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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Wyg Plc | WYG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 54.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 54.50 | 54.50 |
| Top Posts |
|---|
Posted at 24/5/2019 21:03 by norbert colon After the excellent news earlier this week the question investors now have to ask is whether a counter offer will be put forward by another peer.I think the current offer is reasonably fair and slightly better than my minimum 40-50p target valuation, however, if the takeovers of Scott Wilson, Hyder and Sweett Group are anything to go by it would not be unreasonable to see further (higher) bids tabled.There are plenty of acquisitive larger groups in this space and it wouldn't be out of the question to see an offer up to 75p in my opinion. Either way I'm very happy and it's a nice situation to ponder over. |
Posted at 05/4/2019 22:28 by norbert colon Investors await news of how the Board plan to "materially" reduce their debt. Either:1) sell the International Development biz (worth £15m IMO) and more than the mcap or...2) Sell the main consultancy biz worth multiples of mcap (without the debt)Yes, poor trading in some parts of the business and yes debt needs to be significantly reduced but £12m mcap for a £150m sales biz is an anomaly.Hoping for newsflow soon. I would prefer them to sell the International Dev biz to PwC or KPMG who can mesh it into their own consultancy offering leaving WSP unencumbered by Turkey and foreign donor type work.Huge upside potential but rather binary |
Posted at 18/3/2019 14:17 by norbert colon This is the good news I was hoping for.Not great losing the dividend but has to be expected given covenant issue. With respect for the results we all know they won’t be great - for me this isn’t an investment based on high margins, ROCE or other such metrics that would typically imply a “quality” This is a play on sector M&A which has been rife for decades. Despite poor trading (WYG are not alone) is this biz only worth 0.5 x Book / less than 0.1 x sales? I suggest not. Lets speculate that WYG ends up as a slimmed down £100m t/o business - what is that worth? I'm prepared to propose a valuation in the order of £50-60m based on peer group averages. The current mcap is circa £12m. I'm happy to have made an educated investment into the premise that it wont remain at such a discount for long given management's drive to reduce costs and ongoing M&A. |
Posted at 12/10/2018 18:28 by norbert colon Swedish Value investor AB Traction now up to 14.64% |
Posted at 08/8/2018 15:33 by topvest Decided to add a few. Golden cross event definitely pushed through (i.e. 50dma crossed 200dma is bullish). Swedish investor with 9%. Change is probably afoot here and the business is a relatively easy turnaround prospect really given its order book. Its a fairly marginal business so will keep a strict stop loss, but good scope to bounce up to a £1 or so in my view. |
Posted at 19/4/2018 13:27 by norbert colon AB Traction are not necessarily an activist investor and at the time they were involved with Waterman I think they were their only investment outside of Scandinavia. Clearly the valuation at £22m prior to today's rise offers huge value for anyone who believes in the potential turnaround. AB seem to, as do I and I have added to my holding this morning.Only 6.6m of the 13m shares traded are accountable to AB so I am also keen who the other parties are I these transactions.All positive stuff anyway.... |
Posted at 09/3/2018 20:43 by norbert colon All salaries are in the Annual Report. Fairly standard salaries as I recall. I was disappointed at the level of Director buying recently which was not much more than a token gesture in my opinion. I would certainly welcome the CEO and FD having a much higher shareholding and will be raising this with management next time we speak. Also the new NED has yet to buy any stock. Investors could take the view that if management aren't buying then why should investors but this is not always a good acid test as I found out when buying Waterman shares at 40p and the Board weren't really interested themselves. The FD never bought any stock at all - they were acquired for 140p as I anticipated. |
Posted at 09/3/2018 20:10 by norbert colon Yes some big volume there. Seems plenty of stock on the offer recently. Market cap below £28m now. The valuation is ridiculously low even taking into account the patch trading and debt.UK market backdrop doesn't help with investor sentiment however with debt reducing and revenues from their international business of circa £20m you can almost discount the whole of the UK business. I may be proved wrong but won't be surprised if investors look back at these prices and wish they had put the bucket out to fill it up. |
Posted at 26/2/2018 22:38 by norbert colon Happy for it to be quiet to be honest. Trading update due next month which I am sure investors will be keen to see:https://www.wyg. |
Posted at 05/12/2017 20:38 by norbert colon Interesting post from Walbrook82 and always good as to hear both sides of the investment case so I thoroughly encourage it.I would just like to throw my response in to the various points raised. 1 - Risk of Contract delays. This is not specific to WYG and is a risk applicable to all Consulting firms (and for that matter most businesses). Agreed that currently there are, however, various market headwinds particularly Brexit and that the current Macro climate is not exactly a rosy one. 2 - I have a particular loathing for adjusted profits and made this point to various CFO's including the one at Sweett Group where Doug McCormick was previously CEO for a short time. 3 - Its a people business! Of course the majority of costs are staff. 4 - Same response as 2) above. Transparency is key and I hope going forward this is addressed. 5 - Same response as 2) above. Will come onto cash later.... 6 - Interesting point. All I can say is that from my recent discussions with new mgt there is an acknowledgment that previous reported numbers had been somewhat flattered so you may have a point. I am satisfied that the pedigree of the new CEO will ensure such shenanigans cease. Investors can only engage with mgt going forward and press for greater transparency. 7 - 100% Agreed - historically WYG has been a bit of a basket case and under previous management I avoided it all together. We have a new CEO with a solid track record and its all about the future now. 8 - New mgt were very clear with me that the cash profile of the business historically is appalling. Again, its all about the future here under new mgt. Another reason I had steered clear before. 9 - Noted / agreed and covered above. 10 - Agreed. Mr Hamer (previous CEO) liked buying companies. I understand that a number of these businesses were poorly integrated and were working autonomously rather than as part of a global business. My clear impression having watched the company for a number of years is that Hamer / McTighe were on a mission to buy and build as quickly as possible and feather their own nests. Staff / business segments have been neglected and it couldn't have come sooner to get new management in including a new NED as reported today. 11 - I invested initially at 104p and have added all the way down to current prices. The plan was always to keep adding but at higher prices not lower prices. I should be happy with lower prices but even I have been taken back by the recent profit warnings. Clearly all investors will be spitting feathers (me included), however, WYG are not a fly-by-night blue sky company with a dubious business model. They have a good reputation in the market, work in some niche geographies / sectors that distinguish themselves from other Consultants and are a UK Top 3 consultant in some areas such as Planning. Its going to be a slow burn turning things around, however, looking further ahead its not unreasonable to see the valuation above GBP 80-90m given turnover of GBP 150m + I dislike token Director buying to prop up flagging valuations but management need to dig deep into their pockets at current prices and buy some stock to make it clear to the market that long term prospects are as sound as they make out. N+1 Singer's note this morning has 2019 revenue at GBP 163.5m, PBT at GBP 4.4m and EPS at 5.4p. The divi is also maintained (1.8p) and net debt is down to GBP 6.9m. Price to Sales is less than 0.2 which is exceedingly cheap for this sector. Lots to do over 2018 and beyond - I will be in for the long haul. |
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