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.

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