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Posted at 02/4/2024 10:25 by eezymunny Always fun looking a VLE.Top-line compound growth at Shire I calculate at 13.6% over 8 years (and similar for profit growth). That´s a fantastic achievement. Using Ben Graham´s valuation guide of PE = (8 + sustainable growth rate)suggests a reasonable PE for Shire of 20+. VLE´s 80% share of Shire is worth £40m+ by that valuation method. Add the cash and you get a c. £64m valuation or £28+ per share. Who´d have thought that a "boring" old food manufacturing business could perform so well? Mr Market clearly thinks its too boring. I don´t. |
Posted at 13/3/2024 10:39 by rivaldo Re the above valuation, he's used a straight 25% tax charge on Shire's £3.64m contribution to VLE after intra-group management charges et al.Firstly, the tax charge is unlikely to be precisely the full 25% due to capital allowances and super deductions. Let's call it a conservative 22%. Secondly, imo we should use Shire's PBT before intercompany charges etc, which is £3.86m. Thirdly, let's be a tad more generous and use a P/E of 8 given Shire's terrific track record and apparently excellent competitive position. That gives Shire a £19.3m valuation. Add in the £23.74m cash and the total is £43.04m, which is around £18.50 per share. Happy to be corrected/struck down! |
Posted at 12/3/2024 08:27 by jaf111 Fingers crossed they will sort out the ridiculous cash situation….the patience of shareholders has been greatly tested so either make a acquisition, hand back the excess cash through a divi or tender offer, or sell Shire and distribute everything 😂 |
Posted at 05/12/2023 11:36 by rivaldo Buying at 1250p and now 1300p this morning.Maybe some speculating that Shire will now be sold and VLE wound up with assets being distributed to shareholders. Of course could equally be betting that Shire coninues its excellent and consistent performance in recent years. |
Posted at 14/11/2023 08:55 by rivaldo Crucible Clarity Fund Plc have been buying and now own 5.21% of VLE, or 121,228 shares - up from a prior 3.06%:They declared with 3% in Oct'22, so this is their first addition since then. I note that the two properties for sale appear to have disappeared from the "for sale" listings above, which is hopefully a good sign that completion has happened or is about to happen. I've also updated the major shareholders list in the thread header post (comprising around 54% of the shares). |
Posted at 10/10/2023 11:43 by rivaldo In case anyone missed last night's late RNS, VLE made a substantial £116,000 buyback of 10,000 shares: |
Posted at 20/9/2023 17:18 by eezymunny DBAY acquiring FIF for:TNAV + (8.7 * post tax profit forecast), using those metrics values Shire at 12 + (8.7 * 2) = 29.4m quid. Add 20m for VLE cash and VLE valued at c. 21 quid a share. PMSL. I can wait... |
Posted at 19/9/2023 10:24 by zangdook reliable source of dividend information:short answer - none |
Posted at 08/9/2023 08:26 by rivaldo Just back from hols and learnt the terrible news. My thoughts are also with Jonathan's family, particularly Nick, and friends. To be taken at the age of just 55 is just inconceivable.I talked with Jonathan in person and on the phone a number of times, and he was always a pleasure to discuss matters Volvere-related and anything else with, being as honest and forthcoming as he could be. He had a fine, dry sense of humour and was obviously an extremely capable businessman. He and Nick have done a fine job with VLE. For the record Evil Knievil on Master Investor had this to say: "I invested successfully in Volvere (VLE) several years ago and sold out. I thought no more about it. It was and remains a very successful investment/trading company run by Jonathan and Nick Lander. It is chaired by David Buchler, a distinguished small company assessor. Last Monday, Jonathan died very suddenly aged 55. As an enquiry on Google will show there was nothing gross about Jonathan Lander. Thus Nick is in the driving seat and one wonders what will happen now. TNAV is about £14 a share and one can buy stock (not much) at about £11.50. VLE is highly solvent and loaded with cash. Curiously, the Lander brothers were shown as being paid just £19,000 p.a. between them. But, slightly unusually, they were also taking £650,000 p.a. into their management company, D2L. Perhaps Nick will take just £325,000 p.a. now. I do not know. I also do not know what Nick intends to do with his time or why or where. But he might take VLE on to new heights of sensible achievement. Or he might accept an offer for the lot. If the latter, it must surely be above £11.50 a share. Here is an opportunity for patient investors." |
Posted at 29/8/2023 08:38 by jaf111 I sort of understand the fall in share price today due to likely no acquisition news BUT IMO most likely scenario going forward is sale of Shire and VLE being wound up…..NAV £13 plus so actually today’s sellers likely to regret their decision…̷ |
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