Acal (ACL)

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Acal ACL Logo

One of the leading international suppliers of customised electronics to industry.

16-Oct-2017 – 51.5p – £129.7m

Trading Update For The 6 Months To End September 2017 – Revenue up 15% to £190m (CC) – Order book at another record period end high.

This recent update looks like good news for a company on a PER of 14. But, I don’t like the low ROCE and Operating Margin here.

28-Nov-2017 – 318.25p – £225.1m – PER 13.7

Interim Results For The 6 Months To End September 2017 – Nice – Revenue up 15% in CC (to £190.2m), Underlying PBT up 42% to £11.8m and the Dividend us up a modest 8%. The future looks bright too – Highest ever period end order book of £111m (+16% CC) and New project design wins increased by 30% to over £90m. Full year to be in-line with expectations.

Up 50% this past 12 months, this is still looking quite attractive. Keeping me on the fence here is the poor ROCE and Operating Margin (not only generally poor but poor for the sector too). Perhaps I am being too vigilant.

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