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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Volvere Plc | VLE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1,600.00 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,600.00 | 1,600.00 | 1,600.00 | 1,600.00 | 1,600.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 25/10/2024 08:41 by tanners Rivaldo - to answer you exam question, personally I would value it slightly differently, i.e. cash + freehold property asset + enterprise value of Shire, the subtle difference being that I don't think it is prudent to separately add back in fixed assets of Shire that are required to generate the income for that business.Therefore, if we think of Shire a separately listed entity, with profits as you have defined, what would a fair enterprise value be? If we were to apply say, on a debt free, zero cash basis, your P/E of 8, then it would give a m/cap of approx. £30 M, which if say paying dividends of £1.5M pa gives a yield around 4.5%, and dividend cover of over 2.5 times....that stand alone proposition would in my eyes look a reasonably compelling investment (esp given the year on year growth), and therefore if sold not unrealistic to expect a minimum 20% premium, which would take care of the family stake of 20%. Being ultra simplistic and without any sale premium, then it's a net value of £24 M to add to Volvere's cash and property asset, of c. £28 M, therefore £52M in total, or c. £24 per share. That's my rough attempt at a very conservative valuation, which still makes the shares at today's price significantly undervalued. |
Posted at 24/10/2024 15:43 by boadicea Hi Rivaldo - I follow your general thesis that the value of Shire is effectively ignored in the current valuation of the whole but I haven't checked the detail of your calculations. One point I did note that the words 'per share' don't belong in line 3 of the header which quotes the "Balance Sheet figure of £38.6m .... of NAV at 30/6/24, including £24.3m cash".Another unusual point I note about VLE is that the number of shares in Treasury is nearly twice the number in issue. (Is this a unique feature in the market?) The fact that they have been acquired at below NAV (and vastly below a reasonable practical valuation) is one of the reasons for the boost given to the asset backing of shares in market circulation. The other is, of course, the turn-round in the fortunes of Shire under their stewardship. The turbulence expected in the coming months (US election + UK budget) could throw up some interesting anomolies on which VLE could possibly capitalise. |
Posted at 23/10/2024 07:37 by rivaldo New multi-year highs here after yesterday's rise.Given that there was only one decent-sized trade yesterday, and that was a 400 share sell at 1500p, there's presumably background demand for shares causing the MMs to lift prices, be it from investors or VLE buying in more shares yet to be RNS'd. |
Posted at 10/10/2024 12:41 by rivaldo RNS - VLE have a new 3.44% shareholder. Edward Moyse now holds 76,000 shares after a transaction on 30th September:Coincidentally, he also disclosed just yesterday that he holds 2.86% of TST, another company I have a decent stake in (he had to declare sub-3% as TST is undertaking a strategic review - it's well worth a look imho). He evidently has similar good taste in small cap shares....:o)) |
Posted at 10/10/2024 09:17 by rivaldo Good to see VLE moving up to 4-year highs after a couple of buys totalling around £6k yesterday.And still excellent upside from here imo. |
Posted at 20/9/2024 08:49 by rivaldo £150,000 of shares just bought back at 1499p by the ever-prudent VLE/Nick Lander hopefully reflects the value and upside here. |
Posted at 13/9/2024 17:00 by scorpione i take your point Rivaldo, but VLE is a very, very illiquid share! By doing a tender offer would befit everybody not just sizeable shareholders who for one reason or other want out. I personally have been a holder since 2010 with 10,000 shares held in an ISA and share buy backs are not sufficient. As you quite rightly said above, even by todays announcement VLE shares are grossly undervalued and every time someone sells the price drops significantly. I would like to use these funds towards a mortgage that matures in 2026 and I am not in mood of giving my shares away at a considerably undervalued price! |
Posted at 13/9/2024 12:39 by rivaldo Presumably they'll continue with the buybacks. Especially given today's results.Perhaps there aren't any sizeable shareholders left out there willing to sell to make a tender offer worthwhile - VLE must know them all personally by now. |
Posted at 13/9/2024 11:20 by scorpione Amazing H1 results! But no sign of a 'tender offer' hinted in previous communications by VLE. Why!!!!?? |
Posted at 13/9/2024 08:03 by rivaldo Nothing's like Nvidia :o))Shire's PBT margin last year was almost exactly 9% - and was 13% in H2. Margins in this H1 improved to 9.4%. I imagine with the H2 weighting that margins will be considerably better than even that in H2. And with Shire on course for over £50m turnover this year and say £60m-£65m next year, with economies of scale continuing to grow, £10m PBT becomes a viable target over time assuming ceteris paribus. Whatever the case, VLE is still very undervalued despite today's rise. |
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