W.h. Ireland Share Discussion Threads

[paleje] 27/2/2014 11:42

St just updated his view on WHI with an upgrade target 180p med term.

[markyjacob123] 26/2/2014 11:14

Good set of fiures. All the small brokers are flying as market conditions improve.

WHI, ARDN, NUM, CNKS etc.

The only share price yet to move and looks very cheap is PMR. Results in a few weeks.

[paleje] 26/2/2014 09:52

It sounds orderly, peter27, and must've been known a while because they expect to announce replacement soon.

Equity Devs (paid for) note out:-

Significantly improved performance all round

Feb 26, 2014
Stockbroker WH Ireland has produced a sparkling set of results for its full year (to end November 2013): Pre Tax Profits rose by over 1000% and the Board has announced that the dividend has trebled to 1.5p.


Funds under Management or Administration rose an impressive 43% to £2.48 bn, boosted by the extremely successful acquisition of the former Seymour Pierce client list.


We expect further good progress in Profit before Tax and dividends in the current financial year (to 30 November 2014): WHI has enjoyed a strong first quarter.


Despite a 20% increase in recent days, the shares are still comfortably below our conservative sum of the parts valuation, of £34.6m (or 146p / share). Indeed we can easily arrive at a value of £53.8m, or 227p a share, as being a more realistic figure.

[peter27] 26/2/2014 07:50

Finance Director leaving 'by mutual consent'. has anyone any news on that?

[paleje] 26/2/2014 07:26

Look at the size of that divi increase, tells us how confident management are about the future and the share price has a lot further to go with management incentivised by juicy if demanding option targets, very pleased with that rns.

[h2owater] 26/2/2014 07:12

Financial Highlights:

-- Revenue increased by 18.2% to GBP29.7m (2012: GBP25.1m)
-- Recurring revenue increased by 32% to GBP8.9m (2012: GBP6.8m)
-- Profit before tax GBP1.7m (2012: loss before tax GBP0.2m)
-- Basic earnings per share of 4.80p (2012: loss 0.89p)
-- Proposed final dividend of 1.5p (2012: 0.5p)
Corporate Broking:

-- Continued growth in the number of Corporate Broking clients to 85 (2012: 83)
-- Fund raisings totalled GBP102m (2012: GBP116m) in 21 transactions (2012: 25)
-- M&A transactions valued at GBP138m completed
-- Market making revenue and secondary commission both increased
Private Wealth Management:

-- Funds under management and administration rose by 43% to GBP2.5bn (2012: GBP1.7bn)
-- Acquisition of the former Seymour Pierce client list in February 2013 added over GBP300m of assets

-- Continuing to be active in seeking to recruit or acquire individuals or teams
-- Isle of Man office opened (see separate announcement issued today)

[brownie69] 25/2/2014 18:19

Cat getting well and truly out of the bag now.

Next resistance 140p?

[brownie69] 24/2/2014 09:18

Got it, thanks. A good write up.

[darlocst] 24/2/2014 08:32

brownie69 - all down to the weekend tip.

[brownie69] 24/2/2014 08:16

Strong move this morning.

Could be a bit more than expectation of good results? I'm wonder if a bid is coming?

[paleje] 23/2/2014 16:35

Cheers gargoyle nice article.

[gargoyle2] 23/2/2014 06:01

Tipped in the Midas (Mail on Sunday) column today:



When a boss leaves abruptly but no one is prepared to say why, investors naturally tend to think the worst. Small wonder then that WH Ireland shares lost about 15 per cent of their value when chief executive Paul Compton left with immediate effect just over a year ago.

It was never disclosed why Compton left, but a legal action between him and the company was settled with both sides bound by confidentiality agreements.

The stockbroking firm has kept a low profile since then, but this week new chief executive Richard Killingbeck is forecast to deliver better than expected results for 2013 and express confidence about the future. The shares are 94p and should gain ground as WH Ireland continues to grow.

The company is also likely to benefit as the economy recovers and stock market conditions improve.

WH Ireland can trace its roots back 142 years after the foundation of Manchester's stock exchange. Based in the North-West for much of that time, WH Ireland gained a reputation as a friendly, reliable stockbroker, which built up strong relationships with customers and focused on old-fashioned service.

The focus on customers still holds true, but WH Ireland has expanded across the UK and now offers a far broader range of services.

The company has two arms – a private client division and a corporate division. The private client side can simply buy and sell shares for customers. However, it also provides much more extensive advice on pensions and savings, and customers can opt to allow the firm to manage their savings completely on their behalf.

Financial advice has been changing dramatically since the start of last year, when the Retail Distribution Review was introduced, forcing financial advisers to charge customers upfront so they can see exactly what fees they are paying and for what.

