[Podcasts] LIONTRUST ASSET MANAGEMENT, RWS, QUIZ, MOUNTVIEW ESTATES And More

30 September 2023
By Maynard Paton

I recorded two podcasts during September with good friends and fellow investors Roland Head, Mark Simpson and Bruce Packard:

Our Investors Roundtable Podcast discussed my Liontrust Asset Management contrarian idea, why RWS is on Roland’s watch list and whether Quiz is a compelling deep-value investment for Mark.

Roland and I also discussed my attendance at the Mountview Estates AGM for the latest Private Investor’s Podcast.

During the Investors Roundtable Podcast, we covered:

• Liontrust Asset Management (630p/£430m):
  • I recap why Liontrust may be suitable for contrarians, prompting the following points:
    • Mark buying Liontrust(!), the failed GAM acquisition and the company’s future strategy.
    • Fund-manager valuations, structural industry drawbacks and generous employee remuneration.
    • Operational gearing, Buffettology buying/selling and sustaining the 11% yield.

• RWS (240p/£928m):
  • Roland recaps why RWS features on his watch list, prompting the following points:
    • The company’s substantial acquisitions, declining returns on equity and replicating technical/machine translation.  
    • The prospect of improved profitability, potentially weaker trading and the unitary European patent.
    • Recent management changes, employee productivity and an AI teach-in.  

• Quiz (9p/£11m):
  • Mark recaps the deep-value attractions of Quiz, prompting the following points:
    • A possible P/E of 2, the discount to book and positive management guidance.
    • Likely margin pressure, recent sales down 15% and a previous profit warning. 
    • Deteriorating cash flow, the risk of stock write-offs and past gross margins.

During the Private Investor’s Podcast, Roland and I covered regulated-tenancy landlord Mountview Estates. We talked about: 

• The illustrious dividend history and total payouts already surpassing my initial investment.
• The investment attractions of regulated-tenancy properties, and the ‘hidden value’ on the balance sheet.
• My AGM attendance, the frustrating Q&A and unhappy fellow shareholder David Pears.
• The recent NAV performance, property revaluations and a shrinking market.
• Regular protest votes caused by family disputes and high board pay.
• Significant property expenditure despite higher interest rates and possible economic difficulties.
• Family-run companies, returns on capital and tenancy fraud.
• Mountview’s valuation, its ability to enhance NAV and at what price to buy the shares.

You can listen to both of these podcasts (and more conversations!) through this premium podcast service >>

Happy listening!

Maynard Paton

Disclosure: Maynard owns shares in Mountview Estates.