Marwyn Value Investors Share Discussion Threads

[flagon] 03/4/2017 11:44

ZEG - results are Thursday

Link ->

[gleach23] 03/4/2017 11:39

ZEG continues its breakout this morning ahead of results Wed.

SpectoAcc - so what was ST's IC comment?

[riskvsreward] 01/4/2017 08:08

Discount is much higher if cash balance is taken out. You don't need to discount cash. This is too cheap considering its two main investment zeg and bca are decent business and a yield of almost 6%.

[jhan66] 01/4/2017 06:33

Directors ought to be tempted. Xdiv next week and discount in excess of 37%.

[spectoacc] 31/3/2017 17:24

Also got a brief mention today by Simon "Ramper" Tommo in the IC.

Seems to be a hell of an overhang on it tho.

[gleach23] 31/3/2017 14:04

ZEG trying to break out ahead of Finals next Thurs 6th (and up nicely since the price used for calculating this week's MVI NAV).

BCA languishes around support at 180 though.

Edit - MVI Annual Financial Report due early April too. After last year's report there were 2 director purchases of 25k and 27k at around 182p. Wonder if they'll be tempted again at a price 25% lower?

[mad foetus] 22/3/2017 08:05

I may drop them a line about GLOO, I think the directors there are on chunky amounts and it doesn't appear that they are doing anything.

[elsa7878] 22/3/2017 08:05

Yep, no wonder everyone wants out. Thought Marwyn Speciality chemicals already existed bar with no operating business yet. If you can't find an investment go create another investment vehicle.....

[spectoacc] 22/3/2017 07:19

It's not like I don't like these "platform" deals they keep doing, but isn't it about time they actually did something? (Mentioning no GLOOs)

Marwyn Value Investors Limited ("Marwyn")
Investment in Wilmcote Holdings plc
Marwyn announces the launch of a new management platform, Wilmcote Holdings plc ("Wilmcote"), established in partnership with Adrian Whitfield, who has been appointed as its Chief Executive Officer. Adrian is an experienced executive who recently spent nine years successfully implementing a turnaround and growth strategy at Synthomer plc, the UK listed (FTSE-250) specialty polymer operator. Over Adrian's nine year tenure, he more than doubled operating profits and increased Synthomer's market capitalisation from c.GBP300 million to over GBP800 million. Synthomer (formerly known as Yule Catto & Co.) is a global manufacturer of specialty polymers for the coatings, construction, textiles, paper and healthcare industries. Prior to Adrian's role at Synthomer, he was the Chief Executive for the Plastics Division of DS Smith, a manufacturer of paper and packaging products, for seven years.

[spectoacc] 15/3/2017 09:58

Major shareholders - take your pick who the seller is, seen no RNS recently, and could well be someone under 3%:

INVESCO ASSET MANAGEMENT
31,671,415
44.75%
LAZARD ASSET MANAGEMENT LLC
6,565,430
9.28%
GRAMERCY FUNDS MANAGEMENT LLC
3,806,844
5.38%
INSIGHT INVESTMENT MANAGEMENT
3,802,046
5.37%
BARCLAYS FUNDS INVESTMENTS LIMITED
3,409,090
4.82%
TORTIN LIMITED
2,278,303
3.22%

[spectoacc] 15/3/2017 09:52

Another 150k O through MVI, seems the seller still very much around and not just overhang from 2 weeks ago. Still possible to buy at bid price. Could be a while before we see a rise but I'm a patient man.

[hugepants] 15/3/2017 09:20

would presumably adjust valuation to account for debt?

[hugepants] 15/3/2017 09:11

Interesting potential valuation. ZEG up 9% today and now has market cap of £250M

target='window'>https://translate.google.co.uk/translate?hl=en&sl=es&u=

EXPANSIÓN published yesterday that a valuation of about 750 million euros is being considered by Telecable.

[spectoacc] 15/3/2017 09:02

I guess the usual question with MVI of where the money ends up - ZEG surely likely to do another deal with the proceeds, so MVI a further step removed. But has to be a limit to discount to NAV it can trade at.

Surprised at GLOO, has been a complete zombie.

[mad foetus] 15/3/2017 09:00

Could cause a big uplift to the share price here and they must be thinking of winding up GLOO as it has been around for a couple of years now without a deal.

[spectoacc] 15/3/2017 08:16

Interesting news (or possible news) from ZEG. Has pushed it up a bit on a 7p spread, so have piled into loads more MVI - available at 135.00001p after the big sells of 2 weeks ago (clearly an overhang). MVI is 46% ZEG.

[gleach23] 01/3/2017 12:04

Yup - could do with some decent results from ZEG - finals due within a week or 2 I believe

[spectoacc] 01/3/2017 11:30

FTSE highs, MVI naff. Worse - some large trades gone through as low as 135p.

[gleach23] 16/1/2017 11:45

BCA having another go at 200p currently

[spectoacc] 13/1/2017 13:17

Well spotted, wonder what those are about. Probably reported from a few days ago.

[mad foetus] 13/1/2017 12:44

Some big trades today. Let's hope for a good year.

[gleach23] 08/1/2017 12:09

Tick ups for BCA and ZEG on Fri. Start of a turn up for both of them with any luck.

Meanwhile, bid speculation hovering over Northgate with Redde and BCA potential suitors -

[spectoacc] 04/1/2017 08:31

Happy to sit on it for the divi here (not the MVIR's mind!).

[gleach23] 03/1/2017 12:46

Good to see some signs of life here - I'd hope for a swift 30p re-rate if it can gain a little traction

[davebowler] 30/11/2016 10:31

Zeus on BCA;
BCA has delivered a strong set of results that are 5% ahead of our forecast at the adjusted EPS level. Strong growth has been made across all four divisions leading to an impressive +31% increase in adjusted EBITDA. Our EPS assumptions remain unchanged, and we are comfortable at the top end of the consensus range. We continue to believe BCA remains well positioned as an attractive structural growth play and is underpinned by a solid dividend yield.

§ H1 results: BCA has delivered strong results, which were 5% ahead of our forecast at the adjusted EPS level. The Group has delivered an impressive 31% YOY EBITDA growth driven by strong organic growth and the successful integration of acquisitions. Cash conversion was 116% and net debt on track vs. our FY assumptions. The interim dividend was +10% and in line with our expectations.
§ Key performance drivers: UK Remarketing was a strong performance with core volumes +8.4% (including SMA) producing YOY EBITDA growth of 23.4%. International Remarketing saw volumes +5.7% YOY with FX rates providing a 11% favourable movement to reported results vs. the prior period. Revenue per vehicle were +19.9% YOY driving revenues +26.5% and EBITDA +33.3%. WBAC continued to deliver strong volume growth ahead of our expectations, which was running at 13.3% during the period, driving revenues +14.3% and EBITDA +6.0%. Acquisitions have been integrated well via Automotive Services, with management also taking decisive action to drive enhanced profitability namely via UK logistics. Group costs were broadly in line with our expectations.
§ Forecast assumptions: We are maintaining our headline EPS forecasts on the back of these results. We have increased volumes in the UK, albeit this is largely offset by slightly higher depreciation and interest cost. We remain comfortable with our assumptions at the upper end of the consensus range.
§ Investment view: We remain comfortable with our original investment thesis based on the underlying performance of the business. We continue to believe the growth potential is significant from here across all divisions, especially in Europe in future years. We continue to see BCA as attractive critical infrastructure as it now touched over 3.5m vehicles in the UK supply chain alone, and would expect to see continued growth under most post Brexit scenarios. With an attractive dividend yield of 4% following some share price weakness, we would expect the shares to perform well given the attractive structural growth opportunities.