Cake Box Holdings (CBOX)

Cake Box Holdings CBOX Logo

A UK based franchise retailer and manufacturer of cakes operating its retail stores under the name Egg free Cake Box – It manufactures and sells personalized fresh cream and egg free cakes.

15-Oct-2018 – 163.5p – £65.4m – PER 23.6

Trading Update For The 6 Months To End September 2018 – Expects Revenue to be up circa 40% to circa £8.3m – Expects FY Profits to be ahead of current market expectations.

First coverage here for me, looks good but I have no idea what current market expectations are, based on Stockopedia and Research Tree – Great, nice one guys, isolate us Private Investors why don’t you!

26-Nov-2018 – 176p – £70.4m – PER 25.4

Results For The 6 Months To End September 2018 – Revenue up 44% with Adjusted PBT up 34% and EPS up 36% (adjusted for AIM listing costs) – Actual PBT and EPS are both down about -10%. The Interim Dividend of 1.2p is up 17%. The group is “well placed for further progress and the Board remains confident of another successful year of growth”.

Fine, but with no idea what the Board is confident of (no forecasts on Stockopedia or Research Tree) so it’s just not possible for me to consider an investment here at present.

9-Apr-2019 – 156p – £62.6m – PER 15.3

Results For The 12 Months To End March 2019 – LFL Revenue growth of 6.5% (15% last time), FY to be in-line with current market expectations.

Could be value here, perhaps – I think I will be waiting to see the actuals though.

24-Jun-2019 – 167p – £67m – PER 16.3

Results For The 12 Months To End March 2019 – Revenue up 33% (from £12.7m to £16.9m), PBT up 14% (from £3.3m to £3.8m), Cash up 23% (from £2.5m to £3.1m), Adjusted EPS up 14% to 7.9p and the Final Dividend is up 50%. Pleased with current trading, strong pipeline, target is 2 new stores a month.

Still reckon there’s value here, perhaps – Just wondering if they can keep up this momentum when the majority of the rest of the high street is mostly struggling!

14-Oct-2019 – 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.

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