Share Name Share Symbol Market Type Share ISIN Share Description
Wey Education Plc LSE:WEY London Ordinary Share GB00B54NKM12 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.00 -4.65% 20.50 537,401 12:41:56
Bid Price Offer Price High Price Low Price Open Price
20.00 21.00 21.50 19.50 21.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 6.05 -0.38 -0.52 28
Last Trade Time Trade Type Trade Size Trade Price Currency
17:06:48 O 50,000 20.50 GBX

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Date Time Title Posts
27/3/202013:38WEY Education - The Future2,512
09/5/201812:28Interview WEY EDUCATION1
11/4/201815:35Interview with Wey Education-
19/1/201810:56WEY EDUCATION Interview and Q&A1
18/9/201707:26Wey Education plc (WEY) 898

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Wey Education Daily Update: Wey Education Plc is listed in the Support Services sector of the London Stock Exchange with ticker WEY. The last closing price for Wey Education was 21.50p.
Wey Education Plc has a 4 week average price of 13.50p and a 12 week average price of 13.25p.
The 1 year high share price is 26.50p while the 1 year low share price is currently 5.10p.
There are currently 137,990,613 shares in issue and the average daily traded volume is 648,792 shares. The market capitalisation of Wey Education Plc is £28,288,075.67.
seabornlegend: But it's not doing much for the share price?
netcurtains: I think its possible that WEY should actually give investors some advice (news) as to IF and HOW the Coronavirus is affecting WEYs business. Clearly WEY does not want the share price to run away but also it does not want investors to lose heart in a market that is turning into a recession. I think we might need more information next week or week after. From Guardian: The Italian Government is evaluating the possibility of prolonging the closure of schools until 3 April (they are already closed for first 2 weeks of March).
74tom: It’s really quite intriguing to compare the current position of WEY with that of LTG when it listed back in 2013. LTG joined AIM in October 2013 at 9p per share with 275m shares in issue. Income for the year ended 2013 was £7.55m and the share price had grown to 20p when the finals were released in April 2014 (market cap of £55m). Similarly to WEY they had a solid cash balance, no debt, and the shareholder register was tightly held by management & II’s. Their revenue grew as follows; 2010: £5.1m 2011: £5.0m 2012: £6.9m 2013: £7.6m 2014: £14.9m 2015: £19.9m 2016: £28.2m 2017: £51.3m 2018: £93.8m The share price grew in a similar fashion, hitting £1.60 or so in the last couple of years, a 1700% increase for those who held from IPO. Latter years were heavily influenced by acquisitions, but it shows what can be achieved in this sector when cash generated by revenue growth is reinvested into the business, driving a virtuous cycle of growth. It’s worth nothing that the whole time they kept profit before tax around breakeven, and thereby focused almost entirely on growth, whilst gradually introducing a dividend. With WEY currently on course for > £7.5m revenue for 2020, and the current climate very much accelerating the trend towards online education, it’s certainly feasible that 2021 revenues could significantly exceed the currently forecast £9m, especially if they invest more of their significant cash reserves in teaching resources, technology & marketing. With a current market cap of just £25m vs £963m for LTG, the room for growth is huge, and a Stockrank of 77 + high flyer status on Stockopedia won’t do any harm at all. Hope that this is useful/interesting for current & prospective investors - I see this as an investment with a 3-5 year timeframe, which has been reinforced when researching the growth of LTG!
boadicea: bigboyblue - The 10% rule is a limitation, not an expectation. The purchases are on market and the limitation would apply in the case of a rising share price where the purchase price might otherwise exceed the average mid-market price over the preceding five days. Part of the 10% is taken up by half of the buy-sell spread, typically ~4% or +/-2% of the mid-price, so the practical limitation is somewhat less than 10%. In the case of trades via the order book (not likely to apply to WEY), purchases are often made as bids on the book by an appointed agent with dma and therefore execute as sells. The object is presumably to prevent any purchases that would materially accentuate a market rise or generate a spike in a thin market.
mjcrockett: Another question for you Junderwood - where have you been since May? Junderwood, who has described himself as a concerned shareholder, posted a number of negative posts in April/May just before WEY's Interims - he was concerned about large class sizes. At that time the share price was drifting lower but when the interims were released on 10 May the share price shot up by over 100%. We had not heard from Junderwood since before the Interims but this week he is back with some more negative comments - funnily enough just before the (likely to be good) finals due shortly.
