Engaged in providing Internet protocol (IP)/Cloud video software and device solutions, it develops a range of products and solutions designed to help broadband network operators deliver entertainment and associated connected home services to the consumer.
5-Dec-2017 – 191.5p – £139.1m – PER 13.5
Trading Update For The 12 Months To End November 2017 – Headline is “Profit and margins in line with market expectations”.
Stockopedia likes this (StockRank 93) and it seems quite reasonable here – It’s going on my Watchlist. Quite volatile so would be wanting to consider an initial position nearer the bottom of that range, the 170p level being of interest.
Subsequently revised Watchlist price, 180p.
6-Feb-2018 – 198p – £143.8m – PER 14.1
Results For The 12 Months To End November 2017 – Results in line with market expectations (it’s the same as last year), increased gross margins mean PBT of £11.2m (up 10%) and the Dividend isup 10%. Confident for 2018 and beyond (aren’t we all!).
Stockopedia still likes this a lot, with a StockRank of 97. It remains on my Watchlist at 180p.
6-Jun-2018 – 207.5p – £150.8m – PER 13.6
Trading Update For The 6 Months To End May 2018 – FY expectations remain unchanged.
This was on my Watchlist at 180p but having had a little closer look this morning I will go Neutral here now. ROCE and Operating Margin are great here but the forecast Revenue and EPS outlook just look below par.
17-Jul-2018 – 203.5p – £147.9m – PER 13.2
Results For The 6 Months To End May 2018 – In-line, with Revenue down 17% and a Statutory Loss of -£0.1m versus +£6.3m last time. Interim Dividend is up 10%. With a seasonal H2 weighting, still confident of meeting FY expectations.
The 10% Interim Dividend seems like a sweetener here where H2 weighting will make up for what looks like a woeful H1. I will remain Neutral.
8-Oct-2018 – 211.5p – £154.0m – PER 12.4
Trading Update For The 12 Months To End November 2018 – This looks like ouch! Orders down and costs up. FY PBT expected to be circa $11.5m and Stockpedia has Net Profit forecast at $18.4m.
It mentioned the dreaded “H2 weighting” in the previous results and confidence in hitting FY expectations. I’m moving from Neutral to Avoid here for now.
6-Dec-2018 – 117p – £85.2m – PER 10.7
Not enough for me to remove this from my Avoid list but will keep an eye out for actuals and, perhaps, revised forecasts.
5-Feb-2019 – 108p – £78.7m – PER 9.64
Results For The 12 Months To End November 2018 – In-line with Revenue down -7%, Adjusted PBT down -26% and Adjusted EPS down -30%. As a sweetener the Dividend is up 10%.
I’m staying away for now.