W.h. Ireland Share Discussion Threads

[gargoyle2] 01/5/2015 11:12

And now another trade gone through, even bigger -- 1.9 million shares, that's 8% of the company. Lord Marland has a stake about that size..

[gargoyle2] 01/5/2015 10:05

Nice breakout here yesterday. I noticed that a large trade has just gone through at mid-price -- over a million shares, that's over 4% of the company. (It's around the same size as the Chairman Lowe's stake -- wonder if it's him selling out?) Looking forward to the RNS.

[courant] 12/3/2015 08:44

From memory he's been on board for a while and has gone on the record as seeking consolidation in the wealth management/broking sector.

[paleje] 12/3/2015 08:18

Interesting new shareholder declared this morning, Polygon is controlled by hedgie Reade Griffith.

[tanelorn] 09/3/2015 10:36

Ex divi 12th March. Payment circa 10th April. 2p
oohh!, my 'cup runneth over' with glee!. I'll try not to spend it all at once.

[courant] 04/3/2015 08:39

I'm quite pleased with the results, actually, especially considering the year AIM has had, which WHI are most exposed to on the broking side of things. The valuation here is underpinned by the wealth management business and, as others have pointed out, the sum of parts valuation is at least double the current share price. Progress here seems good, revenue per £ in AUM was historically relatively low (compared to other wealth managers) and is improving, and AUM is growing. Happy to ride this one out, even if a value outer is a bit longer on the horizon - on a valuation basis, it's one of the cheaper shares in my portfolio.

[darrener] 03/3/2015 11:17

Smoke & mirrors!!!!

[paleje] 02/3/2015 13:51

Glass half full or half empty. IC's Simon Thompson has issued an upbeat piece on them today with a 140p Buy reco, I can't paste the full article but the opener is:-

Broking for bumper profits

Aim-traded private wealth management firm and corporate broker W.H. Ireland (WHI: 92p) has reported full-year profits well ahead of market expectations this morning following December’s trading update. In fact, the company’s adjusted operating profit of £1.45m was not only well above guidance of “between £1m to £1.1m” given at the end of last year, but was also significantly up on the £900,000 reported profits in the 2013 fiscal year......

[salpara111] 02/3/2015 12:22

Agreed, there is nothing wrong with the business however it is pretty clear that there are too many small brokers around, WHI say it. PMR say it as well.
I do think it would be helpful if there was a round of consolidation but no-one seems to want to get involved at present.
I made a tidy 7% on my very short term trade here but sold as both the market reaction and their own forward looking statement were rather negative.

[paleje] 02/3/2015 11:27

Ok cheers thanks for clarifying.

[meijiman] 02/3/2015 10:50

Probably rather extreme of me to say that -in fact WHI has some IPOs lined up.I get an update from them which is easy enough to subscribe to.Should have said there is less activity than last year, and also I think the pending election may muddy the waters. WHI is not a badly run shop by any means but the spike up to 140p owed something to bid speculation.Not difficult to put forward a case for a sum of the parts being higher than the present share price -just didn't see enough in the numbers to see what would trigger an upward re-rating.

[paleje] 02/3/2015 09:54

Meijiman,

When you say the IPO business has dried up, are you saying that's it kaput! Or that 2nd half last year the Scottish referendum dulled appetite and early this year UK election is doing the same? So short term uncertainties or long term trend for IPO's?

[meijiman] 02/3/2015 09:30

Equity Development is paid to be bullish. The IPO business has dried up. The broking business is worth nothing -the funds under management is worth the usual % of funds under management but it really only comes into play if there is a serious approach. I wouldn't rule that out-but such are the big egos involved these deals normally only happen at times of extreme stress.

[paleje] 02/3/2015 09:19

Well spotted Gargoyle, might get some IC comment in the next day or so too.

[gargoyle2] 02/3/2015 08:57

Equity Development still bullish:

In the year to November 2014 WH Ireland increased the higher quality Discretionary assets under management by 43% to £723 million, and also increased its Advisory assets under management to £952 million.

It has also announced a dividend of 2p, up 33% from the 1.5p declared in 2012/13. Recurring revenue rose 13%, and the cash position improved from £6m to £7.5m.

A read across from the very recent takeover of Ashcourt Rowan by Towry suggests a valuation way in excess of the current market cap. of £22.3m. A sum-of-the-parts valuation: 4% for discretionary AUM, 2% for advisory and 0.5% for execution-only, one times pre-tax for corporate broking, plus surplus cash and the equity in the Head Office Property comes to £60m or 251p/share; using 3% and 1.5% in a non-take-over situation and applying a 10% conglomerate discount still gives 185p, virtually double the current share price.

[tintin82] 02/3/2015 08:39

It had not exactly been a great year for AIM

[salpara111] 02/3/2015 08:27

I'm out and consider myself lucky to have picked up a decent gain for 2 weeks holding.
I really dont get the fact that these guys along with one of their main competitors Panmure Gordon always say that their outlook is "difficult" if your outlook continues to be negative when markets are hitting all time highs and corporate activity is also booming then there is clearly a problem with your business and not the sector.
Good luck to those remaining on board.

[paleje] 23/2/2015 11:24

Haven't seen any recent tips, Gargoyle. ST follows this one, he might have a view after next week's RNS.

[gargoyle2] 23/2/2015 09:54

Was Friday's rise the result of a tip? No news, as far as I can see.

[paleje] 23/2/2015 09:49

Indeed tanelorn, and results a week tomorrow when current trading and outlook will be the important thing.

Apart from the last RNS giving a misleadingly poor first impression the Telegraph article a few weeks back didn't help either; it inferred client numbers had dropped but it was using data which did not reflect real story. I contacted the Telegraph's Marion Draker after it and also Richard Killingbeck and the fact is that client numbers have increased not decreased and that will become clear soon.

Those who sold may have made a wrong decision.

[tanelorn] 20/2/2015 09:57

Did you bother to read their last trading update?.

edited.. Whilst we don't expect great things for the last reporting period, perhaps news is leaking that matters aren't as bad after-all.

A pal of mine, a chartered accountant, advises it's extremely difficult to keep account information secret whilst presentations are being compiled.

[salpara111] 20/2/2015 09:42

Taken a stake here for the first time.
Market activity has been pretty strong over the last 6 months so as long as they have performed in line with the market they should have something positive to say.

[paleje] 20/2/2015 08:30

Rathbones Wealth Management reported good numbers yesterday and more to come notwithstanding some caution about global conditions.

Mark Nicholls, Chairman of Rathbone Brothers Plc, said:

“2014 was a challenging year for most investment markets, which became increasingly volatile in the second half. Despite this, Rathbones had another good year and achieved strong and broad-based growth. Our total funds under management grew by 23.6 % over the year to £27.2 billion and we warmly welcomed more than 5,000 new clients during the year.

“Rathbones looks forward to future growth opportunities in the sector, but remains aware of the possible adverse market effects that current political and economic uncertainty, both in this country and overseas, may have. I look forward to seeing the full benefit of our 2014 acquisitions in 2015, and working with our board in the coming years to develop and grow the business.”

[tanelorn] 20/1/2015 16:21

Full year results will be issued on Monday, March 2(nd) 2015