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.

14-Jan-2019 – 188p – £58m – PER 15.3

Trading Update For H1 – In-line with market expectations.

I will keep an eye out for actuals here and hopefully profitability.

27-Feb-2019 – 210p – £65.3m – PER 16.5

Interim Results For The 6 Months To End November 2018 – Revenue from continued operations up from £26.9m to £47.7m (acquisition and 11% underlying organic growth). PBT of £1.6m (-£0.1m Loss last time) with Adjusted Diluted EPS of 4.1p (0.4p last time).

To be honest I just can’t work out if this is a good update or not. I reckon it is worth waiting to see a full 12 months results here after the Hayward Tyler take-over, see how the integration is really doing.

26-Jun-2019 – 226p – £71m – PER 15.9

Trading Update For The 12 Months To End May 2019 – Revenue (£104m (8% ahead)) and PBT (£5.2m (21% ahead)) to be ahead of market expectations with Net Debt down to £1.9m.

This looks quite good and seems like the Hayward Tyler integration is going well, this made me nervous here but perhaps I am being overly cautious!

18-Sep-2019 – 240p – £75m – PER 19

Results For The 12 Months To End May 2019 – Revenue up 34% to £105.5m (£78.9m), Adjust PBT £5.3m (£2.4m), Adjusted Diluted EPS 14.9p (8.4p), FY Dividend 3.8p (3.6p).

Acquisitions seem to be integrated well but I do remain cautious here on them trying to do too much too quickly – Even though it still looks like reasonable value.

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