W.h. Ireland Share Discussion Threads

[paleje] 13/1/2015 16:48

Not sure what sparked the selling over the last few days, the profit warning is history and the missed revenue should boost the current year which we'll already be a quarter of the way through when they release the numbers.

Increasing the divi by 30% was confirmation to my mind that things are ok. Plus the strong balance sheet, reorganisation mostly behind them now and word (according to ST) that they're kicking off 2015 with an increased client list and a lot of work to get through before the election gets close.

Equity Devs forecasts EPS of ~8p for the current year makes a PER of 10 but if you take out the 7m cash it's less than 7 which seems like good value unless there's something serious we don't know about.

[paleje] 12/1/2015 08:36

Have you chased them, G2, brief follow up email might explain. Agree at face value poor service but might be an explanation.

[gargoyle2] 12/1/2015 06:10

Went onto WHI's website about 10 days ago to request details of their private client stockbroking services. Just filled in the online form and send it off. Still no response. Pretty bad customer service imo.

[tanelorn] 05/1/2015 17:47

5th Jan. Got (second) another 15k at 90p. No point in over-paying

[tanelorn] 02/1/2015 19:31

Topped-up 15,000 at 90p courtesy of my broker.

Tried for more, but alas no!!

Not enough going cheap!.

[paleje] 05/12/2014 09:45

Flurry of IPO's in early new year according to Numis.

[paleje] 03/12/2014 12:13

You were right tintin, ST endorsed strongly in his column, won't print the whole piece but his conclusion:-

With the benefit of the deferred client capital raisings set to come through, news of forthcoming corporate clients wins, new mandates on the private client side (yet to be reported), and a far more profitable business mix following the reorganisation, the platform is in place for some bumper profit growth in 2015. Buy.

[tintin82] 03/12/2014 09:31

Initial trading this morning as expected. Nice top up point IMO. I would be pretty sure another article for ST will be coming within the next few days expanding on the positives.

[paleje] 03/12/2014 09:19

Undervalued according to hannahh's lot, link to full note below.

The shares continue to look undervalued. Without seeing the balance sheet we
cannot calculate our “rule-of-thumb” valuation of 2% of AUM plus surplus capital,
but that is obviously around £50m, more than twice WHI’s current market
capitalisation. Meanwhile the PFER is only 12.0x which is barely two-thirds the
sector’s (historic) PER, so much too low for a growing company.

[hannahh] 03/12/2014 09:06

Hi,

We have published a new note on WH Ireland today.

To access it please visit
www.equitydevelopment.co.uk
Registration is free.

Thanks,
The Equity Development Team

[paleje] 03/12/2014 08:02

Happy with that, in shape for a good 2015 and the increased divi reflects management's confidence. Agree the share price may remain soft for some time.

[tanelorn] 03/12/2014 07:51

Sadly i agree. Expect a swift drop followed by steady buying from weakness?.

[tintin82] 03/12/2014 07:47

I concur. Initial thought were oh no, profit warning! But reading the details there is a lot of positivity, not least the increase in dividend underpinning managements confidence. Not too hopefully for todays performance though.

[tanelorn] 03/12/2014 07:34

Trading Update, not bad really.....

My key Points:
1) W H Ireland has undergone significant change during 2014
2) Progress has been made in growing like for like assets under management
3) Increasing the number of corporate clients.
4) Completing a major management and business reorganisation.
5) Group's underlying trading performance has improved slightly on last year.
6) Board now expects 2014 adjusted operating profits to be below its previous expectations.
7) Board has greater confidence for 2015.
8) Significant margin improvement across the business as a whole and in particular within the Private Wealth Management division, for 2015
9) Reorganisation.. Full financial benefits of which will become evident in 2015.
10)Asset growth has remained strong and at year end assets under management and advice had risen by approximately 10% on a like for like basis.
11)Corporate Broking continues increase.
12)Some 2014 fees delayed until 2015
13)Reflecting the Board's confidence in the outlook for 2015, it will be proposing to Shareholders an increase in the final dividend payment of 0.5p to 2p per Ordinary share.

I have no idea how the retail punters will read this, but happy to hold for next year!.

[paleje] 24/11/2014 09:41

Good RNS this morning I thought, seems to have gone un-noticed.."significantly increase funds under management over next 12-18 months".

Also the pull back from floats, which seemed to happen late summer, might go the other way again next year, Gervais Williams wrote and article in the ST yesterday opining that small caps are in for a resurgence after a rough year, if that happens the enthusiasm for IPOs will return and all those pulled floats will be back with, presumably, others encouraged by what they see.

Should get a general trading update in a few weeks if they follow last year.

[darrener] 15/10/2014 11:33

Redundancies in back office will offset some of the costs!

[gargoyle2] 15/10/2014 11:02

Interesting holdings announcement yesterday. Here are some details:

[gargoyle2] 13/10/2014 15:49

A lot of recruiting been going on lately. Let's hope they are adding some value as well as some costs.

[gargoyle2] 13/10/2014 15:39

Good to see the FD picking up some shares here.

[paleje] 17/9/2014 09:14

Very strong numbers and bullish outlook from Cenkos this morning, admittedly one particularly large deal boosted them but aside from it their performance was good and remaining so going forward.

Barring one-off news our next update I think December and hopefully we're enjoying similarly healthy business, if so our share price is looking a bit left behind imo.

[protean] 28/7/2014 10:15

Beginning to show good upward momentum again after the sideways consolidation.

The recent article by Simon T in the IC has a fair value target of 180p. He also mentioned the Equity Development sum-of-the-parts valuation of 227p.

[bigdazzler] 28/7/2014 08:38

A good chance of a retest of the recent highs of 140 to come soon

[paleje] 25/7/2014 09:40

Yep cheers that worked.

There was a piece in the FT this morning about proposed changes in the way brokers are allowed to charge, the short of it being small brokers could have a tough time, scale will be important, it lends weight to the corporate activity theory.

....Charges for trading shares are bundled with the cost of broker research for fund managers. The FCA wants to separate these payments to reduce conflicts of interest, clarify the costs being incurred and ensure investors get a better deal.

Martin Wheatley, chief executive of the FCA, said earlier this month that bundling "reduces transparency and created a link between research spend and trading volume, without a clear assessment of the value this offers to investors".

The proposed reforms have triggered warnings that London's competitiveness as a financial centre could be put at risk by the changes, squeezing the profits of smaller asset managers and putting some small brokers out of business.

Robert Talbut, chief investment officer at Royal London Asset Management, said: "You need to implement this reform on a global and consistent basis otherwise it would make asset managers in London less competitive relative to New York or Singapore."

The chief executive of a boutique investment bank said: "This could be the end of the small and mid-cap brokers – not in the next six months but perhaps over three years.".....

[gargoyle2] 24/7/2014 09:41

any better?

[paleje] 24/7/2014 09:40

That link seems glitched, Gargoyle2, but no worries the gyst is clear, happy to hold.