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Share Name Share Symbol Market Type Share ISIN Share Description
Work Service S.a. LSE:WSE London Ordinary Share PLWRKSR00019 ORD BR PLN0.10
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 55.00 10.00 100.00 55.00 55.00 55.00 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 0.1 0.4 137.5 10

Work Service Share Discussion Threads

Showing 701 to 723 of 1275 messages
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DateSubjectAuthorDiscuss
15/11/2013
15:59
good acquisition by nbi sp up around 54p of nbi for each western share makes the price to sell western shares of 55p looks nuts imo. considering all the other assets that come with 1 western share nbi share price could easily pop up on monday if any press mention at the weekend --- western NAV must be around 95p now using hartim at book value and around 125p if value it at 30p higher based on P/E of around 10. keep on holding on as far as I am concerned
smithie6
15/11/2013
15:57
was the Auz mess up done by the holding co. or tudor rose ? although the holding co. has no business so would have to use Tudor Rose I assume to provide any money needed or security although I guess the holding co. can borrow money to make deals using the subsidairy as a gtee for any loan
smithie6
12/11/2013
21:18
They will be qualified as I don't think they have access - it's a limitation in scope if I remember correctly. It's very difficult to put a value on Tudor Rose given its habit of screw-up's. Definitely worth quite a bit more than book value, but can't see this getting reflected for 2/3 years somehow. Wish it was sooner, but their Australian accident must have delayed things significantly.
topvest
12/11/2013
16:38
can you maybe explain a bit more about why you think the Hartim accounts will include an auditor qualification/note this year ? surely the data from inside the Auz subsidiary that went into administration should be known now....and fed in to the Hartim accounts ? eg. the value of goods supplied to auz. subsidiary but not paid for .....hopefully by now some stores have paid for those goods...and the money paid to Hartim....or the goods returned or am I being hopeful ! ---- even if not floated, do you agree with my guestimate value, around 30p to each western share ?...I think you posted a similar value in the past. if profit is up this year, 6 weeks to go...then another increase... profit has grown a lot since the investment was made, and they were +ve for this year...although with small companies that doesnt equal results
smithie6
11/11/2013
20:53
Hartim accounts will be qualified this year as well, given the impact of the limitation in scope on last year's P&L. I can't see that floating Hartim is an option. They could float Tudor Rose by putting a new holding company in place though, which is reasonably straightforward to do (i.e. injecting a new holding company in between Hartim and Tudor Rose and floating that). I don't expect a float in the short term though. Indeed there has never been any mention of it.
topvest
11/11/2013
18:45
NAV History. price to buy NAV, see previous posts for explanation official NAV was 70p at end of Dec 2012. 5th Nov NAV = 28p Hartim + 93p = 121p 8th Nov 95p + 28 p extra ref. Hartim = 123p (if value Hartim at approx. 10 x profit) ----- for details of Hartim valuation ...need to read past posts.... ---- with rising NAV and large discount...the 60p share price is underpriced imo
smithie6
08/11/2013
11:40
calculated 'buy price' NAV up 2p since 5th Nov imho 2p wrt to 60p price to buy.....useful addition
smithie6
08/11/2013
11:19
NAV update now that SWL has risen a bit note, I have used buy share price and not mid prices...... to then compare with price to buy for Western shares ..to get an idea if better to buy the shares that Western holds individually or to buy Western shares because they are at a large discount so heres the numbers Ive used NBI 470p CRE 100p SWL 90p Other data the same as in previous NAV post Result is 'buy price' NAV of 95.5p with Hartim at its book price...which is NOT a true value since less than its annual profit !! (not a true value, not a 'fair and reasonable' value (ref. Company Act 2006).....but it is used in the accounts, strange world sometimes !) this compares with a price to buy for Western shares of 60p...too large a discount imo...sp has been rising rapidly, imo it looks likely to continue....partly since the discount will reduce imo and also because the NAV is increasing in recent weeks and months and over 120p if value Hartim (or Tudor Rose) at a P/E of approx. 10. +/- X %, to give 28p, Hartim valuation is very rough guestimate so 95p + 28 p = 123p current share price is approx. 1/2 this number !!. Nuts. And if Hartim continues to grow profit this year, as it has over last 5 years then the x10 value increases, and the x10 should perhaps be increased to x15 since growth cos. normally get a higher P/E.
smithie6
07/11/2013
22:41
ipo's are popular at the moment, so may be worth a shot ?
coolen
07/11/2013
21:05
Smithie - yes, I would love to see Tudor Rose floated. Can't see it in the short term though, as they won't get a great price until they put their problems firmly behind them.
