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Walker Crips PLC (WCW)

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WickedLester
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Walker Crips PLC (WCW)

#359936

Postby WickedLester » November 25th, 2020, 1:04 pm

I have just bought a few shares in this company as it looks fairly good value to me with the added possibility of a takeover bid at some point.

They are a wealth manager and may not have a great year this year but I am hopeful they will at least break even and with the market recovering next year may be better.

At the current price the market cap is about £11.3m . Net assets are £22.6m and net tangible assets are £11.6m. Net current assets are £9.1m including £8.6m in net cash.

They made a respectable profit last year and seem to usually pay a dividend although this has currently been passed.

The other interest for me comes in the form of one Lim Hua Min who has bought a near 30% stake in the company and may bid for the rest at some point.

All in all I think it is a worthwhile punt. I sold my CARR to buy these as I feel they are fairly valued at the moment.

Any thoughts?

WickedLester
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Re: Walker Crips PLC (WCW)

#360575

Postby WickedLester » November 27th, 2020, 11:57 am

These reported today and they have dropped to a modest loss but are still paying a (reduced) dividend. The balance sheet remains rock solid with nearly £8m in cash.

Hopefully now that the market has recovered somewhat these will have a better second half.

https://www.investegate.co.uk/walker-cr ... 34447575G/

On the outlook they say:

No doubt we have a difficult year ahead. There is an ongoing global pandemic, the terms on which the UK plans to leave the EU have yet to be concluded and there is global political unrest. Despite this, I and the Board remain cautiously optimistic and excited about the future prospects of the Group. Led by the executives, your Group has begun new changes to consolidate and streamline its operations. Once achieved, the breadth of our service offering coupled with staff and account executives working together will provide the Group with the platform on which to emerge from this challenging period stronger and from there to grow and secure our long-term goals.

WickedLester
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Re: Walker Crips PLC (WCW)

#431221

Postby WickedLester » July 29th, 2021, 1:12 pm

Charles Stanley (CAY) got taken out today, I wonder if these are next?

https://www.investegate.co.uk/raymond-j ... 03138419G/

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Re: Walker Crips PLC (WCW)

#456751

Postby WickedLester » November 9th, 2021, 10:41 am

There's some interesting news today.

hTTps://news.sky.com/story/wealth-manag ... n-12464083

I believe WCW have around £3bn under management and if those are the kind of prices wealth managers are being sold for then I think these are a steal at 30p.

I have been buying more recently.

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Re: Walker Crips PLC (WCW)

#456766

Postby Lanark » November 9th, 2021, 11:09 am

A recent IT system upgrade has disrupted the supply of some of our products. Our sites are still making crisps and snacks but at a reduced scale

Fans of the firm’s most popular products - including cheese and onion, ready salted and salt and vinegar crisps, as well as Quavers and Wotsits cheese puffs - should have less trouble finding their desired snacks on shelves.

Walkers have said production on its “more niche” varieties had been slowed.

I have to wonder just how badly they managed to mess up their IT systems to take weeks of recovery time?
My local supermarket is completely empty of Walkers products.

doug2500
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Re: Walker Crips PLC (WCW)

#456769

Postby doug2500 » November 9th, 2021, 11:13 am

Slight thread drift.......

Brightened up my morning :D

monabri
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Re: Walker Crips PLC (WCW)

#456770

Postby monabri » November 9th, 2021, 11:13 am

Lanark wrote:A recent IT system upgrade has disrupted the supply of some of our products. Our sites are still making crisps and snacks but at a reduced scale

Fans of the firm’s most popular products - including cheese and onion, ready salted and salt and vinegar crisps, as well as Quavers and Wotsits cheese puffs - should have less trouble finding their desired snacks on shelves.

Walkers have said production on its “more niche” varieties had been slowed.

I have to wonder just how badly they managed to mess up their IT systems to take weeks of recovery time?
My local supermarket is completely empty of Walkers products.



I didn't know that WCW have branched out into the "land of Lineker"? Investment Mgt, Financial Planning, Pensions and Smokey Bacon flavoured products.

