Wynnstay Group (WYN) Full Year results presentation - February 2025
Wynnstay Group CEO, Alk Brand and CFO, Rob Thomas present the group’s results for the year ended 31 October 2024, followed by Q&A.
Watch the video here:
Or listen to the podcast here: |
There does not seem to be - just the slides on the Company website. Why don't all companies record these? It's so easy to do and would be so helpful to shareholders and investors. A low point was achieved by severfield rowen who did one with Investor Meet Company, it was recorded and then the Company instructed them not to make the recording available! Talk about being shareholder unfriendly! |
This is proving its mettle once again. Maybe the bottom is in? |
It's a regulatory requirement on the company and I agree it should be enforced better, but afaiaa there's no legal mechanism to make shareholders follow the rules. I'm not sure how it's supposed to be enforced. |
Disclosure failures are common place
Companies/individuals should be fined heavily for it imho |
Bizarre RNS of the day award from me!
Maybe coincidence but Charles Stanley disclosed they had significantly reduced their exactly 9.9% position back in October. So strange Milkwood say they passed a threshold in December. Makes no sense.
I’m guessing the company has flushed this out trying to corroborate the key shareholders in the annual report. |
Looks like they crosseed the threshold for Declaration on 5th December but only notified today ! |
Not ideal. Similar scenario to Dbay in 2020? |
"Milkwood Capital" on the register with 9.9%; "Milkwood seeks to compound capital over the long term by investing in a highly concentrated portfolio of deeply undervalued long ideas. We invest predominantly but not exclusively in the UK." |
I note that WYN sold one of its JVs (Total Angling) last year. It still has JVs and an associate with a total book value of GBP4.9m - it probably should monetise some of these as I do not see merit in a 50pc share in a Welsh housebuilder (WYRO) and a one third ownership of a supplier of beef to restaurants and hotels (Celtic Pride). I wonder also if WYN could buy Billington out of Bibby? Any views please? |
That's the thin end of capitalism; reward poor performance. |
HTF does a director get free money for no share price performance? |
Interesting rise this morning, cannot see any broker notes . |
Record date corrected, ex-dividend now 27 March |
Has anyone got further detail on their projected capex spending and what it will be spent on? All I can see is in the ‘Genesis’; programme text is management restructuring. |
FWIW, I still think they're worth c.£115m / £5ps, but it will take time - and as 1knocker says, it will depend on the shrewdness of the capex. |
I presume share price is responding not so much to the results ,that are in-line, but show the EPS of 12p are not covering the 17.25p divi, but to the outlookk;
Group is expected to deliver a stronger performance in FY25 than in FY24, helped by operational improvements already made. |
Memo to self: look at this again in 18 months /2years.
Lets see whether the capex yields the desired results. A lot of extra profits required to recoup the planned expenditure. |
The market seems to be taking a surprisingly (to me) charitable view of results. |
DBAY advisors were building a position here in 2020 but the price rosé and they sold down. Perhaps the board gave them short shrift? Perhaps it no longer appealed as the share price rose? |
Thanks Eric good points |
Thanks Eric good points |
Thanks Eric good points |
Only problem with the M&A angle is that this has traded below book value for much of the past decade, very often a very significant discount, and so what is different now? Same anomaly with Vertu, which I presume means the market doesn't really buy the NAV arguments
For example, WYN are selling their Calne Feed Mill, expected to close in the Spring. Based on the agreed sale price, they've taken a £819k impairment off a £2.1m book value, which is a near 40% write-down of that asset
Of course, you'd hope that's not true across the group, but the market here is quite sceptical over the NAV I guess. And that's even before we debate whether the UK has a strong future in farming or whether it's an industry that if anything will start to go into decline due to government policies...
Eric |
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