gretel
31 May 2016
Tipped on another site Great to see VLE finally get some attention from the wider world. And to see the tipster confirming he's bought VLE shares himself.I agree with the reader comment at the bottom of the page that VLE's NAV is probably 800p+, and possibly a lot more. And the NAV per share is supported strongly not only by the 400p per share of the cash pile, but also the £5m or so of freehold property and plant and equipment owned by Shire which is worth another 120p per share.So, the downside at the current 505p share price is almost entirely protected by the 520p per share cash pile and property/plant and equipment:Here's the tip: www.share prophets.com/views/21085/volvere-a-great-investment-company-at-a-discount
forwardloop
27 May 2016
info [link]
gretel
27 May 2016
Terrific results just out Terrific results - even better than I hoped:[link] 569p NAV per share- around 400p per share in cash- Shire Foods had a record year with £1.57m PBT- Impetus Auto began magnificently, making £0.6m PBT in its first 8 months- and even Sira Defence is starting to take shape nicely, with a £0.12m PBT and revenues growingGiven the value in the investees above cost, I'll perhaps work it out later, but the real NAV here now must be at least 800p per share and possibly well above that.There are of course some points to note:- Shire Foods will be less profitable this year, but VLE sound unusually forthright about being able to improve this. They presumably have some contracts nearly in the bag to sound so confident- Part of Impetus is being handed to management as usual, so VLE's ownership % will fall- the directors received around £0.6m bonus on the sale of JMP. Well deserved imo given their achievements to date- cash would have been even higher but for £0.6m of unrealised losses on investments at the year end. Most unusual for VLE, but this can of course reverse just as easily and improve the cash position in 2016In summary, great stuff. The share price should at minimum now trade at or above the 569p NAV, and given VLE's track record now merits a decent premium above that NAV.
gretel
26 May 2016
Prelims next Tuesday? Unusually - and as we approach the prelims, presumably early next week in line with prior years - you can buy up to 4k shares online at 447.45p (essentially the mid-price).
gretel
23 May 2016
Good PR for Siraview I was watching Channel 4's 24 Hours In Police Custody on Thursday night. Luton police were analysing videos of nefarious activities being carried out by certain local hoodlums, when what should I see on the police video screens but a big Siraview Express logo 
))I've been watching 24 Hours for some years now, and this is the first time I've noticed Siraview. Hopefully this is evidence that Siraview's slow progress is starting to pay off.The episode is here FYI (Siraview is in the first half-hour from memory):[link]
gretel
10 May 2016
Final results due soon ...hopefully on Tuesday 31st May, the day after the bank holiday.Looking forward to them.
gretel
08 Feb 2016
£18m+ cash pile=entire current m/cap VLE's £18m+ cash pile is a terrific safety net, but some would also see it as a drag on the share price, despite the obvious current undervaluation.Imagine if VLE were to announce another one or two acquisitions for say £12m. This would still leave more than enough cash to support those businesses' turnarounds, and act as a backstop for the Balance Sheet - but a more substantial acquisition at such a price would likely energise the market and really get some excitement going.It's coming up to a year since the Impetus acquisition, and I suspect an operation like Impetus doesn't need as much "turnaround attention" as say Shire Foods.So hopefully we'll get news of another acquisition soon.
thirty fifty twenty
07 Feb 2016
Re: OT Wise Owl thanks Wise Owl - i'll take a look
the wise owl
07 Feb 2016
Re: Tipped as 2016 Bargain Share in IC PHSC 24 v 53p.Yield 6.5.Positive cash flow .Cautious management. Just taken uver 2 smaller companies so should get better. PVCS already discovered by IC , have got my original stake back but could still 2x news soon.Jlp but that is in SA!
thirty fifty twenty
05 Feb 2016
Re: Tipped as 2016 Bargain Share in IC which are those wise owl?seems to be lots of investors looking for the same safe bets....my holdings are:BPM (150p vs 230p)(60p CASH) 12-18mths, CFYN (550p vs 900p), 18mthsLEAF (37p vs 60p) - 12-24mths,PSPI (47p vs 55p) - 3mths,ARBB (1350p vs 2000p) - 24 mthsAll IMHO, DYOR + BoLall the above in my portfolio
the wise owl
05 Feb 2016
Re: Tipped as 2016 Bargain Share in IC At last! I now hope that he can find my other deep discount to NAV shares!
