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Morning Brief – 24-Oct-2019

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UK Stock Market News Today – 24-Oct-2019

Morning all!

PCF (PCF) – 30p – £75m – PER 11

Trading Update For The 12 Months To End September 2019 – In-line.

I am Long here and in-line should be fine due to the forecast excellent double digit EPS growth versus a single digit PER for 2020.

Shoe Zone (SHOE) – 118p – £59m – PER 7

Trading Update For The 53 Weeks To 5th October 2019 – Expects flat Revenue and PBT to be in-line with revised market expectations, Net Cash at £11.3m (£15.7m), confirms no Special Dividend this year.

Still nothing here for me at present.

Solid State (SOLI) – 491p – £42m – PER 12

Trading Update For The 6 Months To End September 2019 – On track to deliver recently upgraded FY earnings.

This looks quite encouraging, will keep an eye out for Broker updates here.

As always, all comment most welcome!

Morning Brief – 23-Oct-2019

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UK Stock Market News Today – 23-Oct-2019

Morning all!

Nexus Infrastructure (NEXS) – 133p – £51m – PER 12

Trading Update For The 12 Months To End September 2019 – FY to be in-line, good visibility for the year ahead.

I still remain wary here as profit warnings are not such an unusual event.

As always, all comment most welcome!

Morning Brief – 22-Oct-2019

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UK Stock Market News Today – 22-Oct-2019

Morning all!

CML Microsystems (CML) – 307p – £52m – PER 23

Trading Update For The 6 Months To End September 2019 – Stable, in-line with previous 6 months, expects to report H1 Revenue of £13.1m and H1 PBT of circa £0.9m, Net Cash currently at £11.2m.

Still can’t get interested here at all, not at this valuation.

Devro (DVO) – 169p – £282m – PER 10

Q3 Trading Update – FY broadly unchanged.

Net Debt and unexciting outlook just make me, well, unexcited.

Flowtech Fluidpower (FLO) – 109p – £66m – PER 7

Q3 Trading Update – Revenue up 5.8%, Net Debt up even more, from £17.6m to £19.1m (they omitted that percentage!).

Still quite like this old holding of mine but, there’s not enough for me just yet, to be become a holder once again.

Gear4Music (G4M) – 203p – £42m – PER 47

Trading Update For The 6 Months To End September 2019 – Revenue up 16%, Gross Profit up 29%, trading continues to be in-line.

Looks much better, but most unlikely I will go nowhere near this until see FY actuals, who knows how that “seasonal peak” mentioned, will pan out!

K3 Business Technology (KBT) – 211p – £91m – PER 22

Trading Update For The 12 Months To End November 2019 – Results to be significantly below current market expectations, Adjusted Operating Profit of circa £1.5m.

Ouch, this looks like a huge miss! H2 weighting mentioned 4 months ago, a case of waiting to see how the dust settles here now.

McBride (MCB) – 68p – £125m – PER 8

AGM Trading Update – Cautiously expects FY to be in-line (H2 weighting).

I remain uninterested here at present, look at that Net Debt!

Vianet (VNET) – 123p – £35m – PER 13

Trading Update For The 12 Months To End September 2019 – In-line with market expectations.

I like the growth expectations here for next year but would like to see broker coverage for the following year, as they don’t look particularly inspiring on Stockopedia at present.

As always, all comment most welcome!

Morning Brief – 21-Oct-2019

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UK Stock Market News Today – 21-Oct-2019

Morning all!

Bioventix (BVXP) – 3560p – £183m – PER 32

Results For The 12 Months To End June 2019 – Revenue up 6%, PBT up 1%, 2nd Interim Dividend of 43p (36p) and a Special Dividend of 47p (55p).

I have been calling this as too expensive since it was about half this price, I still think it’s too expensive but, it always seems to do well, mostly based on future potential of antibody projects.

D4t4 Solutions (D4T4) – 213p – £86m – PER 15

H1 Trading Update – In-line assuming usual H2 weighting.

Tempted here but looks perhaps fairly priced, will be keen to see how FY actuals are, as I do quite like this, but never like an H2 weighting, even if it is “usual”.

Mattioli Woods (MTW) – 665p – £178m – PER 16

Trading Update For The 12 Months To End September 2019 – In-line.

I reckon this is not going to move much higher until there’s some announcement regarding the use of the Net Cash.

Oxford Metrics (OMG) – 92p – £115m – PER 25

Trading Update For The 12 Months To End September 2019 – Revenue to be in-line with PBT to be broadly in-line, Net Cash at £13.8m (£12.2m).

I reckon this is probably fairly priced around this level.

Trifast (TRI) – 193p – £235m – PER 13

Trading Update For The 6 Months To End September 2019 – Markets remain challenging, expecting FY Underlying PBT of £22m (this looks like a 10% or so miss to me).

Is this factored into the price at present? Perhaps it is but, anyway, there’s not enough here to interest me further at the moment.

As always, all comment most welcome!

Morning Brief – 18-Oct-2019

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UK Stock Market News Today – 18-Oct-2019

Morning all!

EasyHotel (EZH) – 99p – £145m – PER 99

Trading Update For The 12 Months To End September 2019 – Revenue up 56% (owned LFL 7.7%, franchise LFL 1.6%), EBITDA to be circa £4.6m (I think this is a 10% or so miss), some opening delays mentioned too.

Doesn’t seem to warrant the current rating to me.

As always, all comment most welcome!

