Marwyn Value Investors Share Discussion Threads

[skyship] 15/7/2015 08:20

Tilts. Placing price 330p.

So 57.5p x 26.5m = £15.24m/62.3m = 24.5p

MVI now 250p & looking high enough - a sell into the late arrivals buys.

[owenga] 15/7/2015 07:33

That should help to narrow the huge discount to NAV, with all that cash, over 80m!

[owenga] 15/7/2015 07:31

ETO announcement. The sale of 9% has already taken place.

[tiltonboy] 14/7/2015 17:41

They will return a minimum of 50% of the uplift in the ETO share price from August 2013.

This is how I think it will work:

Possible placing price 350
less August 2013 price 215
----
135 x 0.5 = 67.5p x 26.5m shares = £17.9m/62.3m = 28.5p

So I am hoping for a minimum return of the equivalent of 28.5p per share.

If anyone differs with my calcs please let me know!

EDIT: I thought I might be a bit optimistic on the price, but 330 is a bit disappointing. I also failed to take into account that it was the Master Fund that sold the holding, so it should be nearer 20p to be returned.

[soundbuy] 14/7/2015 17:24

So, what's the dosh for.........unlikely to be special divi...

[gleach23] 14/7/2015 16:39

ETO RNS just released states that Marwyn to sell one third of its stake in ETO...typically no RNS here yet but here's what the ETO RNS says -

14 July 2015

Intention to Sell Part of Stake in Entertainment One Ltd

Marwyn Value Investors L.P. ("Marwyn") announces that it intends to sell part of its shareholding in Entertainment One Ltd ("eOne" or the "Company"). The disposal will be through an accelerated bookbuilt secondary placing of depositary interests representing common shares in eOne ("Placing Shares") to institutional investors (the "Placing").

The books for the Placing will open with immediate effect. The timing of closing of the books will be at the absolute discretion of J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) ("J.P. Morgan Cazenove") acting as sole bookrunner. A further announcement will be made following completion of the bookbuild and pricing of the Placing. N M Rothschild & Sons Ltd ("Rothschild") is acting as financial adviser to Marwyn in connection with the Placing.

The Placing is anticipated to comprise depositary interests representing approximately 26.5 million eOne common shares, equivalent to approximately 9.0% of eOne's issued common share capital. Following the Placing, Marwyn is expected to be beneficially interested in approximately 52.9 million common shares, equivalent to approximately 17.9% of eOne's issued common share capital. Marwyn has undertaken not to dispose of any further interests in eOne common shares without the consent of J.P. Morgan Cazenove for a period of 90 days following completion of the Placing.

Upon completion of the Placing, James Corsellis, who has represented Marwyn on eOne's Board since January 2007, intends to step down as a non-executive Director of the Company. James' resignation from the Board follows Marwyn's decision to reduce its shareholding in the Company. Marwyn remains supportive of the management team and confident that they will continue to deliver on the eOne growth story.

Darren Throop said "Marwyn's involvement has been critical to the success and growth of the Company. We look forward to their continued support as an investor and would like to thank both James Corsellis and Mark Watts for their contributions on the Board over the years."

James Corsellis said "On behalf of the Marwyn team, I am grateful for the dedication and hard work of Darren Throop, Giles Willits and all of all the directors and employees of Entertainment One. Over the last 8 years, they have been instrumental in the company's extraordinary success in building a world-class entertainment business. This remains an important investment for Marwyn and we continue to be excited by the scale of the opportunity that faces Entertainment One going forward."

[skyship] 03/7/2015 16:35

jaws - thanks for that - but the article is a year old and the BREE stake sold long ago! Replaced by BCA...

[jaws6] 03/7/2015 16:09

hxxp://whichinvestmenttrust.com/marwyn-value-investors-taking-private-equity-public/

[tiltonboy] 02/7/2015 13:39

Market looks well bid at the moment.

[badtime] 02/7/2015 12:03

U still seeing much unloading?

[badtime] 02/7/2015 12:00

LOL tad more

[tiltonboy] 02/7/2015 11:27

I saw that 209 shares go through!

[badtime] 02/7/2015 11:08

Added early doors

[gleach23] 01/7/2015 12:58

next step due on chart too...

[davebowler] 01/7/2015 12:11

ETO hitting all time high.

[mad foetus] 26/6/2015 16:02

Just bought in, fingers crossed

[jaws6] 25/6/2015 13:11

Dave
Thanks for info.
looks good once seller is out.

