprising that Weinreich ( CEO ) owns just under 50% of the shares.

He's happy just to run the company and to maximise the divi since he's the main recipient imo ( which is OK by me ).

[donemyhomework2] 17/4/2009 18:24

The stock is very tightly held so MM's mark it up or down with very little trades.

I agree you can buy slightly over the mid price but that depends how short or otherwise the MM's are.

Clearly the demand will continue to push the price up so the bid will be going up soon also . Given the recent rise the bid is kept back to ensure recent buyers are not in profit within their T10 period.

[liarspoker] 17/4/2009 09:32

Perhaps the MM's are just marking it up. Asking 75p is taking the proverbial imo. Like I said in the header, using a phone broker, be cheeky with the MM's. I'd offer up to 2K a P or 2 above the mid price. Even if you still have to pay 75p ( which I doubt ) you'll get a nice 4.33% divi if you hold by close next Tuesday. :O)

[cotton4] 17/4/2009 08:57

If my £500's quids worth has that much effect on the sp, I just don't know.

[donemyhomework2] 16/4/2009 16:44

Liarspoker,

Keep up the good work.

I would say the net assets of the group are as per the group balance sheet ie £6,036,000 less the goodwill of £201,000 and less the Minority Interests of £130,000 leaving £5,705,000 as net assets.

With 3,922,611 shares in issue this gives net assets per share of £1.45 just over TWICE their current market value!!!

[cambium] 16/4/2009 10:58

good find Liars

[liarspoker] 15/4/2009 23:42

Kahn & Schloss:

[liarspoker] 15/4/2009 12:50

Balver Zinn Appoints Holders Technology to Support PCB Fabrication Business in India

7 November 2008

Balver Zinn, a provider of high quality solders in various alloys, anodes, solder wire, fluxes and pastes, announces the appointment of Holders Technology as distributor for its PCB fabrication business in India..................

[liarspoker] 15/4/2009 12:36

Ben Graham's lost lectures:

Graham-Newman letters to shareholders:

Warren Buffett's partnership letters:

Walter Schloss 1985 Barron's interview:

Walter Schloss' 16 Golden Rules:

Walter Schloss Collection:


Liarspoker - 26 Oct'09 - 15:03 - 39 of 39 edit


Just did a 10 year study of the net working cap position and the high and low share prices for that year.

I will list 1) the year 2) the net working cap per diluted share and 3 ) the high - low share price for that year

2008 132p 140p 66.5p
2007 105p 170p 117p
2006 98p 121p 80p
2005 96p 123p 70p
2004 84p 126p 65p
2003 66p 70p 27p
2002 69p 80p 46p
2001 78p 153p 43p
2000 75p 120p 99p
1999 68p 117p 88p

So we can see that net working cap has been increasing nicely since the turn in 2003 and apart from the 70 & 80p high prices every other annual high price has been nicely above todays level.



Compelling Valuation


Holders Technology is trading at a substantial discount to net working capital.

Current Assets ( excluding the current tax asset ) equal GBP 7,252,000.

Total Liabilities equal GBP 2,098,000.

This gives net working capital of GBP 5,154,000.

Deducting 30% from the net working capital gives net net working capital of GBP 3,607,800.

The market capitalisation at the moment is a mere GBP 2,630,000.

Please note that the market capitalisation is also less than:

( Cash + ( Inventory X .5 ) + ( Receivables X .75 ) ) less ALL liabilities

Making it a supreme bargain on assets alone.

Tangible fixed assets, not included above, amount to GBP 651,000.

Therefore any offer made at twice the current market capitalisation is still cheap on tangible assets alone. The goodwill of a going concern based on an operating business, customer list/relations, sole supplier status and brand name to mention a few are throw in for free at such a price.

Revenue: GBP 17,481,000 ( not including inter-segment revenue )

Geographical Revenue Spread:

UK: 30.15%
Rest of Europe: 64.81%
Asia: 5.04%

Holders Technology is active in the UK, The Netherlands, Germany, Sweden, China and India.

Niche market segment: Holders Technology is the sole supplier of Kemmer Equipment ( Drills, Routers, KDD Software etc )

Graphic PLC was the first company to use the KDD Software for inventory management through Holders Technology particularly liking the automatic re-stocking aspect.

Accreditation: ISO9001:2000 accreditation achieved.

The printed circuit board industry is currently facing strong headwinds therefore HDT have announced that H1 2009 might lead to a loss making position. However a new product line which was recently launched has shown signs of good interest and demand and is due to attribute to revenue in H2.

Cash flow positive with a GBP 646,000 inflow, not accounting for dividends paid, year on year to end November, 2008. GBP 52,000 of this was due to favourable foreign exchange rates.

Due to strong cash generating abilities and a strong balance sheet HDT are paying a final dividend with a yield of 4.80% on todays purchase price of 68p per share ( you can buy within the spread. Be cheeky with the MM's ).

Included in current liabilities is bank debt which equals GBP 237,000. Offsetting this against cash of GBP 1,744,000 gives a net cash position of GBP 1,507,000.

Final divi of 3.25p goes ex on 22nd April, Payable on 19th may.

[lpf] 13/2/2009 16:10

The Molins thread is this way --->

[donemyhomework2] 13/2/2009 08:34

Mitzis hi,

Tell me more about Molins; had a brief look definitely looks undervalued.

[mitzis] 11/2/2009 08:21

Not bad are they Donemy another one I like is Molins small co £8mill cap.

some small caps are very undervalued.

[donemyhomework2] 11/2/2009 07:51

"We fully expect to maintain our
position in our key markets and to end the year financially strong."

Not bad under the circumstances and dividend maintained in full!!

[barnetpeter] 20/10/2008 21:14

Very true but that is a big break down. I would guess we would see 50ish now.

[donemyhomework2] 20/10/2008 16:19

Compared to all the FT100 banks this is doing very well!!

[barnetpeter] 20/10/2008 16:11

Long time since these were at 70p.

[liarspoker] 22/8/2008 08:29

Ex-divi next Wednesday - 2.1p at 87 offer equals 2.41% yield.

Pays for transactions costs. :O)

[liarspoker] 07/8/2008 14:49

2K quoted at 89p but you'd have to phone a broker.

Fairly risky share though ( if you can call a share trading at 30% net net current assets ) risky but seemed to be the best of the 5 I initially found and the 3 or 4 I found later.

Nice to see it rising. :O)

Ex-divi on 27th August.

2.1p at say 89p purchase price is 2.36% yield for the interim divi, not bad at all imo.

[8trader] 07/8/2008 13:12

How illiquid is this one liars !

Only 100 shares offered online at 87p

Glad you pointed this one out on the value thread because after looking
i quickly realised just how cheap this one was, imo it matches Amu for
value but impossible to buy quantity at the right price.

[liarspoker] 05/8/2008 12:45

Moving up - buy target is 83.935p so buy while it's below that figure.

83.935p is exactly 30% discount to net net current assets on dilutive figures.