Churchill China (CHH)

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Churchill China CHH Logo

The manufacturer and distributor of performance ceramic and related products to hospitality and retail markets worldwide

4-Jan-2018 – 1135p – £124.4m – PER 19.3

Full Year Trading Update (To End December 2017) – Expects operating performance to be slightly ahead of expectations.

Seems fairly priced to me at this level.

27-Mar-2018 – 945p – £101.9m – PER 15.7

Results For The 12 Months To End December 2017 – Revenue up 5% to £53.5m (2016: £51.1m), Profit before exceptional item and  tax up 15% to £7.5m (2016: £6.5m), Adjusted EPS up 15% to 55.3p (2016: 48.2p), Proposed Final Dividend up 16% to 17.2p (2016: 14.8p). Look forward to the coming year with confidence.

Still quite like this but don’t see any scope for anything extraordinary to happen here, except perhaps a bid for the brand. I’m Neutral.

17-May-2018 – 1087.5p – £119.2m – PER 17.7

AGM Statement – In-line.

I remain Neutral on the basis I don’t see much still don’t see much scope for anything extraordinary to happen here, except perhaps a bid for the brand.

4-Jul-2018 – 980p – £107.5m – PER 15.8

Trading Update For The 6 Months To End June 2018 – Expects trading to be ahead of earlier expectations.

I remain Neutral as I see this fairly priced, perhaps even over priced on anticipation of a bid (for the brand name)?

30-Aug-2018 – 1000p – £109.7m – PER 15.4

Interim Results For The 6 Months To End June 2018 – Revenue up 6% to £27.2m (H1 2017: £25.8m) with PBT up 24% to £3.3m (H1 2017: £2.7m) and EPS up 24% to 24.4p (H1 2017: 19.6p). The Interim Dividend is upped 18% to 8.7p (H1 2017: 7.4p) – Good progress against strategic objectives.

On a PER of 15.4 I am being swayed (slightly) away from my Neutral view here. Requires a little more research on my behalf.

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