thirty fifty twenty
05 Feb 2016
at 440p - 2 year target is 680p ST tips today in ic as part of his bargain portfolio for 2016.this is great news as not only does it confirm the good value,but it ensures regular coverage in the year ahead,which will only bring more investors to the table.I've outlined before my analysis on VLE and currently think 680p by end 2017 is reasonable.The JMP disposal will be reflected in the Dec 15 accounts so that will be a further catalyst when announced. NAV likely to be c.540p and given the astonishing track record it would seem obvious that VLE should be at a premium to NAV.The share price is not firmly in ATH (All Time High),which is supported with relative outperformance....this is a classic sign of optimism and thus happy to hold.All IMHO, DYOR + BoLVLE is in my portfolio
gretel
05 Feb 2016
Tipped as 2016 Bargain Share in IC Nice move today, but still loads more to come imho.Simon Thompson in today's IC estimates an end 2015 book value of 540p, compared to the current 440p share price. As I've previously pointed out, VLE must now have a cash pile equating to anywhere from 430p per share upwards, as well as the 3 operating businesses.He also says : "The bottom line is that all three of these businesses could easily be worth £12m, or 294p a share, if sold now, and significantly more if the automotive consulting business successfully returns to profitability"This would take NAV to say 834p per share, or almost double the current share price. And that's very conservative if Impetus Auto is successfully turned around.
gretel
28 Jan 2016
News of expansion at Impetus Very encouraging to see the talk of contract wins and new office openings:[link] Automotive expands into AustraliaDecember 04, 2015Impetus Automotive has opened a new regional office in Melbourne, Australia, to better support its clients’ increasing requests for support in this market.Impetus Automotive has been running programmes in the Australian Market for a number of years, the majority of these projects have been based around research objectives such as mystery shopping, parts price research and franchised Dealer benchmarking and assessment. More recently, the automotive consultancy has won a series of programmes that have warranted a permanent resource base in Australia.Traditionally strong in the UK and European Markets, over the last year the company has been operating a global Trade Parts programme for a premium car manufacturer which has seen the business open offices in Germany, China and Japan to support the logistics of these new operations. More recently Impetus Automotive has won a global Dealer Auditing programme with another premium vehicle manufacturer and has also been asked to deliver coaching and dealer development programmes for a major motorcycle brand, specifically within the Australian Market.David Gorvett, Managing Director for International Development explains: “Our expansion into Australia sees us creating a strong foundation in the region, to better support our clients with leading sales and aftersales programmes. We have vast experience of operating within both young and mature vehicle markets and we are excited to bring this support to the Australian Automotive sector.“We have recently appointed Howard Joshua as head of our Australian operations and look forward to supporting him in developing both his team and business throughout Australasia.”"
thirty fifty twenty
18 Dec 2015
Re: VLE still has large upside hi Gretelthe good news is that we agree VLE is very undervalued. 
well done on JMP valuation 6m in your valuation vs 5.5m rec'd. I had valued at 4.5mfor me - I think Impetus is not currently worth £11m given the problems at VW and knock on effect,- I attribute a lower rating to Shire. JMP is operating in a sweet spot with specialism. Shire is commodity business in highly competitive markets.- Sirius is likely only kept in the business to maintain VLE plc 'trading company status' otherwise there are tax implications so thus I discount its value heavily as it will not be sold.- It was mentioned at the presentation that if the company were to wind up then there would be tax to pay so if using a sum of the parts valuation it would also make sense to consider the tax implication of returning the value to shareholders. Regardless it is healthy to have different opinions discussed and explained with specificsrather than a ramping 'buy' or 'sell'.And although VLE seems at an obvious discount,so whatever analysis we do now - it will be superceded by either their next purchase or disposal.All IMHO, DYOR + BoLVLE is in my portfolio
