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.
1-Feb-2019 – 433p – £74m – PER 16.5
Trading Update – Expects FY Revenue and PBT to be materially below current market expectations (Revenue -12%) – Lots of reasons given.
I have to remain on the side-lines here for now.
14-May-2019 – 292p – £50m – PER 12.2
Trading Update For The 12 Months To End March 2019 – Revenue to be down -11% (to £28m), PBT circa £3m, Net Cash at £12.8m. First few weeks of the new trading year has similar headwinds to preceding few months.
I remain on the side-lines, looks potential for another warning, perhaps!
11-Jun-2019 – 277p – £47m – PER 15.2
Results For The 12 Months To End March 2019 – Everything down except the Total Dividend which is the same as last year.
No more interested here today than I was yesterday.
22-Oct-2019 – 307p – £52m – PER 23
Trading Update For The 6 Months To End September 2019 – Stable, in-line with previous 6 months, expects to report H1 Revenue of £13.1m and H1 PBT of circa £0.9m, Net Cash currently at £11.2m.
Still can’t get interested here at all, not at this valuation.
