Volvere Share Discussion Threads

[topvest] 27/5/2017 19:14

Seems a bit of interest in this one. Main question on this company remains in my view. Do you trust management?

[the big fella] 26/5/2017 14:59

I have used the liquidity to recover my original stake and will run the rest

[martinthebrave] 26/5/2017 14:35

Another top up 710p this morning. Can't see anything that looks better value than this at the moment!

[panic investor] 26/5/2017 11:55

Bought a few first thing after reading the update.

[rivaldo] 26/5/2017 10:56

Crikey, just returned home to find 15 posts here since mine earlier on - things have certainly changed for the better on this thread :o))

All this attention, and likely articles on the results in the IC/from Simon Thompson should help drive the share price further.

[cockerhoop] 26/5/2017 10:41

Johnathan was highlighting the results on twitter this morning!

Jonathan Lander‏ @JonathanELander 3h3 hours ago
Volvere's 2016 results now out. Another record year. Onwards and upwards!. See:

[zoolook] 26/5/2017 10:33

Im sure the directors could find ways of spreading the word better but I sense it's not in the nature

[hpcg] 26/5/2017 10:03

Greenroom - yes, the money is more effectively deployed against private companies than almost any other use. Listed small cap valuations are a red herring; companies of the size we are looking at should not be on the public markets.

[greenroom78] 26/5/2017 09:43

I'm currently in the process of buying out the company I work for and we are structuring a deal around 3x earnings and that is for an established and growing small business. Non listed comapnies swap hands at much lower P/E ratios that listed growth stocks.

I'm happy with today's RNS, and a few sell on news folk are creating a bit of liquidity. 9 times out of 10 I'd have been out the door this morning on the mark up and looking for my next trade, I'm making VLE one of my exceptions and holding on for a better valuation.

I note the comments on the stocko rankings, I do wonder if the introduction of a small dividend would add to the appeal for AIM value hunters? (and I'm aware that we don't want to erode into managements dry powder).

[boadicea] 26/5/2017 09:30

//modform26 May '17 - 07:42 - 2429 of 2436
........ I just wish the management would buy an earning enhancing business with that cash pile but now maybe is not the time as all small caps are overvalued.//

... in which case VLE is the value exception that proves the rule?
I doubt this is altogether true but I will admit that many small caps are optimistically priced and leave no room for a modest set-back which is what usually occurs sooner or later. That can then lead to an overreaction.

However, the strategy of VLE appears to exclude quoted companies in its search for hidden value. No doubt private deals generally offer a simpler and relatively cheaper acquisition process compared to meeting all the regulatory requirements of the quoted market. Lander & co don't splash their (or our) cash around needlessly or get involved in public wrangles. They quietly run a very tight ship.

The market has raised an eyelid on the share price recently but still hasn't woken up to the value here as outlined in many of the above posts.

[mathewawood] 26/5/2017 09:16

These results are going to look good on the Stockopedia Rankings. Should get noticed now by a few more AIM value seekers.

[melf] 26/5/2017 08:33

Eezymunny, I've had a gut feel since the previous set of results that Impetus would eventually be worth the market cap on its own - and these results have done nothing to dissuade that view :-)

[hpcg] 26/5/2017 08:27

Charts gone bitcoin in a good way. Should be more verticality to come, and no tulip bulb moment at the end.

[rhomboid] 26/5/2017 08:26

Looking at these results Impetus is worth c£30m given its profitability & growth, I'm delighted to carry on holding

[eezymunny] 26/5/2017 08:16

Worth noting I think that Impetus did £.97m pbt and group charges in H2, so the run rate maybe c. £2m pa before the new business. If they can do similar margins on the new biz then pbt run rate going forward could be c. £3m pa. I suppose in an optimistic case it could be sold for £25-30m. That's the entire market cap, with the £20m cash and other businesses in for free.

Might all go wrong as well of course :)

[plentymorefish] 26/5/2017 08:05

what a lovely start to the day!

[modform] 26/5/2017 08:04

Well I can sell everything at 718, but not selling any

[eezymunny] 26/5/2017 08:03

Yes PE still very low on the businesses.

Combined £2.8m pbt b4 group charges so c. £2.4m after tax at 20%. So PE adj for net cash c. 3 based on that.

Or £2.17 pbt after group charges, c. £1.74m after tax. So PE adj for net cash c. 4.25

To an acquirer of those businesses a good chunk of those charges would disappear (lander's fees, stock market listing costs, NOMADs etc).

So continuing biz's perhaps valued at just 3.5x trailing after tax earnings, at last night's close. Bonkers obviously IMO :)

These bits look interesting

"As part of a plan to widen Impetus's service offering the company has, with effect from April 2017, assumed responsibility for the management and delivery of a large automotive manufacturer's learning and development activities in the UK. As a result, Impetus now employs almost 400 people (an increase of approximately 150 compared to March 2017) and we expect Impetus' financial contribution to increase further this year as a result". So maybe a good uplift for Impetus - that's a 60 increase in headcount - if profits follow?!

Shire "The company has been developing a seasonal product range and initial launches with customers have proved successful"

[modform] 26/5/2017 07:42

Good set of results, I just wish the management would buy an earning enhancing business with that cash pile but now maybe is not the time as all small caps are overvalued

[cockerhoop] 26/5/2017 07:36

I get a PE of 4.4 nfs with very encouraging outlook at IMP.

[spob] 26/5/2017 07:32

I think a fair price here would start with a 9 rather than a 6

Volvere is upside down

[nfs] 26/5/2017 07:26

So PE of 5 for the businesses as they are 25% if the total market capitalisation

[spob] 26/5/2017 07:17

EPS from those continuing operations rose from 20.3p to 32.6p

continuing ops seriously undervalued