Anexo (ANX)

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Anexo ANX Logo

A UK company focused on providing replacement vehicles and associated legal services to people who have been involved in a non-fault accident.

12-Sep-2018 – 115p – £126.5m – PER 9.63

Interim Results For The 6 Months To End June 2018 – Confident of meeting FY expectations.

A new one for me (A UK company focused on providing replacement vehicles and associated legal services to people who have been involved in a non-fault accident). Initial view is there’s perhaps some value here but not enough to make me a Buyer at the moment – I’m Neutral for now.

6-Dec-2018 – 118p – £129.8m – PER 9.66

Trading Update For The 12 Months To End December 2018 – PBT to be ahead of current expectations, confident for FY 2019 but will not yet upgrade forecasts.

A recent IPO so would like to see a bit more here first, like those actual first year results.

9-Apr-2019 – 132p – £145m – PER 10.8

(Maiden) Results For The 12 Months To End December 2018 – Ahead of market expectations with Revenue up 24.7%, PBT down slightly (£14.3m) but up 10.3% excluding exceptionals (like IPO costs I guess), EPS up from 11.4p to 12p with a Dividend of 1.5p. This year has started in-line.

Looks OK but perhaps fairly priced here and it’s a recent IPO – Not enough to tempt me at the moment.

12-Jun-2019 – 165p – £181m – PER 11.6

Trading Update For The 12 Months To End December 2019 – Expects PBT to be ahead of current market expectations.

Tempted here but just not sure of the business model, even the ethics of it!

6-Aug-2019 – 176p – £194m – PER 11

Trading Update For The 12 Months To End December 2019 – PBT to significantly exceed current market expectations of £20m.

Was tempted here (looks like pretty good value on forecast 20%+ PBT growth) but do not particularly like (fully understand) the nature of the business here.

10-Sep-2019 – 192p – £211m – PER 11

Interim Results For The 6 Months To End June 2019 – Strong H1 growth and confident in meeting current market expectations for the FY.

Still looks quite reasonable but do not particularly like (fully understand) the nature of the business – So, it’s not for me.  Actually I will now cease coverage.

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