bones: Smithie6, I don’t follow that. Miton (two different funds in the Miton group) opened up on flotation with 20% of WEY acquired at the float price of, I think, 3.5p. They got slightly diluted with the 2017 placing and the shares issued to Mr Massie in lieu of salary but they only started selling down in 2018 and still hold 14.3M shares today compared to the 18.8M they got on flotation in 2015. Miton were never as low as 7.6% in WEY. Given their cost base of 3.5p, selling is easy now for them especially as they have a redemption problem (a bit like Woodford on a smaller scale). Miton are selling down a lot of their illiquid stocks through necessity right now and it is a pain in the rear for all of us holding their stocks. If Miton still have 14M+ to sell, there will be headwinds in the WEY share price but the potential upside is winning the argument right now!
seanworld: Yes surprised to hear (if he has) P.Scott has sold out completely. He was one of the few who remained positive even on last results. There has been a seller over the last 3-4 weeks, so hopefully if indeed it was Paul then he is all done. I recently had some communication with D.Massie and I've just re-read his replies. For anyone holders who missed it just a gentle reminder Thank you for your email which has been passed to me. Before turning to the issue of the share price, let me deal with another point in your email regarding results because there appears to be a common misconception about the interim results. The company did not “miss” a target. If the wording of the Interim Announcement is examined, what it actually said was that “we remain on track to meet our expectations for adjusted profitability for the year although this is likely to be achieved on lower than previously planned revenues”. What we were therefore saying was that we could make the same level of income but on reduced turnover, by concentrating on better margin business and cost control. Perhaps we could have worded it better but this was supposed to be positive news, rather than negative. In fact, the first section of the announcement under “Outlook”; said “the Company is pleased with progress in the first half”. In that announcement, not only did we give an update on the progress we made with the Academy 21 acquisition, but we also announced exciting new ventures in both China and Nigeria. I have read some of the social media comment and some shareholders are unrealistic in the time frame that they expect for things to happen. Negotiating international deals is not like popping down to Tesco’s for a pint of milk. They take time and also care to ensure that the company is protected and that the business ventures are long term and sustainable. It is but two months since we made the Interim Announcement and the directors continue to work towards the aims set out in the interim statement. The aim rules which govern companies like Wey include a provision that if anything changes materially, the company must make an announcement and so if anything had gone wrong, we would be under an obligation to make an announcement. As you note, we have made no announcement. The type of announcement you mention “no reason for”, normally applies when there is a sudden movement in share prices up or down. The decline we have seen in the Wey share price, which is hurtful to all the board of directors who are either shareholders or hold options, has not been one characterised by big moves. Instead, there has been consistent small selling of parcels of shares. None of these has been particularly large but as we all know, it only takes more sellers than buyers to drive a price down. I get the registrars reports regularly and the market makers are not sitting on large numbers of shares and so other shareholders are taking the opportunity to buy shares from those who lack patience at these attractive prices because the number of shares sold has to equal the number of shares bought. It is unclear why shareholders are not showing more patience. If you compare Wey with standard AIM company, then we have done more to communicate with our private investors than most and our announcements are more detailed than most. Wey has never been about something overnight, but about building a sustainable and profitable business by disrupting the existing education sector. I am hopeful that when we come to publish the results to the year to August, many of those who have sold their shares in recent weeks will come to see their actions as foolhardy and regret their decision. All I can say in the meanwhile is “keep the faith” and note that I have not sold any shares, but actually added to my holding this year. With the benefit of hindsight, the wording of the announcement could have been better phrased. No excuses, but sometimes too many cooks get involved and something is lost. The board meeting to approve the results thought that they and the announcements would be well received – how wrong we were. Incidentally all our institutional investors were chilled and could not see what the fuss was about. Despite the sales downgrade the pace of expansion in our sales can only be dreamed of at most companies. In 2015 this business was doing £1 million a year. WHI are forecasting sales of £4.1 million for the year to 31/8/18 and that to more than double next year. How many small AiM companies are majority owned by institutions, are in our comfortable cash position and can boast of that sort of growth? In a (small) growing company (this is my third over thirty years where I have been chairman), there are bound to be peaks and troughs because of the nature of the beast and that small events have a disproportionate effect on small companies. However, that is part of the excitement and what makes them so interesting. No one really seems to have noticed that so excited by Wey am I, that I have given up career where I ran my own successful corporate finance business to concentrate on Wey 100%. But I am loving it. Not only are we going to change the way in which education is delivered worldwide but we are going to make a difference to children’s lives around the world. But this is a multiyear operation. Thank you for your repeated support as a shareholder and the whole executive team is committed to not letting you down. We share a common vision. Indeed, the new HR director took a huge pay cut to join us because he is so excited about what we do and wanted the equity play that comes with his option package. As they say the best is yet to come. Kind regards David L Massie