;)

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Re: Walker Crips PLC (WCW)

#456784

Postby BigB » November 9th, 2021, 11:42 am

Lanark wrote:A recent IT system upgrade has disrupted the supply of some of our products. Our sites are still making crisps and snacks but at a reduced scale

Fans of the firm’s most popular products - including cheese and onion, ready salted and salt and vinegar crisps, as well as Quavers and Wotsits cheese puffs - should have less trouble finding their desired snacks on shelves.

Walkers have said production on its “more niche” varieties had been slowed.

I have to wonder just how badly they managed to mess up their IT systems to take weeks of recovery time?
My local supermarket is completely empty of Walkers products.


I noticed the same in my local Tesco (for about 2-3 weeks) and assumed it was some B-related issue, with the supply chain now prioritising Christmas supply over some regular products.

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Re: Walker Crips PLC (WCW)

#456797

Postby kempiejon » November 9th, 2021, 12:11 pm

In the local Morrisons the wealth manger shelves were all empty as was the end of ailse boutique brokers display.

monabri
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Re: Walker Crips PLC (WCW)

#456799

Postby monabri » November 9th, 2021, 12:14 pm

doug2500 wrote:Slight thread drift.......

Brightened up my morning :D



Just a little!

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Re: Walker Crips PLC (WCW)

#456816

Postby Lanark » November 9th, 2021, 12:48 pm

monabri wrote:
Lanark wrote:A recent IT system upgrade has disrupted the supply of some of our products. Our sites are still making crisps and snacks but at a reduced scale

Fans of the firm’s most popular products - including cheese and onion, ready salted and salt and vinegar crisps, as well as Quavers and Wotsits cheese puffs - should have less trouble finding their desired snacks on shelves.

Walkers have said production on its “more niche” varieties had been slowed.

I have to wonder just how badly they managed to mess up their IT systems to take weeks of recovery time?
My local supermarket is completely empty of Walkers products.



I didn't know that WCW have branched out into the "land of Lineker"? Investment Mgt, Financial Planning, Pensions and Smokey Bacon flavoured products.

;)

reading comprehension fail - I shall go and stand in the corner!

WickedLester
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Re: Walker Crips PLC (WCW)

#456854

Postby WickedLester » November 9th, 2021, 3:10 pm

I've always wondered whether people take any notice of my posts. After today i'm none the wiser.

BigB
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Re: Walker Crips PLC (WCW)

#456857

Postby BigB » November 9th, 2021, 3:25 pm

Lanark wrote:
monabri wrote:
Lanark wrote:A recent IT system upgrade has disrupted the supply of some of our products. Our sites are still making crisps and snacks but at a reduced scale

Fans of the firm’s most popular products - including cheese and onion, ready salted and salt and vinegar crisps, as well as Quavers and Wotsits cheese puffs - should have less trouble finding their desired snacks on shelves.

Walkers have said production on its “more niche” varieties had been slowed.

I have to wonder just how badly they managed to mess up their IT systems to take weeks of recovery time?
My local supermarket is completely empty of Walkers products.



I didn't know that WCW have branched out into the "land of Lineker"? Investment Mgt, Financial Planning, Pensions and Smokey Bacon flavoured products.

;)

reading comprehension fail - I shall go and stand in the corner!


Me too - apologies.

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Re: Walker Crips PLC (WCW)

#466507

Postby WickedLester » December 16th, 2021, 8:15 pm

Interims are out today, a bit late. IMO They're adequate rather than good but the attraction for me here isn't the earnings but the value of £3.6bn AUM to an acquirer which I would hope is significantly more than the current value of the company. On the plus side the dividend is up and I am getting around 3% on my money whilst I wait to see whether that Chinese investor wants to buy the rest or sell the whole lot.

https://www.investegate.co.uk/walker-cr ... 00058126V/

Highlights

· Total revenues of £15.69 million representing growth of 9.3% on the comparative period last year (2020: £14.35 million)

· Adjusted EBITDA £1.29 million (2020: £0.81 million) [1]

· Underlying cash generated from operations £0.55 million (2020: £0.17 million) [2]

· Operating profit pre-exceptional items [3] £232,000 (2020: operating loss of £272,000) and operating profit post-exceptional items [3] 120,000 (2020: operating loss of £374,000)