Morning Brief – 17-Oct-2019

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UK Stock Market News Today – 17-Oct-2019

Morning all!

Alpha FX (AFX) – 850p – £315m – PER 33

Trading Update For The 12 Months To End September 2019 – Expects FY earnings to be ahead of current market expectations.

Still looks overvalued to me, but keen on seeing new broker notes here as this company continues to impress.

IG Design (IGR) – 616p – £484m – PER 19

Trading Update For The 6 Months To End September 2019 – Strong performance, on track to meet FY expectations.

I still see 600p or so as fair value here.

Norcros (NXR) – 223p – £179m – PER 6.5

Trading Update – H1 in-line, progressing into H2 in-line.

Seems a little cautious here, and with the Net Debt (even though it’s down quite a lot here today), Pension liability (circa £30m or so last I checked), South Africa exposure (30% of Revenue I believe), I am happy to sit on the side-lines for now.

As always, all comment most welcome!

Morning Brief – 16-Oct-2019

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UK Stock Market News Today – 16-Oct-2019

Morning all!

Augean (AUG) – 118p – £123m – PER 10

Trading Update – Strong Q3 means FY Profit will be materially ahead of current consensus of Adjusted PBT of £16.5m.

I have been put off here for almost 2 years, since 27p, due to the HMRC concern, a costly concern I now put down to one that got away!

Loungers (LGRS) – 199p – £185m – PER 21

Interim Results For The 6 Months To End June 2019 – Revenue up 22% (5.4% LFL), well placed to continue to outperform the market.

A recent IPO currently trading well below it’s issue price – I would suggest without any guidance on FY or mention of Profit, it will remain that way for now.

Tristel (TSTL) – 293p – £131m – PER 28

Results For The 12 Months To End June 2019 – Revenue up 18%, PBT up 19% (before share based payments!), Adjusted EPS up 21%, FY Dividend up 21%, Net Cash at £4.2m,

I still quite like this but still reckon it’s about fairly priced around this level, I could be wrong!

As always, all comment most welcome!

Morning Brief – 15-Oct-2019

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UK Stock Market News Today – 15-Oct-2019

Morning all!

DotDigital (DOTD) – 91p – £271m – PER 27

Results For The 12 Months To End June 2019 – Revenue up 19% (recurring up from 85% to 85%), Adjusted Operating Profit up 25% with EPS up 33%.

This looks quite good but just too expensive for me.

Driver (DRV) – 52p – £27m – PER 11

Trading Update – Expects PBT to be circa £3m, Net Cash at £5m, outlook is upbeat.

An ex-holding, after two profit warnings, would need to see FY actuals before any decision here.

Walker Greenback (WGB) – 74p – £53m – PER 9

Interim Results For The 6 Months To End July 2019 – Revenue up 2.2%, Underlying PBT up 14% and EPS up 17.1%, the Interim Dividend is down -24.6%. Expects to meet FY expectations.

I remain uninterested here at present.

As always, all comment most welcome!

Morning Brief – 14-Oct-2019

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UK Stock Market News Today – 14-Oct-2019

Morning all!

1Spatial (SPA) – 34p – £38m – PER 49

Interim Results For The 6 Months To End July 2019 – Good progress, Revenue up 23%, Loss reduced, confident of meeting FY expectations.

Still no interest here from me.

Cakebox (CBOX) – 170p – £68m – PER 15

Trading Update For The 6 Months To End September 2019 – Revenue to be up circa 6%, expects to meet current market expectations for the FY.

I see circa 15% FY Revenue growth forecast so I would prefer to see how FY actually looks.

Renold (RNO) – 22p – £50m – PER 7

Trading Update For The 6 Months To End September 2019 – Expects to deliver Board’s FY expectations.

Even if it does meet expectations, the Net Debt is enough to keep me away for now.

As always, all comment most welcome!

Morning Brief – 10-Oct-2019

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UK Stock Market News Today – 10-Oct-2019

Morning all!

Castleton Technology (CTP) – 93p – £76m – PER 13

Trading Update For The 6 Months To End September 2019 – H1 below expectations, lower than last year, H2 to show a material improvement but, not enough to meet current market expectations.

I will not be investing here any time soon, at least not before seeing FY actuals.

Discoverie (DSCV) – 406p – £328m – PER 14

Interim Results For The 6 Months To End September 2019 – Good against strong comparators, on track for to deliver FY underlying earnings in-line.

I still fail to see enough value here at present.

Morses Club (MCL) – 115p – £150m – PER 9

Interim Results For The 27 Weeks To End August 2019 – Adjusted PBT and EPS down circa -10%, Interim Dividend 2.6p (2.6p), trading in-line with directors expectations.

Still a potential for the yield but not enough for me.

N Brown (BWNG) – 100p – £285m – PER 4

Interim Results For The 6 Months To End August 2019 – Revenue down -5.4%, Adjusted PBT up 3.9% and EPS up 6%, Net Debt up from £420.5m to £481.6m.

Even though it looks cheap, the HUGE Net Debt is still enough to keep me from getting involved here.

Onthemarket (OTMP) – 83p – £53m – PER n/a

Interim Results For The 6 Months To End July 2019 – Revenue up 8%, Losses higher, Cash down from £15.7m to £8.8m, web and mobile visits up by 75%, trading in-line with previous guidance.

I remain uninterested here but of course, keen to see how they progress, here’s to seeing the FY actuals.

As always, all comment most welcome!