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Share Name Share Symbol Market Type Share ISIN Share Description
Volvere Plc LSE:VLE London Ordinary Share GB0032302688 ORD 0.00001P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 1,425.00 0.00 07:30:01
Bid Price Offer Price High Price Low Price Open Price
1,350.00 1,500.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 18.64 -2.43 590.10 2.4 26
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1,425.00 GBX

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DateSubject
05/7/2020
09:20
Volvere Daily Update: Volvere Plc is listed in the General Financial sector of the London Stock Exchange with ticker VLE. The last closing price for Volvere was 1,425p.
Volvere Plc has a 4 week average price of 1,310p and a 12 week average price of 1,305p.
The 1 year high share price is 1,570p while the 1 year low share price is currently 1,055p.
There are currently 1,834,182 shares in issue and the average daily traded volume is 1,041 shares. The market capitalisation of Volvere Plc is £26,137,093.50.
25/6/2020
07:39
rivaldo: Now we know the reason for the dip - some selling by Burgan Bank of Kuwait. This must be the old State St Nominees holding, which was 282k shares. So around 104k shares have gone through the market, which is great for liquidity. The fact that they've gone straight down to 9.73% hopefully indicates that a block has been sold and that's the end of any sales: Https://uk.advfn.com/stock-market/london/volvere-VLE/share-news/Volvere-PLC-Holdings-in-Company/82724543
03/6/2020
13:07
yamaha865: But you already gave a projected end disposal for shire of £8.1m for volvere. Add that to 19.5m cash and you get a mcap slightly less than the current share price
02/6/2020
10:54
rivaldo: I've held all mine yamaha865. Good luck to you, but long experience here - and complete confidence in the management - has taught me the value of holding on for more. Shire looks in fine fettle and seems primed to have a rather good year. And Indulgence was a bolt-on which won't imo prevent another acquisition this year with VLE taking advantage of the number of distressed companies around. When that happens we should see another share price jump.
01/6/2020
10:11
glawsiain: Here you go: Volvere (LON:VLE) Share price: £14.50 (+5.5%) No. of shares: 1.8 million Market cap: £25 million Final Results Please note that I have a long position in VLE. As you may already know, I have an overly large position in this - 25% of my portfolio. Not exactly in tune with standard portfolio construction practices. When I originally bought in, it was for less than 10%. But the price has nearly trebled, so here was are. It's a turnaround investment vehicle, typically buying businesses out of administration. It then reinvigorates them, gives management a decent stake, and helps them to grow, before selling them on. Results - for those who closely follow the company, I don't think these results contain much that is new. The main points are: NAV per share now £13.85 Net assets £25.4 million (excluding non-controlling interests), of which £19 million is cash. The only operating subsidiary which was left at the end of year, Shire Foods, grew revenue by 25% and PBT (before Volvere's charges) almost doubles to £1.4 million. Volvere owns 80% of Shire (the rest of it was awarded to management), so its adjusted pre-tax profit that is attributable to Volvere is £1.1 million. One of the key features of the Volvere strategy is incentivising management at subsidiaries, and I note that Shire paid a £500k dividend. Shire management will have received £100k of this. Success in 2019 is explained as follows: I am pleased with the growth achieved in 2019, which came principally from a deepening of relationships with existing customers, resulting in wider distribution and broader product ranges. Particularly encouraging was the growth in vegan product lines, where we believe we have developed flavours and textures that appeal to a wide consumer audience Covid-19 impact - "too early to say" whether the sales uplift to supermarkets will be sustained and result in full-year growth. Foodservice customers have been hammered, and they represented 12.5% of Shire's 2019 sales. Volvere expects them to return to normal when trading restrictions are ended. Production and costs are affected by social distancing measures - "we are still achieving an encouraging level of output and, for the most part, meeting customer demand". Indulgence Patisserie - a small acquisition made earlier this year. It is making progress, with more to do: "...we have been working to improve customer and supplier relationships, increasing teamwork and investing in new systems - and whilst we have been encouraged on a number of fronts, there is still work to be done in making the business more efficient and reducing costs." Strategy - this bit is interesting. Jonathan Lander said on April 21st that markets were experiencing "peak gloom". But it looks like Volvere is waiting for more fallout from this crisis, before it does another deal. It's not in a rush: We are already seeing increased levels of distressed deal flow due to the COVID-19 pandemic. The length of the economic effects is uncertain, but I fear it is likely to extend well into 2021 and possibly beyond. The anticipated reductions in financial support from state schemes will probably trigger more hardship for individuals and companies. We will do what we can to rescue those businesses which we believe viable, in all sectors and geographies, in accordance with our investment mandate, but with added focus on building a larger group of food businesses, leveraging our competencies in this area. I think this is fairly clear, and sounds sensible. Remember that Volvere's strategy typically involves buying out a bank loan for a company in administration. But with the government support schemes currently in place, such as furlough and loans, many companies have avoided going into administration. It makes sense to wait until some of these schemes are over, and only then to make a move. My view No change to my view here (what did you expect?!) The share price is now at a small (5%) premium to NAV, but I don't think that's unfair. Remember that this vehicle has compounded wealth at an extraordinary rate for nearly 20 years now. A small premium for this sparkling track record hardly seems unreasonable. If we deduct year-end cash from Volvere's market cap, we are left with an enterprise value of just £6.4 million. With Shire earning (pre-tax) £1.1 million for Shire in 2019, the implied pre-tax earnings multiple is a mere 6x. Some cash has been used to buy Indulgence, but I note that Volvere did not even pay a premium over book value in that deal. And there is clearly some potential for it to benefit from the association with Shire, as they are both in the business of manufacturing frozen food. Happy to continue holding, then.
