The AIM-listed veterinary sales, marketing and product development company resulting from the merger of Animalcare and Ecuphar NV.
22-Jan-2018 – 293p – £175.5m – PER 18.3
Trading Update For The 12 Months To End December 2017 – Seems broadly in-line.
I just can’t work out why this is rated so highly, based on the forecasts on Stockopedia. Will remain on the sidelines for now.
18-Apr-2018 – 261.2p – £156.5m – PER 15.9
Trading Update – Slightly ahead of management expectations, and earnings to be broadly in linewith management expectations. Oh Dear! This year (2018) – Earnings to be significantly ahead butbelow market expectations.
I still think this is overvalued – Based on the forecasts, which will now be surely be revised (lower). I remain Neutral.
15-May-2018 – 190p – £113.2m – PER 13.2
Final Results For The 12 Months To End December 2017 – Revenue up 22.4% to £83.7m (2016: £68.4m) with Underlying Basic EPS down 24.6% to 12.6p (2016: 16.7p).
This results look to be as expected and no cause for me to be anything more than Neutral.
3-Aug-2018 – 163.5p – £98.1m – PER 11.7
Trading Update For The 6 Months To End June 2018 – In-line and the CEO was changed a couple of days ago.
Poor growth forecasts, quite a lot of Debt, Below par ROCE and Op Mgn – I remain Neutral.
25-Sep-2018 – 215p – £129.0m – PER 15.2
Interim Results For The 6 Months To End June 2018 – Looks like Revenue is up 6% or so and Statutory Net Profit is up 75% or so whilst EPS is down 30% or so.
I give in, there’s enough here not to like without confusing the hell out of people with wording like this – I remain Neutral.
23-Jul-2019 – 158p – £94m – PER 13
Trading Update For The 6 Months To End June 2019 – In-line with Net Debt down slightly, seems FY will be in-line too.
In-line makes this seem fairly valued (at best) around this level.
24-Sep-2019 – 134p – £80m – PER 11
Interim Results For The 6 Months To End June 2019 – Remains in-line with FY expectations.
150p or so looks about reasonable value here to me so, at this valuation, not enough in it for me.