CML Microsystems (CML)

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CML Microsystems CML Logo

Designs, manufactures and markets mixed-signal and Radio Frequency (RF) semiconductors, primarily for global communication and solid state storage markets.

23-Oct-2017 – 425p – £71.5m

Trading Update For The 6 Months To End September 2017 – A nice update here – “Gross revenue and draft operating results are in line with expectations and significantly ahead of the prior year corresponding period”.

Looks like quite a nice little company, revenues growing, profits too (although forecast a slight dip this year on increased revenue), ROCE good, a small well covered yield and plenty of Cash! May take a more detailed look at this later.

21-Nov-2017 – 547.5p – £89.1m – PER 22.3

Interim Results For The 6 Months To End September 2017 – Revenues up 23% to £16.02m, PBT up 19% to £2.31m, Net cash of £12.72m and introducing a maiden interim dividend of 2.0p per ordinary share. Confident of meeting expectations for the full year.

Quite like the look of this – Any dip to the 400p level again and I will be more interested.

Subsequently revised Watchlist price, 450p.

14-May-2018 – 567.5p – £96.8m – PER 22.8

Trading Update For The 6 Months To End March 2018 – In-line.

This was on my Watchlist at 450p. I reckon it’s high enough now so I am going to go Neutral here.

12-Jun-2018 – 515p – £87.9m – PER 20.1

Preliminary Results For The 12 Months To End March 2018 – Revenue up 14% to £31.67m (2017: £27.74m), PBT up 9% to £4.58m (2017: £4.21m), Basic EPS up 6% to 24.52p (2017: 23.09p), FY Dividend will be 7.8p (2017: 7.4p). Confident the company is in good shape to deliver long term sustainable growth.

On a PER of 20 I just don’t see the value here at present, I’m Neutral.

22-Oct-2018 – 450p – £77.1m – PER 17.3

Trading Update For The 6 Months To End September 2018 – In-line.

I still don’t see the value here at present, I remain Neutral.

20-Nov-2018 – 461p – £79.0m – PER 17.6

Results For The 6 Months To End September 2018 – Revenue down -6%, PBT up 2%, Basic EPS up 8%, Net Cash of £13.54m, the Interim Dividend will be 2p (same). Warns FY Revenue may miss but Profit should not.

I still don’t see the value here at present, I remain Neutral.

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