Share Name Share Symbol Market Type Share ISIN Share Description
Wey Education LSE:WEY London Ordinary Share GB00B54NKM12 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 17.20p 105,370 08:00:06
Bid Price Offer Price High Price Low Price Open Price
16.40p 18.00p 17.65p 17.20p 17.65p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 2.4 0.0 0.0 860.0 21.79

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Date Time Title Posts
20/5/201822:20WEY Education - The Future1,062
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 is listed in the Support Services sector of the London Stock Exchange with ticker WEY. The last closing price for Wey Education was 17.20p.
Wey Education has a 4 week average price of 14.50p and a 12 week average price of 14.50p.
The 1 year high share price is 44.50p while the 1 year low share price is currently 12.25p.
There are currently 126,695,764 shares in issue and the average daily traded volume is 214,681 shares. The market capitalisation of Wey Education is £21,791,671.41.
netcurtains: share price quite sensitive to news - even if news tiny. As WEY tweeted this (see below) the price bounced north a bit: "A good day at #COBIS18 see you tomorrow"
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: Well if the new Finance director thinks 1.5 million shares at option price 16.5 (and cant buy them for 3 years) is a good incentive I think I can reasonably say he can see a medium term "hockey stick" share price (over three years).... I think that is how I see it. It takes a year or two to get traction ....
thechurch333: How to crash your share price in 3 easy steps: Step 1. Miss numbers Step 2. Pretend you haven't missed numbers by fiddling the figures Step 3. Tell everyone the numbers aren't important (watch the interview...unbelievable) The only consolation is that management are significant shareholders so will be sharing the financial pain.
mcfly79: A21 offer both GCSE and iGCSE. Worth noting that although the 2018 profit forecast is lower than the previous forecast (due to marketing costs), 2019 and 2020 are both higher. The 2020 forecast for pre-tax profit is now £5.4m vs 4.0m previously. If the company can convince the market that the forecasts are realistic then I think the share price will respond according. 3.63p eps for 2020 on the back of 3 years of spectacular eps growth should mean a share price of over 100p. The first step in convincing the marker is to meet the 2018 forecast. Revenue for 2018 is forecast at £4.84m vs £2.43m for 2017. The £4.84m is made up as follows: *InterHigh: £3.19m (2017: £2.28m) – a 40% increase *B2B: £1.3m: (2017: £0.15m) *Quoralexis: £0.25 (2017: nil) *Infinity International: £0.1m £2017: nil) Looking at InterHigh the results announcement released at the end of October contained this sentence in the outlook: ‘InterHigh and the Wey ecademy recruit pupils throughout the year. Pupil numbers on the roll are ahead of 2016/17 and currently growing steadily towards our target for the year.’ And the announcement on 22 January contained this sentence: ‘The Company is pleased to note separately that registrations to Interhigh for the first two weeks of January were 40% higher than those for the corresponding period in 2017.’ It looks like the 40% revenue increase in the forecast for InterHigh is on target. The company also now has the increased marketing budget. Looking at the B2B offering the £1.3m forecast is made up of £0.8m from Wey’s existing ecademy and a £0.5m contribution from A21. For Wey’s existing ecademy, the results at the end of October contained this sentence in the outlook (which was before the A21 acquisition). This suggests strong growth: ‘The B2B division, from a modest base is expanding rapidly and as at today’s date it has already exceeded the target for pupil numbers planned for it to have on the student roll at the end of the Autumn term.’ A21 had turnover of £1,030k for the year ended 31 Aug 2017 and today’s announcement stated that the current turnover is running ahead of last year. The acquisition completed at the end of December and therefore 8 months of A21’s turnover will be included in the 2018 figures. This suggests a £0.5m contribution should be easily achievable. We can’t tell how Quoralexis and Infinity International are doing but the figures are small. I liked the comment in today’s announcement that encouraging progress is being made on the various initiatives previously announced including international expansion. I’m hoping that this means that Quoralexis is developing. David Massie was very optimistic on the long term prospects for Quoralexis. It's a huge market if Wey can get it right. Overall all signs are that Wey are on to meet 2018 forecasts.