topvest
06/11/2013
15:22
btw the latest annual accounts are now avail. on line hxxp://www.city-group.com/pdfs/2013%20Western%20RA%20Web(207).pdf
smithie6
06/11/2013
12:23
just a reminder of key pt. in yesterdays post NAV of approx. 122p imo if the value for Hartim is as estimated above while the share price to buy is 60p...too cheap imo the trades data from ISDX imo shows all trades in last 8 weeks as buys, no sells ..while noting there are very few trades...set of investors who put up the money to invest in Hartim, 2007/8 I think...and waiting for X years for it to come good and be floated, must surely be getting closer to that time/moment
smithie6
06/11/2013
11:55
dirs. at SWL buy 1.4% of SWL could well be a turning point on the SWL share price chart (Western has a large investment in SWL...around 1.8M shares... if the share price starts going up....then the Western NAV will benefit actually a simple relationship.....10p increase at SWL equals 1p to Western NAV...or 1.6% wrt the western sp)
smithie6
05/11/2013
19:17
calculation of current NAV of Western ---- if ignore that Hartim has value due to its profit and use the value given in the accounts then imo Western NAV is currently 93p up 11p from end June official NAV of 82p/share. using ...mid prices NBI 462p SWL 78p CRE 100p Hartim + western associates 308k Gen. Port. 2.95M Debt 200k ---- If value Hartim at 28p (see previous post) then NAV = 28 + 93p = 121p ---- Note Historically Western has struggled since around 2002 to get past NAV of 100p....partly since when it got there before in 2006/7 there was a cash raising via new shares, reducing the NAV per share. it looks like it has finally done it... 55-60p share price is too low imo, even though the share price has really motored over previous months
smithie6
05/11/2013
18:30
Western share of Hartim profits was around 180k in 2010 around 1/2M in the year ended 2012 and current Hartim year will be ending in 7 weeks imo and could report a further increase in profit "Western holds 49.5% of Hartim, which has a 31st December year end, and which generated trading profits before exceptional items in the year to 30th June 2013 of £915,000. Hartim sustained exceptional losses, after tax, in connection with Australia of £2,809,000 " Hartim is perhaps worth 10 x 1/2M to Western, 5M , perhaps more if 2013 has been a good year or future outlook is good. Current profitability is much higher than it was in the first year after acquisition. ie. growth in profits. 'If' looks possible to continue that growth then p/e would be higher. 28p per share added to reported NAV , at end June 2013 of 82p (I think NBI has risen since then, increasing the NAV) (NBI share price of 3.52 in the accounts. 4.62 mid price now. 110p per share higher. or 2.2M pnds, or 12p per Western share gives 110p +12p = 122p (noting, a small shaving perhaps required for small fall in share price of SWL and CRE, perhaps only 2-4p, I might try to work it out one day...) and the price to buy is 60p, too cheap imo the buys of Western shares indicates that someone has been interested over last 2 months...driving the share price up more to come imo ----- The mkt is more receptive to IPOs now that it has been in the years between now and 2009. And mkts are up around all time highs ...so more ameniable to floating Hartim now that in previous years. (the other shareholder with Hartim, 1 person, would I assume be looking to cash in some profit and sell some of their stake...and enjoy the money, while perhaps leaving some in to grow further)
smithie6
04/11/2013
16:54
Western has large discount to its NAV....despite the fact that its NAV has been rising nicely since 2009 discount is too large imo....and imo will continue to reduce...ie. the share price will continue to rise
smithie6
30/10/2013
13:26
...sp P/E ratings have picked up a lot since 2009.... (and various shares are looking expensive imo, like Next...normally a good time to do IPOs, demand and high prices.) and more IPOs going thru imo than has been the case so perhaps around now would be a logical time to float Hartim.
smithie6
30/10/2013
11:34
3 month graph looks very nice.... steps up and up again........ http://www.isdx.com/forcompanies/ourcompanies/companydetail/default.aspx?securityid=19147 ----- fair sized trades as well 5k, 7.5k, and 2 trades in Sept for 15000 shares whereas most PIs would only be buying/selling say 1k-2k shares. ----- All of the trades in last 3 months have imo been buys. A +ve sign imo. And almost all trades in last 3 months have been at around the mid price. Which imo infers a buyer that has a good idea what they are doing.....
smithie6
15/10/2013
15:58
"Never happens on insolvent company positions!"...very true....
smithie6
14/10/2013
20:29
Indeed I expect there were mor costs in between January 2013 and June 2013 given the exceptionals are bigger in the WSE accounts than the Hartim accounts. I wouldn't factor in any upside. Never happens on insolvent company positions!
topvest
14/10/2013
20:27
I would guess the amount likely is between £0 and £0!
topvest
14/10/2013
14:52
Topvest do you know who has first call on the value of goods supplied to Auz. co. by Hartim....but not paid for so far ? if the end customer ends up paying for the goods.....do the workers have first call on that money for wages and redundancy packages.....or does the real owner of the money (Hartim) have first call on the money ? (normally in contracts it would say that the goods and money remain at all times the property of the original supplier...until they have been paid) (I am wondering whether Hartim may ...in time...get back the value of the goods....was it 1.6M )
smithie6
12/10/2013
16:16
Yes, I agree. It's happened though so they need to move on and develop what is left.
topvest
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