Never mind the width, feel the quality
In the year to November 2014 WH Ireland increased the higher quality Discretionary assets under management by 43% to £723 million, and also increased its Advisory assets under management to £952 million. It has also announced a dividend of 2p, up 33% from the 1.5p declared in 2012/13. Recurring revenue rose 13%, and the cash position improved from £6m to £7.5m. A read across from the very recent takeover of Ashcourt Rowan by Towry suggests a valuation way in excess of the current market cap. of £22.3m. A sum-of-the-parts valuation: 4% for discretionary AUM, 2% for advisory and 0.5% for execution-only, one times pre-tax for corporate broking, plus surplus cash and the equity in the Head Office Property comes to £60m or 251p/share; using 3% and 1.5% in a non-take-over situation and applying a 10% conglomerate discount still gives 185p, virtually double the current share price.W.H. Ireland Group is a holding company. Co. provides wealth management and corporate finance advice, research, products and services to the private clients and small and medium sized companies. Co. has two principal operating subsidiaries, WH Ireland Limited and WH Ireland (IOM) Limited. WH Ireland Limited consists of two business divisions: Private Wealth Management, which provides bespoke wealth management solutions and independent financial advisory services to retail clients; and Corporate Broking which provides corporate finance, advisory and broking services to small and mid-cap corporate clients, and stockbroking and research services to its institutional client base.
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