22/4/2020
12:38
scorpio51: I would respectfully disagree. We are nowhere near peak economic gloom. I however have every confidence in VLE and have a large part of my investments here,since over 10 pounds of the share price is in cash,and Shire should be motoring along in this environment,and worth a lot more than its current NAV carrying value.
09/4/2020
15:14
investorschampion: With plenty of cash in the bank the group could ultimately be a beneficiary of the current crisis. Read more in our free daily update on the impact of the coronavirus on Volvere and other stocks we follow here: hxxps://www.investorschampion.com/channel/blog/coronavirus-impact-9-april-business-as-usual-but-the-share-price-halved-bar
09/4/2020
07:39
rivaldo: Trading statement is out. VLE continue to look great value imo. JL is typically cautious about the pandemic's uplifting effect on Shire's sales, but the signs are there: Https://uk.advfn.com/stock-market/london/volvere-VLE/share-news/Volvere-PLC-Trading-Update-and-Notice-of-Final-Res/82200157 - net assets of 1382p per share (excluding the true value of Shire Foods) - cash of £19.3m (prior to small Indulgence acquisition) - Shire made £1.3m PBT, up from £0.85m, with revenues up 26% to £23m - Shire's likely large uplift in retail sales partially offset by foodservice decline, but this must surely be much smaller relatively speaking as only 12% of sales?
09/12/2019
15:59
penpont: From ST in today's IC: Taking profits I have decided to bank my remaining profits on Aim investment company Volvere (VLE:1,175p), having recommended tendering your basic entitlement (41.18 per cent of your holdings) at 1,290p a share earlier this year, so realising an eye-catching 208 per cent premium to the 419p entry level in my 2016 Bargain Shares Portfolio. The gains have also driven a 78.9 per cent portfolio total return, significantly higher than that of the FTSE All-Share (47.2 per cent) and FTSE Aim All-Share (41.5 per cent). The company is heavily cashed up (net funds of 915p a share) and the shares are also priced on a discount to last reported NAV per share of 1,356p, so there is solid firepower for co-founders, Jonathan and Nick Lander, to finance their next turnaround situation. They are smart investors, which is why Volvere’s book value per share has increased at a compound annual growth rate of 17 per cent since the company listed its shares, at 100p, on Aim in December 2002. However, until they have made their acquisition, and delivered valuation upside, I can see the share price discount to NAV persisting. Bank profits. https://www.investorschronicle.co.uk/comment/2019/12/09/taking-stock-and-profits/
26/9/2019
14:02
glawsiain: Volvere (LON:VLE) Share price: 1250p (+9%) No. of shares: 1.8 million Market cap: £23 million Half-year Report (In case anybody was not aware, I have a long position in VLE.) Volvere has published some decent interims - happy days. This is an investment company which currently has just a single operating subsidiary, Shire Foods, after all the other subsidiaries were sold for handsome profits. Shire, in Leamington Spa, seems to be doing nicely. I attended Volvere's AGM this year, and reviewed my notes from it this morning. At the AGM, Volvere management talked about Shire's capacity constraints and its expansion push in terms of production lines and cooking vessels. The H1 revenue increase at Shire is even better than I would have hoped for, at 39%. This helped to offset margin pressure from raw materials and wage inflation. The overall jump in Shire's adjusted PBT was from a £170k loss to a £240k gain. Shire supplies frozen food to discount supermarkets, and this is a nice sector to be in right now (e.g. Aldi expansion). As far as developing its product portfolio is concerned, Shire is focused on the vegan segment - another growth area: We are actively responding to the increased demand for vegan products and have agreed several new products with retail customers. In addition, we have launched our own brand - Naughty Vegan - into the foodservice market. Time for a few calculations. Last year, Shire produced an adjusted PBT result in H2 of about £1 million (based on a £170k loss in H1 and an £850k profit for the full year). If it matches that this year, it is on course for adjusted PBT of £1.24 million. But given the strength of H1 this year, the end result could (should?) be materially better than this. Maybe £1.5 million is a reasonable guess. Volvere says that additional opportunities will be sought for Shire in 2020, on the back of its increased capacity. Another little tidbit that is worth noting: the "majority" of Shire's expansion is being funded externally, i.e. Volvere is keeping its own powder dry for acquisitions, rather than funding Shire. The balance sheet is spelled out here: 5d8c8eed1cb45VLE_20190926.PNG If you can read these, you'll see that Shire ("Food manufacturing") has more than £6 million in liabilities/provisions (up from £4.4 million a year ago). Evidently, Volvere wants to keep that £19 million cash pile available for takeover opportunities, rather than funding Shire unnecessarily. But Shire seems able to carry this leverage, at least for now. You can see from the above table that it still has net assets of £7.1 million (including freehold property). Volvere HQ, meanwhile has no debt and is sitting on £19 million of cash. Volvere management have said previously that about £20 million is the most they need to execute their strategy. Outlook The Chairman says: "We remain positive about the outlook for our business and believe that the current economic and political uncertainty will provide further investment opportunities." The logic here is that uncertainty can create buying opportunities for value investors such as VLE. The CEO says (and I've added the bold): Our strategy throughout 2019 remains as before - to deliver shareholder value through improving trading performance of our existing portfolio, identifying new opportunities, and investment realisations. The level of deal opportunities has increased since 2018 and we remain optimistic that we will identify new businesses in which to invest. My view The only slight worry is that there hasn't been an acquisition for some time. It looks like the last one was in March 2015. But having said that, I am much happier for Volvere to remain patient and to wait until it gets something that it is very confident in, rather than doing something for the sake of it. So I really don't mind if deal news is slow. Better to be slow than to get it wrong. As for the current valuation, I am inclined to believe that Volvere is worth central cash (£19 million) plus the value of Shire. Some investors might then apply a discount given the administrative overhead and the uncertainty over future investment performance. Personally, I think that Volvere management have done more than enough to prove the soundness of their approach. They might mistakes in future, and/or they might be unlucky, but I don't think there can be much doubt that their methods have been sound (at least historically). Let's think for a minute about what Shire is worth. Book value is £7.1 million, and adjusted PBT (to exclude intra-Group management charges and interest) looks like it could hit £1.5 million this year. Let's call that net income of £1.2 million. The ROE at Shire might therefore be in the region of 17%, thanks to the use of leverage. It will be difficult for Shire to grow very fast very quickly, although if the "Naughty Vegan" brand were to take off, who knows how lucrative that might be? Personally, I would value Shire today at around £10 million, or 8x after-tax earnings. That's a modest but fair multiple for a food manufacturing business, and not an outrageous premium to tangible book value. So I believe that this is a conservative estimate. Volvere owns 80% of Shire, so I would put Volvere's stake at £8 million. The 20% that it doesn't own is important - it helps to incentivise the managers on the ground at Shire. Add on the group cash balance and you get a Volvere valuation of £27 million. Feel free to disagree with this number. You then have the great imponderable of future investing performance to consider. I think that Volvere management are very good at their jobs, and I'm happy to back them. Others might disagree, and might have no interest in VLE at all, or unless it is much more keenly priced. Based on my £27 million estimate, VLE trades at a 15% discount to current fair value. The discount is more like 8% if you use the official NAV published today. Both of these estimates are based on the mid-price. The bid-offer spread, as always, is huge, so short-term traders must stay away. This share is something to hold for years, to give management a chance to work their magic (or to fail miserably, as the case may be - but they haven't made too many mistakes so far!) Despite this share representing 17% of my equity portfolio, I have no immediate plans to sell.
28/5/2019
12:37
rivaldo: Around £75,000 of shares traded so far today. This is almost becoming a liquid share :o)) It'll be interesting to see what happens if/when VLE make their next acquisition. In some cases a cash pile is seen as a dead weight on a share price. For the first time VLE are in a position to make a really meaty acquisition. Given the Landers' disposition I doubt they'll spend more than say £10m on a single acquisition, but hopefully this level of spend would still excite the market given the potential multiples on offer from the Landers' track record. The defensive aspect of the currently almost £37m cash pile would obviously reduce, but I'd have thought the former would outweigh the latter. We might even see the share price start to rise nearer to parity with the true NAV.
Volvere share price data is direct from the London Stock Exchange
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