seanworld: Well done QS99 and bones. (excellent average) & barnetpeter. I do remember you calling 13p around the time of results. Nice to see some positivity. I will also add that David included the following yesterday (lengthy exchange) with regards to 'the seller' The decline we have seen in the Wey share price, which is hurtful to all the board of directors who are either shareholders or hold options, has not been one characterised by big moves. Instead, there has been consistent small selling of parcels of shares. None of these has been particularly large but as we all know, it only takes more sellers than buyers to drive a price down. I get the registrars reports regularly and the market makers are not sitting on large numbers of shares and so other shareholders are taking the opportunity to buy shares from those who lack patience at these attractive prices because the number of shares sold has to equal the number of shares bought
mcfly79: I’m grateful for the opportunity to have built a position at these prices since the results announcement, including some more today to take me to just shy of 500k shares. Tempted to add even more but will wait for now. I like the long term prospects for the sector and see WEY as establishing itself as the dominant UK player. I appreciate people are unhappy with the turnover growth of Interhigh being lower than previously forecast and the reporting of marketing costs as exceptional. The company raised funds to invest in building the business and will continue to do so. This will result in setup and marketing costs in the short term. The company has chosen to strip those costs out in reporting adjusted earnings. Clearly there will be a degree of subjectivity around to what extent these costs are exceptional. There’s clearly a feeling by investors that Interhigh revenue may not climb as quickly as previously forecast. Only time will time. Next year (2018/19) the growth is mostly about the B2B business (both in the UK and abroad). WHIreland are forecasting Wey ecademy sales (including A21) to climb from £1.3m this year to £3.5m next year and the first Chinese revenue will start next year. Revised WHIreland forecast for next year are for revenue of £9.6m and adjusted profit of £2.5m. Perhaps more importantly they are forecasting a £2.2m increase in net cash (from £3.5m to £5.7m). Cash figure are obviously after all costs (exceptional or otherwise). Clearly if they achieve this the current share price will look far too low. As I type the enterprise value of WEY is c.£16m so that would be a cash flow multiple of 7-8. There is a lot to achieve to get to those figures for next year but what I’m really invested for are the medium term international opportunities, especially China. China’s online education market is growing rapidly. From 156bn Yuan (£18bn) in 2016 to a forecast 543bn Yuan (£63bn) in 2022. hxxp:// The success of VIPKID shows the huge market in China for online lessons with native English speakers. After just 4 years from incorporation they were forecasting $750m in sales for 2017. The majority of VIPKID’s sales is from one to one private lessons for young children in China (age 4-12) with ‘teachers̵7; in North America. You don’t need to be a qualified teacher to work for VIPKID (you just need some experience in teaching, mentoring, tutoring etc). WEY are looking to tap into the same demand for native English teaching. What WEY can offer is a UK based qualified teacher, very attractive to the Chinese audience. In contrast to VIPKID, WEY are initially targeting the state sector (with follow up private referrals). As I understand it, English is generally part of the school curriculum in China but with a focus on reading and writing. It’s recognised that speaking is a weak point for students and hence the demand for lessons with native English speakers. The establishment of the JV will be a huge step. WEY will be partnered with a listed Chinese company who already sell their products into schools across China and have a good knowledge of the market the JV is looking to target. I’ve worked a little bit with Chinese companies and I know that some investors have reservations. Why it works so well for VIPKID, and will work for WEY, is that the English speaking teachers are the key commodity in the arrangement. The Chinese company needs WEY’s teachers and expertise as much as WEY needs the Chinese company. If anyone knows of any other company that is better placed than WEY to tap into the Chinese demand for native English speakers (and replicate some of the success of VIPKID) please let me know. Certainly there are bigger providers of online educational services and certainly there are bigger bricks and mortar education providers in the UK but WEY is the largest online school in the UK with experience of offering formal teaching online. VIPKID has sold itself as offering a US elementary school education experience to the Chinese and I think WEY is best placed to do the same thing with UK teachers. WEY is also 2 years down the line in progressing a Chinese deal to get it to this stage. Any comments, positive or negative most welcome.
netcurtains: Woodcutter: You've probably missed off a part of the "word of mouth". Since WEY share price has increased probably hundreds if not thousands of new people have now heard of WEY (investors). In a sense the company has already reached a "tipping point" in the numbers of people in the UK investing community who have heard of it. The next tipping point is for TEENAGERS on WHATSAPP and SNAPCHAT to talk about it. The demand is going to come mainly from TEENAGERS themselves.
Wey Education share price data is direct from the London Stock Exchange
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