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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…

Leoleo73's Latest Comments

Talking of the high street, Debenhams (LON:DEB) still won't talk to Mike Ashley and so he's written them a letter:

Bonmarche Holdings (LON:BON) - I agree that Brexit seems a strange reason to stop buying clothes, however I do have a theory about that. When I visited the local shop (from which I generally got a very positive impression) I thought that maybe a 1/3rd of the designs were extremely old-fashioned and utterly unappealing to the target market, yet clearly they sold some or they…

Walker Greenbank (LON:WGB) - Tipped by Questor (Telegraph / AJ Bell): I mention it here because they make a balanced argument and tips often move the share prices of small companies. I hold.

Still no dividend. AJ Bell are now blaming the registrars, tell me yesterday that: All  funds have to be cleared from the receiving bank, currently the registrars receiving bank has a back log of cheques. Since the registrars choose who to bank with, this seems to contradict hawkipa's response from the IR:neither we nor our Registrar have any control over the processing of the dividend…

Impax Asset Management (LON:IPX), Graham said: If I held these shares, I'd have some concern about the outflow from Impax NH. Though it is understandable in the sense that some clients might have had concerns over the change of ownership, and active fund flows in general have been very weak in the US. I agree, and interrupting Ian Simm's excellent presentation at Mello, I asked…

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