Cerillion (CER)

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436
Cerillion CER Logo

Billing, charging and customer relationship management software solutions provider.

30-Oct-2017 – 122.5p – £36.2m – PER 14

Trading Update For The 12 Months To End September 2017 – An in-line update, Revenue up 8.2% and EBITDA up 16.3%.

Quite like the look of this. ROCE (11.8%) and Operating Margin (13.2%) are good. The 3%+ yield is well covered and it’s got some Cash too. On a PER of 14 it’s maybe worth opening an initial position around this level.

27-Nov-2017 – 119.5p – £35.3m – PER 13.9

Final Results For The 12 Months To End September 2017 – A “strong set of results” which actually seem to be about in-line.

Still doesn’t look too bad but there’s not enough to tempt me right now.

16-Apr-2018 – 158.7p – £46.8m – PER 15.0

Trading Update For H1 2018 – Revenue in-line, EBITDA expected to be down from £1.5m to £1.4m, no mention if this is in-line or not, I suspect not – So why not just say so!

I still think this looks OK but I will remain Neutral for now.

14-May-2018 – 143p – £42.2m – PER 13.5

Interim Results For The 6 Months To End March 2018 – In-line (although they don’t seem so great) – Confident for the full year.

I was hoping for a little more here, I will remain Neutral for now.

22-Oct-2018 – 146p – £43.1m – PER 13.5

Trading Update For The 12 Months To End September 2018 – Expected to be in line with current market expectations – Revenues up 8% to circa £17.4m and adjusted EBITDA up 9% to circa £3.9m.

I do like a few things here but I remain Neutral as I see this as perhaps reasonably priced around this level.

26-Nov-2018 – 145p – £42.8m – PER 13.4

Final Results For The 12 Months To End September 2018 – In-line with Revenue up 8.2% to £17.4m (2017: £16.0m), Adjusted PBT up 3.4% to £3.1m (2017: £3.0m), Adjusted EPS up 6.8% to 10.9p (2017: 10.2p) – The Total FY Dividend to be up 7.1%. Note the flat Order book (with 2 potential large near term orders).

This looks fairly priced to me, I guess any kicker would come from one or both of those orders coming in.

2-May-2019 – 169p – £50m – PER 14.7

Trading Update For The 6 Months To End September 2019 – Encouraging with one major contract signed ($6.8m) and another ($10m) in the final stages. With H1 behind last year, FY is on track with H2 weighting from these contracts.

Not comfortable enough with this update to consider an investment.

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