· Profit before tax pre- exceptional items [3] £166,000 (2020: loss before tax £349,000) and profit before tax post-exceptional items [3] £54,000 (2020: loss before tax £451,000)

· Net cash position of £8.38 million (2020: £7.81 million)

· Assets Under Management ("AUM") increased by 5.9% to £3.6 billion from March 2021 (2020: £3.1 billion)

· Total Assets Under Management and Administration ("AUMA") increased by 5.6% to £5.7 billion from March 2021 (2020: £4.8 billion)

· Interim dividend increased to 0.30 pence per share (2020: 0.15 pence per share)

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Re: Walker Crips PLC (WCW)

#469677

Postby WickedLester » January 2nd, 2022, 11:14 am

Here is a brief bio of Lim Hua Min who owns a close on 30% stake in the company. He looks like quite a respectable guy to me which is reassuring. I probably should have researched him sooner.

https://www.phillipbank.com.kh/en/direc ... n-director

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Re: Walker Crips PLC (WCW)

#470782

Postby Bouleversee » January 6th, 2022, 12:13 pm

Seems I am paying some of your dividend, WL. I have just over £22k left in an ISA with them, which generated all of £290 income this year which I haven't drawn or reinvested (no dealings at all this year) but it appears that even with that I owe them £33.47 for holding charges. I have had to cough up similar amounts for the previous 2 years. They are not wealth managers so far as I am concerned, just non-advisory brokers. I really must get around to finding out whether it is cheaper to sell or transfer the 6 remaining holdings, 3 of which have still not got back to paying dividends and two of those show substantial losses. I should have had my money out of there ages ago. Their charges are so high and their website so old-fashioned, I don't know how they stay in business. They don't even post me statements these days. Fortunately, only a very small part of my investments. IWeb is where most of my holdings are.

On second thoughts, perhaps I should wait to see who takes them over. If it's IWeb or ii it would pay me to do nothing. How likely is that, though?

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Re: Walker Crips PLC (WCW)

#470931

Postby WickedLester » January 6th, 2022, 6:36 pm

Bouleversee wrote:Seems I am paying some of your dividend, WL. I have just over £22k left in an ISA with them, which generated all of £290 income this year which I haven't drawn or reinvested (no dealings at all this year) but it appears that even with that I owe them £33.47 for holding charges. I have had to cough up similar amounts for the previous 2 years. They are not wealth managers so far as I am concerned, just non-advisory brokers. I really must get around to finding out whether it is cheaper to sell or transfer the 6 remaining holdings, 3 of which have still not got back to paying dividends and two of those show substantial losses. I should have had my money out of there ages ago. Their charges are so high and their website so old-fashioned, I don't know how they stay in business. They don't even post me statements these days. Fortunately, only a very small part of my investments. IWeb is where most of my holdings are.

On second thoughts, perhaps I should wait to see who takes them over. If it's IWeb or ii it would pay me to do nothing. How likely is that, though?


Is £33.47 really such an outrageous safe custody charge to pay per annum on a £22k ISA?

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Re: Walker Crips PLC (WCW)

#470938

Postby Bouleversee » January 6th, 2022, 7:02 pm

W.L: The point is that that is after they have deducted charges from the £290 income, taking all of it, and I still owe them £33.77. It's not their fault that Covid and other things have had a disastrous effect on some of my investments but it's brought home the fact that it's better to have my dosh with an outfit that only imposes dealing charges and doesn't charge just for holding shares without activity or only imposes modest charges which can be offset against dealing charges.

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Re: Walker Crips PLC (WCW)

#470953

Postby WickedLester » January 6th, 2022, 7:27 pm

I think I misunderstood you, that's not such a modest charge after all!

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Re: Walker Crips PLC (WCW)

#490668

Postby WickedLester » March 31st, 2022, 6:28 pm

Brewin Dolphin got taken out today for £1.6bn.

https://www.investegate.co.uk/royal-ban ... 00096961G/

If WCW could be sold on similar terms that would imply a price of around 200p a share.

I think these are ludicrously cheap and keep buying more when they dip below 30p.


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