Alumasc (ALU)

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Alumasc ALU Logo

A building products, systems and solutions company.

26-Oct-2017 – 172p – £62.9m

AGM Trading Statement For The Year Ending June 2018 – UK Revenue up 4% YTD, export sales are lower than the previous year. Still expecting to hit Full Year results.

Growth is not exactly enticing here but the ROCE is excellent (19.5%), the 4%+ Dividend is well covered and there’s £6.08m in Cash(10% of Market Cap) – On a PER of 7.86 looks decent enough value to me. Perhaps even better value if this update sends the price South a little!

1-Feb-2018 – 173.9p – £62.3m – PER 7.58

Results For The 6 Months To End December 2017 – Revenue is down (a few %) and PBT is also down(about 15%). Still expect outcome for the year in-line with previous expectations.

I am going to remain Neutral here.

14-Mar-2018 – 169.4p – £61.2m – PER 7.07

Trading Statement – Slower Q3, Revenues expected to be 5% below previous expectations and PBT 15% below.

Even with an impressive StockRank of 88, this is not a point at which I will be buying. I also believe there is also a Pension deficit of £30m or so here.

15-May-2018 – 140p – £50.6m – PER 6.07

Trading Statement – Ouch! FY Revenue to be down 7-9% with PBT down 15-20%.

I am staying away from this for now.

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