AB Dynamics (ABDP)

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AB Dynamics ABDP Logo

The designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry.

3-Oct-2017

Pre-Close Trading Update For The 12 Months Ended August 2017 – Revenue and PBT to be slightly ahead of analysts expectations. Order book is the largest it’s ever been.

A good positive update for this company which is up 400% since being introduced in 2013. Worth noting though that it appears that analysts have been revising expectations down the past 12 months. Nevertheless this seems like positive stuff.

15-Nov-2017 – 762.5p – £147.9m – PER 26.3

Final Results For The 12 Months To End August 2017 – Revenue up 20.0% to £24.6m (2016: £20.5m), adjusted Operating Profit up 26.2% to £5.9m (2016: £4.7m), adjusted fully diluted EPS up 22.5% to 28.28p (2016: 23.09p), Dividend 3.331p for the year up 10% and Cash of £9.6m (2016: £10.4m). And, the record order book provides good visibility into Q3 2018.

A good update but I just have a couple of concerns. Like Stockpedia (Value = 10), I am concerned about the value at these levels and the fact that this is the last update from the current Chief Exec. Those things aside, I quite like it and it’s on my Watchlist.

Subsequently revised Watchlist price, 850p.

28-Mar-2018 – 878p – £170.2m – PER 22.6

Trading Update For The 6 Months To End February 2018 – Expected to be significantly ahead and in-line with management expectations.

Encouraging update and it’s already on my Watchlist- If I don’t open a position here this morning I will leave it on my Watchlist at 850p.

24-Apr-2018 – 927p – £179.7m – PER 23.6

Interim Results For The 6 Months To End February 2018 – Revenues up 39% to £15.3m (H1 2017: £11.0m), PBT, excluding share option costs, up 34% to £3.30m (H1 2017: £2.46m), Diluted EPS up 82% to 12.03p (H1 2017: 6.61p) and the Interim dividend is up 10% to 1.465p (H1 2017: 1.331p). Good forward order book, providing visibility into FY2019, expects to meet market expectations. Still on the lookout for a new CEO.

Remains on my Watchlist at 850p for now – Although I am considering paying up.

4-Oct-2018 – 1282p – £250.6m – PER 30.5

Trading Update For The 12 Months To End August 2018 – Expects Revenue and PBT to significantly exceed market expectations.

Has doubled since it’s been on my Watchlist, it may well be time to pay up! If not, it will probably remain on my Watchlist as I watch it double again.

Subsequent note: Further research suggests 1 year upside but 2 year downside so I will go Neutral here and keep an eye out for upgrades.

14-Nov-2018 – 1387p – £271m – PER 32.2

Final Results For The 12 Months To End August 2018 – Revenue up 50.8%, PBT up 77.9%, Diluted EPS up 70% and the FY Total Dividend will be 10% higher than last year.  This is encouraging “progress continues to require ever greater investment in systems and our operational capability to ensure that we are fully capable of supporting current and future growth” although there may be an impact on margins as a result.

I am Neutral here (and have been kicking myself for not buying in much lower last year). I keep considering changing my view here and may well do after looking into additional updates this morning (just wary of this – it’s of course nice to have the issue of expansion but at what cost I wonder!).

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