mcfly79: Alphabeta, Unfortunately I only have a hard copy of the note. Clearly if WEY can meet the forecast and produce eps of 0.39, 1.86 and 3.63p for the years 2018 to 2020 then the share price is going to be a lot higher than where it is now.
mcfly79: I've added more this morning. Encouraged by today's update. Great to see them crack on with the A21 rationalisation and keep central costs down. What I like about WEY is the operational leverage we should see over the next few years that will really drive eps growth. They now have the software platform to scale their business without a corresponding increase in central costs. This can be seen from the WHIreland Forecast which show revenue growing from £4.8m in 2018 to £16.1m in 2020. Gross profit margin is forecast to improve only slightly from 52% to 55% (teacher numbers increase with student numbers) but the real benefit is that central operating costs are only forecast to increase from £2m to £3.43m. This means EBITDA increases from £0.54m in 2018 to £5.51m in 2020 (that's 10 times the EBITDA on 3.3 times the revenue). The impact on eps is equally dramatic, going from 0.4p to 3.6p. The company still has a lot to do to hit the 2020 revenue forecasts but nothing in today's release suggest they aren't trading in line with expectations. If they can hit forecasts then we are in the real sweet spot for operational leverage, with the company having become break even in 2017. Another company I own where I’ve seen this is ZOO. Completely different business (subtitling and dubbing TV and film content) but a similar operational leverage model. ZOO has scalable software and use freelancers to carry out the subtitling/dubbing. As ZOO’s revenue increases the gross profit margin won’t increase much since they need to pay additional freelancer costs. However central costs won’t increase by as much giving great bottom line leverage. ZOO is seeing very strong demand for its services and is also in the sweet spot for operational leverage. The share price has increased dramatically over the last year.
microscope: Might take a bit longer than you think on profits of 17k :)) IQE (I don't hold) has a market cap of 1.3 billion, made interim profit of 10 million, and is still on AIM..... As you know i'm a big WEY fan, love the niche and think there's a vast exploitable market for WEY, but I think the share price is for now symptomatic of the mini-bubble AIM is experiencing - a lot of goodwill is built into a lot of prices right now. But the trend, as with WEY, is still definitely positive and hopefully the share price has a bit more to come short term. Which is all great. However i hold LTG but not sure how long its market cap in the hundreds of millions can be justified. Ride the wave but be prepared to react quickly (something I didn't do in the last AIM bubble) when the tide turns, as it will as the realities of Brexit loom ever closer. The weak pound is actually underpinning FTSE 100 ironically (though not the 250) and if WEY can get a foothold in Europe in the next 18 months can benefit them eventually too. But for the sort of growth to move to the main market, there will have to be many more placings and acquisitions. Anyway enough of my market ramblings, looking forward with excitement to find out who the 'Target' is.
bones: To be fair to WEY, as David Massie explains, the number of shares in retail hands is tiny with the top five 3%+ shareholders being 82% of the pre-raise shares. The admin and legal costs of conducting an open offer would probably have eaten up the money raised from the small rump of retail.The bigger question is the discount. Again, the only defence I can think of is that the discussions were probably started weeks ago when the share price was in the 20p region and raising price was possibly going to be lower than that. It could be that many of the institutions had already been approached and that getting 22p was a result. Whereas in the last two weeks the price has run away a bit, possibly due to the small float in the market. I can see why it would have difficult to change the price again.That all being said, given that the raise was oversubscribed and scaled back, the company could have had a pop at a higher price. Perhaps they did not want to "gazump" what are hoped to be loyal future shareholders.Overall, given that WEY are small, raising £5m is a big deal indeed so on balance I am happy with the outcome.
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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