A world leading specialist in the design and manufacture of high-end embedded computer products for critical applications in the defence, aerospace, telecommunications, transportation, scientific and industrial markets.
21-Dec-2017 – 85p – £61.8m – PER 12.0
Trading Update For The 12 Months To End December 2017 – In-line and “expects to continue the practice of paying a further interim dividend”.
Still quite like this. Fundamentals look OK especially the ROCE and Operating Margin. It’s also got Cash and a modest, slowly growing Dividend (currently about 2.5%) which is well covered. However, on a PER of 12 that Revenue, Profit and EPS CAGRs <=3.5% are rather poor. Just seems to be a lack of ambition here and it’s enough to put me off.
4-Apr-2018 – 82.5p – £61.8m – PER 12.0
Results For The 12 Months To End December 2017 – