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% 1,190.00 144 08:00:06
Bid Price Offer Price High Price Low Price Open Price
1,150.00 1,230.00 1,190.00 1,165.00 1,165.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 18.64 -2.43 590.10 2.0 37
Last Trade Time Trade Type Trade Size Trade Price Currency
11:08:03 O 144 1,155.00 GBX

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Trade Time Trade Price Trade Size Trade Value Trade Type
10:08:051,155.001441,663.20O
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DateSubject
17/10/2019
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 1,190p.
Volvere Plc has a 4 week average price of 1,115p and a 12 week average price of 1,115p.
The 1 year high share price is 1,275p while the 1 year low share price is currently 970p.
There are currently 3,119,109 shares in issue and the average daily traded volume is 2,329 shares. The market capitalisation of Volvere Plc is £37,117,397.10.
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.
08/7/2019
09:03
jaf111: Not unexpected but the share price has drifted back down post tender.....just bought back some at 1240p making it a nice trade will buy back more if price drifts even lower.... ps able to deal well inside the 1170 - 1280 quoted bid offer spread....actual spread is around 40p.....
20/6/2019
18:38
zangdook: I'm asking that about myself. I could pick them up under 1290 now, why didn't I tender at least some? More to the point, why didn't they buy them back in the market and support the share price?
29/5/2019
16:33
zangdook: I wonder what will happen to the share price when the offer closes. I'd be inclined to tender some in the hope of buying them back after, but I wouldn't put it past the company to bring out some good news and mess up my cunning plan. If I'd had 10% here like some clever people it would be easier, instead I have ~3%.
29/5/2019
15:50
simso: I think our share price has closed at a peak of £11.50 mid on 5 separate occasions since November 18...and looks like we should close at an all time high tonight.
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.
22/5/2019
07:37
rivaldo: Results out - £34.1m cash and £12.50 per share of net assets: Https://uk.advfn.com/stock-market/london/volvere-VLE/share-news/Volvere-PLC-Final-Results/79969366 As already flagged really. Perhaps the most interesting line for long-term shareholders is: "We continue to look at targets in all sectors but, in particular, we believe there is an opportunity to build a larger group of food businesses, leveraging our competencies in this area." I also note that most of the 2018 investment in Shire was funded via external debt rather than using VLE's own funds. The comment about being at the heart of their customers' business "over the longer term" perhaps suggests that Shire will be retained for a while yet, especially given the remark about building a larger group, but I'm sure this wouldn't rule out an opportunistic sale at the right time.
26/3/2019
06:42
rivaldo: The IC's Simon Thompson is still backing VLE - this was posted yesterday: Https://www.investorschronicle.co.uk/comment/2019/03/25/bargain-shares-on-a-tear/ "Viva Volvere In a pre-close trading update, Aim-traded investment company Volvere (VLE:1,200p), a constituent of my market beating 2016 Bargain Shares Portfolio, has announced that its net asset value per share surged by 89 per cent to 1,248p in 2018. As I noted when I last updated the investment case (‘Bargain shares: On the M&A beat’, 22 October 2018) after the company announced the disposal of its largest investment, Impetus Automotive, a provider of consulting services to the automotive sector, the sale would produce eye-watering returns for Volvere’s shareholders. In fact, the company has received net proceeds of £26.1m for its 83 per cent stake in Impetus, a thumping premium to the £4.8m carrying value of the investment and 21 times the £1.25m capital Volvere originally invested in March 2015. This also highlights the midas touch of Volvere’s founders, Jonathan and Nick Lander, who have the respective roles of chief executive and finance director, to successfully invest in distressed and undervalued businesses with a view to turning them around and exiting at a hefty profit. The disposal leaves Volvere’s balance sheet is a rude state of health. Net cash of £34.1m equates to 1,093p a share, which means that the company’s 80 per cent stake in Leamington Spa-based food manufacturing business, Shire Foods, and a small software firm Sira Defence that develops products to help the police use CCTV effectively, are effectively in the share price for around 100p share, or £3.1m. That seems harsh given that Shire has just reported a pre-tax profit of £0.79m, up 23 per cent year-on-year, and Sira has entered into a number of reseller partnerships that are “expected to make a contribution in 2019 and beyond.” True, Volvere’s shares are at an all-time high and have risen by 150 per cent on an offer-to-bid basis since I advised buying, at 419p, in my 2016 Bargain Shares Portfolio. However, given the Landers mightily impressive track record – 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 – then they are still worth backing and I would run your profits ahead of news on the next turnaround situation they plan to invest in. Volvere’s annual results will be announced on Friday, 24 May 2019. Run profits."
19/3/2019
07:24
rivaldo: As predicted, the trading statement is out today: - 1248p net assets per share, including a £34.1m cash pile (against a £33m m/cap) - Shire Foods increased core PBT to £0.79m. The prognosis sounds more encouraging than I hoped, with customer growth and new product lines. They're throwing significant investment at Shire - I trust their judgement, but any sale price will have to be quite significant for decent profit over the acquisition price and subsequent investment - even Sira is looking promising, with a £60k PBT, and "a number of reseller partnerships were signed in the period, which are expected to make a contribution in 2019 and beyond" - the overall group profit was affected by £2.5m of Impetus sale bonus payments. Frankly these are large, but we have to accept that they're well deserved - if it hadn't been a multibagger then no bonuses would have been due The core value of the cash pile plus Shire Foods (including the £2.6m freehold property) plus Sira remains quite a way above the current share price, and much more so once that cash starts getting reinvested.
31/10/2018
10:47
rivaldo: Re-working the calculations then.... Let's say VLE now have around £37m of cash - £19m net of borrowings at 30/6/18, plus £23.1m from Impetus (incl, the deferred), plus say a round £0.9m from trading since 30/6, less the £6m buyback. There are now 3.12m shares in issue. So VLE now have 1186p per share of cash. Simso valued Shire at £4.8m. That's another 153p per share. Adding in a bit for Sira gives 1350p-1400p per share of core value. With a track record like theirs, the Landers should really command an additional premium to the share price, especially since we'll hopefully hear further acquisition news in the not too distant future.
Volvere share price data is direct from the London Stock Exchange
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