Begbies Traynor (BEG)

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The business recovery, financial advisory and property services consultancy.

12-Dec-2017 – 67.38p – £72.2m – PER 17.2

Interim Results For The 6 Months To End October 2017 – In-line and well placed to deliver current market expectations for the full year. Confident enough to also declare an increased Interim Dividend (the first in 6 years).

I still have little conviction here. Revenues are quite stagnant, Profit/Loss can be hit and miss, Operating Margins and ROCE are generally low. Even the Dividend is not particularly great, or well covered.

10-Jul-2018 – 69.4p – £76.6m – PER 17.8

Final Results For The 12 Months To End April 2018 – Revenue £52.4m (£49.7m last time) with Adjusted PBT of £5.6m (£4.9m last time) and Adjusted Basic EPS of 4.0p (3.3p last time) – The Dividend is up 9%, the first increase since 2011 and expecting to make further progress (organically and via selective acquisitions).

I still can’t find enough here to make me change my view from Neutral.

20-Sep-2018 – 69.2p – £76.4m – PER 15.9

AGM Statement And Trading Update – Sounds cautious, anticipating to continue a track record of annual earnings growth.

This is a strange one and I will remain Neutral. This year Profits and EPS (according to Stockopedia) are expected to at least double yet this update just mentions growth will “exist”.

19-Dec-2018  – 68.8p – £76.0m – PER 14.9

Interim Results For The 6 Months To End October 2018 – Well placed to deliver upon current FY market expectations (due to a H2 weighting). Revenue up about 8%, PBT down from £1m to £0.6m with Basic Fully Diluted EPS 0.1p (0.3p last time), the Interim Dividend is up 14%.

Still find this a little bit of a strange one to analyse. This years Profits and EPS (according to Stockopedia) are expected to at least double yet this update just mentions they “anticipate a further year of increased revenue and earnings”. Although there’s quite a lot to like something just seems wrong here – I have to sit on the sidelines for now.

5-Mar-2019 – 60p – £67m – PER 12

Q3 Trading Update – In-line and on track to deliver FY expectations as a whole.

Looks like value here based on the Stockopedia forecasts – Just puts me off that they may just be doing well due to quite a lot of work recently. On the other hand this could actually increase if the environment continues to deterioriate.

7-May-2019 – 60p – £69m – PER 11.5

Trading Update For The 12 Months To End April 2019 – FY To be comfortably ahead, entering the new year with a strong Order book and favourable market conditions.

Still think there’s value here (perhaps a lot) but the poor ROCE and Op margin hold me back.

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