Widney Share Discussion Threads

[hugepants] 08/11/2007 16:33

I dont think we'll have long to wait to see if present share price justified. The final results always appear to be released in December.

[jonwig] 07/11/2007 17:20

HP ... agreed, the pro forma BS didn't really match the statements.
But the May £7.9m net assets (all tangible) of 30p/sh will be near the current value.
There will be leasehold payments, but I think they can have paid off the long-term debt and just have day-to-day overdraft facilities.

Charo ... I can't reconstruct your profit figures to get a P/E of 3×, but that doesn't mean you're wrong - I very much hope you're right.

[hugepants] 07/11/2007 16:53

If you assume Widney Pressings was to be sold at a fair value then the fact the sale has fallen through shouldnt really make much of a difference to the valuation. I gave up trying to work out some numbers. Frankly I just cant be @rsed. There is prob a modest debt but earnings have increased. So its swings and roundabouts. It looked cheap at 20p after last results. So it should be extremely cheap now. Unless there is something we dont know about.

[charo] 07/11/2007 16:45

taking last published numbers for remaining ops and on interim comments.taking that debt has been substantailly repaid looks sub 3 times 2008 earnings.am i wrong.

[hugepants] 01/11/2007 16:04

That was very funny 0238jr.

cheers jonwig, Ill prob sit down tonight with a coffee and try and work out some numbers. They'll prbably be wrong though (usually are).

[0238jr] 01/11/2007 15:44

widney blue on a very red day.

a flight to quality?

(hollow laughter)

[swalker] 01/11/2007 09:47

Agree Jon however tax losses of this magnitude are quite useful. It comes to somethign ie shows how bad an investment has been, when the tax losses are worth a lot more than you could see the price rising to in the foreseeable future. Not one of my better picks - such is life. AGLD and the oilies however ;-))

[jonwig] 01/11/2007 09:10

Darron - I know your view that "the market is riding for a fall" and share it to some degree.
Some sectors have already had the stuffing knocked out, though ... Real Estate, for example as well as WDNY, and one wonders how much disaster is already priced in!

[swalker] 01/11/2007 09:06

acemundo

Not at all. Ive got a lot of gains and the losses, especially WNDY, will come in handy.

Im generally increasing my cash weightings as I feel the market is riding for a fall and I want to have cash to play with on some of the stocks I feel happiest with.

[jonwig] 01/11/2007 08:46

HP, I did one in post #61, but I think it's wrong.
In the absence of a goodwill element, the sums should come to the same total as the pro forma BS.
However, non-sale should mean less negative goodwill to add back. How much, though, would only be revealed by looking at the subsidiary's accounts.
I suspect the adjustment won't be a significant fraction of the £7.9m.

[cyberpost] 01/11/2007 08:42

"I think profits should be up but so should debt"

its debt free :

Following completion of the sale of two freehold
properties for #7 million, the Group is debt free apart from a small working
capital facility.

[hugepants] 01/11/2007 08:39

Has anyone done their sums and come up with revised fundamentals now that Widney Pressings wont be sold? The pro-forma balance sheet with the last results assumed the sale if Widney Pressings. I think profits should be up but so should debt. Im going to try and look at this in the afternoon (im off for a haircut just now) but if anyone has done this Id be interested in it.

[aceamundo] 31/10/2007 17:09

SWalker also posted today on the UGY board that he had dumped his position. That seemed funny timing to me when I read it as that is a profitable, cash positive gold miner which also seems undervalued. His actions in also dumping WDNY at this time appear to confirm he is as he says selling for personal reasons.

[magwash] 31/10/2007 16:33

jonwig, thanks for the reply. Thought as much. I bought a few earlier on.

[jonwig] 31/10/2007 15:55

Yes, the net reult of today's goings-on is hardly more than a widening of the spread ... half an hour to go, though.

[callumross] 31/10/2007 15:34

overhang more than cleared in precisely one hour - shows there is still a hunger for the stock at the right price - who admits to buying the 100k at 12p?

[cyberpost] 31/10/2007 15:18

HP, we know why it has dropped today. The 144k trade just appeared. That was Walker's trade that did the damage.

[hugepants] 31/10/2007 15:17

Unless theres something we dont know then this is way way oversold. Its miles below NAV. I remember just after the interims this was double the current share price and there was good reason to expect further rise. Since then the only thing that has happened is Widney Pressings sale has fallen through. But Widney Pressings contributed 0.3M of operating profit to H1 so nothing to justify 50% fall. Ive just taken out a modest spread-bet (£200 a point on March contract. Im still nervous given WDNY's recent history.

[jonwig] 31/10/2007 15:09

About the same, mag (£3m).
But NTA around £7.9m - see the interims, pro forma balance sheet at the end:

[swalker] 31/10/2007 15:06

Twas the whole shebang in one shot. Didnt want to act as an overhang.

Good luck all who remain.

[magwash] 31/10/2007 15:03

Is this now capped at less than cash ?

[cyberpost] 31/10/2007 15:00

yes thanks for letting us know walker. I was quicklytrying find if they had issued some news. Knowing that it was just a seller selling ... reassured me that nothing sinister had been announce.... and i hence bought 25k.

[johnnyad] 31/10/2007 14:53

SWalker, was that your total holding or have you been selling more...if you don't mind me asking?