[davebowler] 25/6/2015 12:34

"Our view: We are initiating coverage of Entertainment One ("eOne") with
an Outperform rating and a price target of 450p. A leading international
entertainment company specializing in the acquisition, production, and
distribution of feature films and television programs, eOne is a pure play
investment opportunity in the rising value of content.

• Catching a strong global bid for content. In our eyes, eOne is a high
quality company with meaningful global scale in a large and growing
addressable market (~US$100B). We believe it is well positioned to
deliver attractive risk-adjusted returns (20%+) by leveraging a solid
position in the filmed entertainment value chain, strong relationships
with creative talent, world-class sales and distribution infrastructure,
and financial resources to support major annual investments in content
(greater than US$500MM). In Television, we expect eOne to benefit from a
new ‘golden age’ for premium television production fuelled by the
proliferation of digital services. In Film, we see a virtuous cycle
between the company's multi-territory scale and its partnerships
with filmmakers, cementing eOne's position as the world's leading
independent distributor of motion pictures.

• Strategy to double in size looks within reach. In November 2014, eOne
embarked on a plan to double the size of the business in five years
through 75% organic and 25% acquisitive growth. While our forecast
does not include unannounced M&A, our bullish outlook is consistent
with management’s ambitious goal on an organic basis. In the next three
years, we forecast 15-20% organic revenue growth in Television driven
by production & sales momentum (greater than 850 half-hours) following a 51%
investment in the Mark Gordon Company, and solid growth in family &
licensing with the expansion of Peppa Pig (greater than US$1B at retail) and
other brands. We expect a rebound in Film revenue in F2016E (11% Y/Y), and
assume low single-digit revenue growth in Film medium-term, reflecting
modest industry growth and market share gains in film distribution, and
the building up of eOne Features (film production).

• Compelling valuation at a discount to peers. Our 450p target reflects
the average of (1) our EV/EBITDA valuation, which applies 9.0x and 14.0x
multiples to our two-year forward estimates in Film and Television,
respectively; and (2) our DCF valuation, which incorporates 9.0% WACC
and 2.5% terminal growth. We believe our assumptions are reasonable
given the growth and risk profile of these businesses (12% EBITDA
CAGR through F2020E), decent FCF conversion (50-60% mediumterm),
upside from acquisitions, and option value on a takeout. eOne
is trading at an FTM EV/EBITDA multiple of 10.3x, which is below
independent content players at 13.1x (17.2x including DreamWorks). In
our view, eOne's sizable discount to peers is unwarranted, especially
given its expanding Television franchise and risk-averse business model
(portfolio approach and production financing)"

[bamboo2] 25/6/2015 08:43

Using Bulkowski's formula I get a revised target of 260 for the confirmed Symmetrical Triangle

[skyship] 25/6/2015 08:25

By my calculations with ETO @ 360p the NAV here is now at 308p. So at 230p the discount has risen to 25.3%.

[davebowler] 24/6/2015 11:49

Zak Mir;
(Free registration possible to site)



It can be seen how Entertainment One (ETO) has been a rather robust technical situation in the recent past, backed by the remarkable growth of the Peppa Pig phenomena, and also bankrolled by a sizeable chunk of the Zak Mir salary on behalf of my (bored) kids . What can be seen on the daily chart at the moment is the way that there has been a steady crawl up and along the floor of a rising trend channel from as long ago as November.

The floor of the channel currently runs level with the 20 day moving average at 337p, with the latest ball flag breakout appearing to be very encouraging. Indeed, the implication is that provided there is no end of day close back below the floor of last year's channel/20 day moving average, one would be looking for further significant upside. The favourite destination at this point is as high as the resistance line projection of 410p over the next one to 2 months. At this stage only cautious traders would look for dips towards the 20 day line as a buying opportunity as this would improve the risk / reward of going long after a rally that has been in place since the end of January.

[tiltonboy] 23/6/2015 20:34

There is a seller around, holding the price down.

[p49b] 23/6/2015 16:24

Can any holders of Mvi tell me the reason this share price does not respond
when its largest holding increases by 4+%. I noticed this i think last week
when the daily price changed by around 3% and the price did not budge.

[b3842517] 09/6/2015 10:10

Still a massive discount to NAV and with the opportunity to redeem at NAV in September 2016 and the growth in ETO, this should really start moving soon.

[badtime] 09/6/2015 09:56

Bit surprised this didnt move on the back of ETO'S move yesterday