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Morning Brief – 9-Oct-2019

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UK Stock Market News Today – 9-Oct-2019

Morning all!

Codemasters Group (CDM) – 212p – £298m – PER 17

Trading Update For The 6 Months To End September 2019 – As a result of the strong performance in H1, expects FY to be in-line.

I would love to back one of the winners in this space, I am just not sure it’s Codemasters though, will keep an eye out for any updated Broker notes though.

Redcentric (RCN) – 86p – £128m – PER 17

Trading Update For The 6 Months To End September 2019 – H1 in-line, no mention of FY expectations, remains focused.

Still interested in seeing FY actuals here but am not tempted ahead of that.

Vertu Motors (VTU) – 33p – £120m – PER 7

Interim Results For The 6 Months To End August 2019 – Resilient H1, on track to meet FY expectations.

I still remain cautious regarding the industry and am still an observer here.

Volution (FAN) – 169p – £335m – PER 11

Results For The 12 Months To End July 2019 – Revenue up 14.6% with Adjusted PBT up 11.5% and EPS up 10.3%, the FY Dividend is up 10.4%.

Some value here perhaps but not enough for me.

As always, all comment most welcome!

Morning Brief – 8-Oct-2019

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UK Stock Market News Today – 8-Oct-2019

Morning all!

Air Partner (AIR) – 91p – £48m – PER 11

Interim Results For The 6 Months To End July 2019 – Underlying PBT and EPS down circa -30%, Interim Dividend up 2.9%. Expect to make a profit in H2 and meet expectations, confident for next year.

No more tempted here until at least seeing FY actuals.

Hollywood Bowl (BOWL) – 227p – £340m – PER 16

Trading Update For The 12 Months To End September 2019 – Strong trading, PBT to be slightly ahead (growth of circa 10%), considering returning additional capital to shareholders.

I still don’t see value here on a PER of 15+ but always seems steady enough and, I suspect the potential for a return of capital will help.

Motorpoint Group (MOTR) – 217p – £197m – PER 11

Trading Update For The 6 Months To End September 2019 – Expects Revenue to be up 1%, Margins improved but overheads expected to be circa £2m higher (half non-recurring), £10m buy-back announced.

The sector is not one of interest to me still, watching and waiting for blood on the streets and a potential bargain!

Robert Walters (RWA) – 490p – £372m – PER 10

Q3 Trading Update – Net Fee Income up 2%, UK letting the headline figure down, FY PBT to be in-line with last year (I see forecasts for 5% growth), Net Cash at £81.6m (£41.3m).

I expect this to be cheaper and more attractive sometime in the future.

Stock Spirits (STCK) – 229p – £459m – PER 14

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

Looks about fair value to me at these levels, doesn’t excite much at present.

As always, all comment most welcome!

Morning Brief – 7-Oct-2019

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UK Stock Market News Today – 7-Oct-2019

Morning all!

Angling Direct (ANG) – 59p – £38m – PER 239

Interim Results For The 6 Months To End July 2019 – Revenue up 21%, Gross Profit up 18%, on target to meet FY expectations.

Will wait to see how the FY looks.

Franchise Brands (FRAN) – 83p – £65m – PER 21

Acquisition And Trading Update – Buys company to compliment Metro Rod, £4m cash and the issue of £1m new shares at 82.5p each, will be significantly earnings enhancing. Trading Update seems positive but no guidance on FY.

Still quite like this and will keep an eye out for Broker updates, always been tempted here but never hit the Buy button.

Ramsdens Holdings (RFX) – 194p – £60m – PER 10

H1 Trading Update – H1 in-line, sold some Gold stock for one off £600k Gross Profit, confident for FY.

Still looks quite attractive and a stock I will probably be a buyer of in any general market downturn.

As always, all comment most welcome!

Morning Brief – 3-Oct-2019

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UK Stock Market News Today – 3-Oct-2019

Morning all!