Some small firms have found the change hard to manage, while many large firms are now concentrating on extremely wealthy clients with at least £500,000 in liquid assets.

WH Ireland has chosen not to go down that route, preferring to offer a personal service to clients with slightly less in the bank. The policy has served the firm well and it has amassed more than 10,000 clients, with an average of £250,000 to £300,000 of investable cash.

The group has a fast-growing corporate side too, helping small firms come to AIM – which used to be called the Alternative Investment Market – and advising them after flotation.

Over the past three years, WH Ireland has expanded faster than any of its peers in this sector and now has 94 corporate clients, six of whom have been acquired in the past three months alone.

Compton was particularly involved in this side of the business, but its growth since his departure highlights the company's ability to attract new corporate customers even without his oversight. Many firms find WH Ireland appealing because it is relatively small and understands the issues that businesses face when they join AIM.

Killingbeck is a veteran stockbroker who started his career at blue-blooded wealth manager Cazenove. Under his watch, WH Ireland has been putting its house in order, gaining new customers and increasing profits. He has strengthened the management team and acquired the private client arms of Seymour Pierce and Pritchard, both of which had collapsed and were in administration. The firm is expected to continue to expand through small acquisitions and organic growth.

Results on Wednesday are expected to show the company moving from a loss of £200,000 to a core profit of more than £750,000 for the year to November 30, 2013. The dividend is also likely to rise from 0.5p to at least 0.75p and trading since November is thought to have been particularly strong.

Midas verdict: Compton's departure prompted much speculation, but investors have been reassured that there was no impact on WH Ireland's underlying business and the firm is flourishing under Killingbeck. At 94p, the shares should deliver long-term rewards. Buy.

[paleje] 16/2/2014 10:28

We can dream:) but in any case we seem undervalued and results and outlook statement should highlight that. The ST has a fair size article today on IPO 'frenzy', also asks the question can it continue (doesn't give an answer) but 2014 certainly looks good for easy money and wealth management and brokerage can be improved for the longer term. Fingers crossed.

[gargoyle2] 15/2/2014 17:09

That was my thinking. Seemed odd to me that two US-based hedge funds are taking a sizeabale stake pretty much on the same day. As you say, results later this months should be pretty good. If they announce a recommended offer for, say, 135p on the same day, I'll be fairly happy.. Total speculation, of course. Thought it was odd that the 3% shareholder suddenly disappeared off the 'key contacts' list too.. Maybe he's putting together a bid with the two funds.. (Again, letting my speculative mind wander here.. likely to be total nonsense)

[gargoyle2] 12/2/2014 14:49

Something odd going on here, or am I chasing conspiracy theories? Today's RNS relates to a trade that happened at the end of November. Never mind that it's nearly three months late, but the acquisition was pretty much at the same time as Oceanwood Capital increased its stake (to around 9%, I think). That's two hedgies coming on board at the same time with sizable stakes. Could be coincidence of course. Also, it's the same time that Harry Ansell increased his stake to above the disclosable 3% level. At the time he was listed on the WHI website as a 'key contact' at the company. He is no longer so listed...

[peter27] 07/2/2014 11:36

surprising this wasn't an rns as it provides more info than from rns of 19 Dec.

[gargoyle2] 07/2/2014 09:04

Interesting note appeared yesterday on the WHI website -- strong end to 2013 for corporate finance. Results end of the month. We already know they'll be ahead..

[gargoyle2] 05/2/2014 19:50

The start of some buying today, ahead of the results later this month? A lovely chart if you look back over the last 3 years. If these clear 102p on the next surge (and we already know from the trading statement that results are going to be ahead), then these will fly imo. I'm no chartist, but could be a nice cup and handle here imo.

[peter27] 09/1/2014 15:50

A little profit taking never does any harm. I sold a quarter of my holding at 102. Maybe others have done the same?

[gargoyle2] 09/1/2014 14:13

I agree. I reckon it's selling around the May 2012 high. I reckon it'll get through that sooner rather than latre and then push up towards the 150 mark. that's my target for year end.

[paleje] 09/1/2014 14:00

Wonder what's caused the continuous stream of small sells today, haven't seen any news, would have thought the pre-xmas update '..exceed expectations IN SPITE of substantial one-off expenditure during year..' would have kept people on board.

Must be altitude sickness, didn't like over 100, I think it'll be there again soon though.

[brownie69] 31/12/2013 14:41

A strong finish to the year based on a healthy update.
Further to run once the holidays are over based on the pipeline of corporate finance work and the continued growth of the private client business. Not to mention a juicy freehold on the balance sheet at cost.
My target 133p and I expect upgrades during 2014.

[courant] 26/12/2013 13:08

I've just written about WHI over at the other place:

[jakecook] 19/12/2013 13:12

Surprised it didn't shoot up. The next few days should be interesting.