Welcome to EQUITY DEVELOPMENT

The UK's longest established regulated provider of sponsored equity research.

We launched EQUITY DEVELOPMENT in 1997 becoming the first ever  regulated provider of Sponsored Equity Research in the UK.

Our research teams are made up of expert analysts with deep understanding & experience in their sectors.  Our research is distributed to all relevant investment classes & commentators. (at no cost to the reader).

We have made our name by specialising in those companies who are not receiving the attention that they merit, using detailed commentary, appropriate valuation metrics and regular publications to help eradicate undervaluation in the medium term.

 

FREE REGISTRATION

Sign up today and access the very latest company research

LOG IN

For access to all company research please

W H Ireland

W H Ireland is a fast-growing stockbroker, the second largest based outside London and among the top ten corporate advisers to AIM companies

W H Ireland - Bid Approach

W H Ireland has disclosed an approach from a third party which may lead to a bid for the company. It is emphasised that the talks are at a preliminary stage and there is no certainty that an offer for the group will result from them. The share price has jumped by nearly 20% from 74.5p prior to the disclosure to the current 88.5p, but is still below the 94.5p reached at the end of February 2004.

Two points should be made.

  • The current price is still a few pence below our previous estimate of fair value of 95p, which was calculated on a conservative basis taking no account of any bid premium (for details see our August report). In view of market movements since August (see below) we have revised our estimate of fair value from 95p to 106p.
  • Any bid would obviously need to be agreed since the MBO team, together with their families and Mr Marafie, a former director own a majority of the issued share capital.

Publication Date:
October 14 2004

W H Ireland; expansion paying off

W H Ireland continues the strong growth achieved over the last seven years, which has seen its market share more than trebling.

With turnover up 30%, interim 2003/04 profits are more than double any previous full year, with the exception of 1999/2000.

The shares stand on PERs of 5.3 and 4.8 on our current year and next year estimates.

Our calculated fair value is 95p against the present share price of 69.5p.

 

Publication Date:
August 20 2004

previous