CMC Markets (CMCX) – 106p – £307m – PER 15

Trading Update For The 6 Months To End September 2019 – Revenue growth strong (mainly due to white label partnerships in Australia), confident FY Operating Income (Revenue I assume) wll exceed £170m and PBT will increase.

This looks quite good and perhaps there is still value to be had here, I will wait to see how the FY actuals look.

Speedy Hire (SDY) – 52p – £271m – PER 9

Trading Update For The 6 Months To End September 2019 – Looks reasonable and expects FY PBY to be in-line with the Board’s expectations.

Seems to be going rather well but just not well enough for me to be more interested just yet, any slow down could hurt this leveraged business quite a lot, I reckon.

Zotefoams (ZTF) – 535p – £258m – PER 26

Trading Update – Warns but not sure of the impact, doesn’t look too good though.

Never seen value here, perhaps now I will.

As always, all comment most welcome!

Morning Brief – 2-Oct-2019

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UK Stock Market News Today – 2-Oct-2019

Morning all!

AB Dynamics (ABDP) – 2170p – £487m – PER 40

Trading Update For The 12 Months To End August 2019 – Strong H2, expects to report Revenue and PBT that exceeds market expectations.

Still think it’s overvalued but I have been calling it wrong here for a long time, since about 800p at the end of 2017.

Kin And Carta (KCT) – 81p – £124m – PER 9

Results For The 12 Months To End July 2019 – Revenue, Adjusted PBT and EPS all down slightly, Net Debt up a lot to £38.4m (£26m), FY Dividend maintained at 1.95p.

No reason for me to look any further here at present.

Topps Tiles (TPT) – 69p – £136m – PER 11

Trading Update For The 12 Months To End September 2019 – Revenue expected to be flat with PBT in the range of current market estimates (£15.5m to £16m).

Still not enough here to get me any more interested even though there is a 5% or yield on offer.

As always, all comment most welcome!

Morning Brief – 1-Oct-2019

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UK Stock Market News Today – 1-Oct-2019

Morning all!

Iomart (IOM) – 360p – £390m – PER 18

Trading Update For The 6 Months To End September 2019 – H2 skew.

Sounds like a bit of a potential Profit Warning ahead so I will be avoiding for now especially as I don’t consider it great value anyway.

Next Fifteen Communications (NFC) – 500p – £427m – PER 13

Interim Results For The 6 Months To End July 2019 – Revenue up 11%, Adjusted PBT up 14%, Adjusted Diluted EPS up 7%, the Interim Dividend is up 15.7%. Confident of meeting FY expectations with a return to high single digit organic growth the FY after.

I still reckon this is fairly priced around the 500p level.

Revolution Bars (RBG) – 70p – £35m – PER 14

Results For The 52 Weeks To 29th June 2019 – FY in-line. £1.5m cost savings kicking in FY20, plan on schedule, Christmas bookings up 15%.

An ex-holding that I am still not tempted back into even though they now seem to be heading in the right direction.

SCS (SCS) – 237p – £95m – PER 9

Results For The 52 Weeks To 27th July 2019 – Revenue up about 1%, Gross Margin solid at 45%, Underlying Operating Profit up 4.6%, with EPS up 13.1%, the Total Dividend is up 3.1% and Net Cash is at £57.7m (£48.2m).  Current year a bit more challenging with LFL orders down -7.6% in the first 2 months, weather and politics blamed.

Still not enough here for me as it looks like stagnation for the next couple of years but, if that yield (7%+) is maintained, could provide a floor.

As always, all comment most welcome!

Morning Brief – 30-Sep-2019

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UK Stock Market News Today – 30-Sep-2019

Morning all!

Altitude (ALT) – 46p – £32m – PER 3.5

Interim Results For The 6 Months To End June 2019 – Revenue up 43%, Loss up from -£0.7m to -£0.9m, Net Cash at £3.5m, US profitable and self funding. The Board remains confident.

I am still Long here and should have really sold out after the recent warning, having fell asleep at the wheel, at present, I remain involved.

Christie (CTG) – 103p – £27m – PER 9

Interim Results For The 6 Months To End June 2019 – Revenue flat, Operating Profit down from £2m to £1.5m (in-line), Interim Dividend maintained, anticipating a stronger H2.

I am not interested in getting involved here until I see at least an update on FY.

Nasstar (NASA) – 11p – £64m – PER 22

Interim Results For The 6 Months To End June 2019 – Revenue up 2% (90% recurring), Adjusted PBT and EPS in-line with last year. Cautious but expects to meet management expectations for the FY.

There’s not enough for me to be interested any further here at present.

As always, all comment most welcome!

Morning Brief – 27-Sep-2019

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UK Stock Market News Today – 27-Sep-2019

Morning all!

Nothing really worthy of comment this morning for stocks in my universe so on that note, a good weekend to all.

As always, all comment most welcome!

Morning Brief – 26-Sep-2019

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UK Stock Market News Today – 26-Sep-2019

Morning all!

Alpha Financial Software (ALFA) – 79p – £236m – PER 12

Interim Results For The 6 Months To End June 2019 – Revenue down -6%, Profit and EPS down circa -40%.

Remains on my Avoid list for now.

Equals Group (EQLS) – 99p – £177m – PER 16

Interim Results For The 6 Months To End June 2019 – Revenue up 21%, Adjusted PBT up 15.4%, expects FY in-line.

I am Long here and this seems positive enough to me.

Pelatro (PTRO) – 76p – £25m – PER 6

Interim Results For The 6 Months To End June 2019 – Revenue up 14%, EPS up 15%, FY to be in-line.

There’s a lot to like but I just have some spidey senses tingling here, enough to keep me away.

Sumo (SUMO) – 165p – £249m – PER 25

Interim Results For The 6 Months To End June 2019 – On track to meet consensus market forecasts for FY.

Based on forecasts I don’t currently see enough value here to tempt me.

Xpediator (XPD) – 26p – £35m – PER 6

Interim Results For The 6 Months To End June 2019 – Revenue up 29.8%, Adjusted PBT down circa -20% (expects FY no less than £5m, think this is about in-line with forecasts), Adjusted EPS is down circa -30%. Believes a Hard Brexit offers potential for significant profits (from custom processes).

There’s just too much uncertainty here and I am not interested at present.

As always, all comment most welcome!

Morning Brief – 25-Sep-2019

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UK Stock Market News Today – 25-Sep-2019

Morning all!

Adept Telecom (ADT) – 359p – £85m – PER 11

Trading Update For The 6 Months To End September 2019 – Lots to say and generally seems to be in-line.

And ex-holding which I exited as I was a bit uncomfortable with the rate of acquisition and the Debt level – I also consider 300p or so to be fair value (given a 2 year view).

Hornby (HRN) – 27p – £34m – PER n/a

Trading Statement For The 5 Months To End August 2019 – Revenue and margins ahead of last year (in-line with internal budgets) but remains cautious about Brexit and Christmas.

I am no more interested here today than I was yesterday.

Mission Marketing (TMMG) – 84p – £72m – PER 9

Interim Results For The 6 Months To End June 2019 – Revenue up 9%, PBT up 10%, Adjusted EPS up 9%, the Interim Dividend is up 10%. Despite Brexit concerns remain on track to deliver FY expectations. Name is also changed today to The Mission Group.

I hold here but I have to admit I am not a fan of H2 weighting (mentioned again today) but I will continue to hold (and observe) for now.

Scientific Digital Imaging (SDI) – 52p – £50m – PER 15

Trading Update For The 12 Months To End April 2020 – Comfortable with current forecasts.

I am Long here and this seems like another an in-line update. Would still like to see an earning enhancing acquisition(s) or significant improvement in organic growth.

As always, all comment most welcome!