Avingtrans (AVG)

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Designs, manufactures and supplies critical components, modules and associated services to the energy and medical sectors.

8-Jan-2018 – 193.25p – £59.3m – PER 36.3

Trading Update For The 6 Months To End November 2017 – An in-line update.

There’s things I like here and things I dislike. The rollercoaster ride of the Revenue, Profits, Share price and the PER of 36.3 is just enough to put me off.

28-Feb-2018 – 226p – £69.4m – PER 39.2

Interim Results For The 6 Months To End November 2017 – Revenue up from £9.6m to £26.9m, Adjusted Loss Before Tax -£0.1m (-£0.2m last time), Adjusted Diluted EPS 0.4p (2017 H1: loss 0.4p), Net Debt of £8.2m (31 May 2017: Net Cash £26.4m) and the Interim Dividend is up by 8.3% to 1.3p (2017 H1: 1.2p).

I just have no idea how this is going to turn out and at this price I am not going to get involved.

3-Oct-2018 – 217p – £67.4m – PER 21.7

Preliminary Results For The 12 Months To End May 2018 – Driven by acquisition – Revenue is up 247% with PBT up 820% and Adjusted Diluted EPS up from 1.1p to 8.4p. Gone from having Cash (£26.4m) to Net Debt (£7.1m), which is fair enough. Dividend is increased slightly.

No conviction here either way as to how this is going to play out long term although this doesn’t look too bad – I remain Neutral for now.

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