Marwyn Value Investors Share Discussion Threads

[hedge fund harry] 06/6/2018 16:17

Thank you gleach for the link. BCA has gone up 2.5% today.
I'm very pleased with this investment which I regard as still very undervalued.

[gleach23] 05/6/2018 12:17

As BCA hits £2 this morning, a link to yesterday's ST tip is below. Having read it, one can understand the heavy buying yesterday -

[skyship] 04/6/2018 17:10

Thankyou ST...

[shaker44] 04/6/2018 13:12

not a holder- yet. value looks good but share price trend boring. apart from an ST tip what will get this moving? Impatient institutions forcing paper profit into cash in the bank? or???
The huge nav discount is no secret so cant expect results on 28/6 to shift share price surely?

[gleach23] 04/6/2018 13:09

Crikey, it must have been a bullish write up....70-odd buys later and they're still coming in...

[gleach23] 04/6/2018 12:04

Midday trades - must be Simon Thompson tip?

[gleach23] 01/6/2018 14:04

BCA going nicely today - hopefully lining up another crack at £2.
Prelims due later this month on 28th.

[hedge fund harry] 24/5/2018 21:50

Thankyou Robsy. I hope you have seen the NAV announcement at the end of the day today.

As at 11 May the closing mid share price of an Ordinary Share in the Company was GBP1.2650 and represented a discount of 36.64% to the net asset value per Ordinary Share.

A discount of 36.64% is far too high and unwarranted especially given the high yield on offer. I'm targeting a minimum share price of £1.60. This would still be a 20% discount and would not in any way overvalue this stock.

[robsy2] 24/5/2018 07:10

Welcome to Hedge fund Harry who has bought a dash of enthusiam to the thread. I am a holder and am a bit disgruntled. as someone said here , the biz model here looks to be not working very well and things are at a low ebb. Gloo was a dreadful waste of money . i imagine the institutional backers are not best pleased.BUT ,I think the situation is a bit brightere than the sap suggests so I'm a reluctant holder. the divi is good and their (increasingly) previous track record remains worthy of some respect. a sniff of 150 p and I'm out!
R2

[belgraviaboy] 23/5/2018 10:07

Added to my holding this morning - seems to be turning up

[gleach23] 23/5/2018 09:22

tilts effect in action this morning ;-)

[skyship] 23/5/2018 07:17

Ahh - a significant intervention - Tilts is the master of timing (usually!)

[tiltonboy] 22/5/2018 16:35

I've picked up a few today, but got rejected on my final order. Declined to pay 130p for a small number, but might re-visit tomorrow.

[gleach23] 22/5/2018 15:50

Not sure about estimating the NAV skyship but BCA up 4% since last report and ZEG up 12%.

Decent buying in MVI today. It'll be due to go on one of its little runs up soon imo...perhaps prompted by a Simon Thompson tip?

[skyship] 22/5/2018 14:54

...and BCA up another 4% today @ 198p; but still MVI doesn't show a quiver.

Anyone like to estimate the NAV now?

[skyship] 18/5/2018 11:24

Back in for a few today. I remain no great fan of Robert Ware; but the combination of discount and yield is pretty compelling at this level.

[hedge fund harry] 17/5/2018 21:34

The BCA share price was up 4% almost reversing the decline caused by the Times article.

I also note that Armstrong Investments are continuing to increase their stake.

[gleach23] 14/5/2018 23:37

thanks very much hfh - explains the difference and best to go by these numbers than the ones I used

[hedge fund harry] 14/5/2018 23:23

Hello gleach I've copied the portfolio breakdown as of mid March from the final results below. I've checked back a few years of results and I believe the other assets of 32% are in fact cash and equivalents.

Zegona Communications plc 20.0%
BCA Marketplace plc 29.0%
Wilmcote Holdings plc 9.3%
Safe Harbour Holdings plc 5.5%
Gloo Networks plc 4.5%
Le Chameau Group plc 14.9%
Other assets 32.0%
Liabilities (15.2)%

[gleach23] 14/5/2018 22:00

hi hedge fund harry - you're welcome - it's refreshing to have some positive vibe on the thread! i do though accept that MVI hasn't done itself many favours lately and thus the discount to NAV perhaps shouldn't be such a surprise.

I read with interest today's very good posts on BCA. In one of yours you mention that BCA is 28% of MVI holdings. Is this after a cash holding has been taken into account?

I have been estimating the BCA holding to be 42% which is quite different to yours but doesn't take account of cash that MVI is holding. Perhaps you'd be good enough to check my post 1130 here to see how I arrive at 42% and let me how your number differs? I don't want to be giving bum steers here if I have it wrong. Thanks

[hedge fund harry] 14/5/2018 13:17

Safe Harbour and Wilmcote are the other GLOO type companies but they are not valued at a premium and their share prices closely reflect the funds raised at their respective IPOs. Combined they are 14% of the NAV. Everyone is writing these off but they could be the next ZEG and if they aren't they will be wound up like GLOO and the funds returned.

[mad foetus] 14/5/2018 13:08

To be fair, I don't know how much profit they made in Breedon, which used to be Marlyn Materials I think.

[spectoacc] 14/5/2018 13:07

Agreed; their successes have been ETO & ZEG, I don't see too many others over the past 10 years.

Remain a holder, but small.

[mad foetus] 14/5/2018 12:16

I think the debacle at GLOO throws into doubt the whole MVI "platform" model. Giving money to people and saying "go and buy an undervalued business" has been revealed to be higher risk than expected. And it calls into question the judgment of Mark Watts, so for me they need to prove themselves again before they become investable.

[hedge fund harry] 14/5/2018 11:55

I believe 160p is a very modest target price what with the FTSE100 closing in again on its record high. I don't see any other shares out there that could rise 20% and still be arguably undervalued.

As an aside I notice the NAV updates are 2 weeks behind so todays NAV of 200p+ will not be announced till the end of the month.