Amiad Water Systems (AFS)

Amiad Water Systems AFS Logo

A leading global producer of water treatment and filtration solutions.

11-Apr-2018 – 174.95p – £39.7m – PER 14.1

Results For The 12 Months To End December 2017 – Revenue up 6.3% to $112.3m (2016: $105.6m), PBT up 64.5% to $5.1m (2016: $3.1m), Fully Diluted EPS $0.14 (2016: $0.095), Dividend down to $0.028 (2016: $0.032). Expecting Revenue growth in 2018.

I quite like this but I don’t get the “Expecting Revenue growth in 2018”, it’s hardly inspiring. I just have to remain Neutral for now.

5-Sep-2018 – 245p – £55.5m – PER 19.8

Interim Results For The 6 Months To End June 2018 – Revenue flat, PBT of $2.2m (H1 2017: $3.2m, which included exceptional gains from foreign currency hedging) with Fully Diluted EPS of $0.056 (H1 2017: $0.098). Expects FY Revenue growth to be in-line with market expectations (Stockopedia currently has that down as <£1m) – Confident of beating this in 2019!

The growth here does not seem to warrant a PE of 20 or so – Looks over priced at present and I remain Neutral.

11-Sep-2019 – 268p – £61m – PER 17.5

Interim Results For The 6 Months To End June 2019 – Expect FY to be broadly in-line with market expectations.

The PEG here is less than 0.5 but at present it’s still not enough to attract me.

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