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In this article I'm going to discuss the value attributed by Vertu Motors (LON:VTU) and Marshall Motor Holdings (LON:MMH) to their franchise agreements. I'll focus on VTU because they reported today: https://www.londonstockexchang... But first, why consider holding these shares? The bull case clear rests on the strong tangible asset backing, strong operational (and disposal) cashflows, low valuation and opportunity for a snap-back when current issues…

Background and links On 24/8/2018 Wey Education issued a detailed pre-close trading statement. Additionally their house broker WH Ireland issued a note, Graham Neary wrote a writeup and a private investor evening was held. The following day Executive Chairman David Massie did an interview: RNS Statement Broker's NoteSCVR Interview (This follows much the same pattern as their previous substantial update in May: RNS Statement Broker's…

Impax Asset Management (LON:IPX) is widely followed on the Small Cap Valued Report, especially by Graham Neary. The share price has risen sharply recently and I have come to the conclusion it is now significantly over valued. I calculate market cap as a percentage of assets under management (Graham's preferred measure I think) to be 3.1%. I don't think it has ever been this high…

(I may review this and add some more detail on Thursday night) Wey Education announced their interims on 8th May and that evening held a private investor evening. This consisted of presentations by both David Massie (Executive Chairman) and Jacqueline Daniell (Executive Director) followed by timeboxed group questions with some input also from Barry Nichols-Grey (new Finance Director) and ending with an informal session where…

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I am another person who would not have become a Stockopedia subscriber if it wasn't for Paul (and latterly Graham). I'm very happy that some of my subscription helps pay for the SCVP, but also very happy that it is a freely available resource. In general I would not like to miss out on comments from non-paying members, but I see no downside to blocking…

WYG (LON:WYG) 2:30pm profits warning (the 4th one?): we will not meet either of the net debt to EBITDA or interest cover covenants within our facility agreements for 31 March 2019 and we have opened discussions with our lending bank with a view to securing a deferral or waiver of the relevant covenant tests I also note regarding International Development: we continue to incur high…

UP Global Sourcing Holdings (LON:UPGS) - Equity Development have published new research paid for by UPGS: To expand on my earlier post, compare that with this from October: So we've gone from: * In September I thought we had a timing issue and short term growth setback in FY2018 meaning FY2019 revenue would be slightly above FY2018's £110m (albeit at lower margins /…

UP Global Sourcing Holdings (LON:UPGS) - Unfortunately I halved my holding after the Equity Development note on 3/10/2018 which forecast a very modest recovery in FY2019 followed by medium term sales growth of only 5-6% which was a long way from my expectations of a significant snap back after well-advertised one-off factors and a return to 15-20% growth. Following the unscheduled trading update in January…

accesso Technology (LON:ACSO) - I have just looked at this again having got a price alert (buy price below £10).I don't think the profits miss explains a 1/3rd fall today, or a 2/3rds fall from September. Rather I think this is a combination of: the Board has recently initiated a review of the Group's investment priorities in the context of the significant future opportunities available…

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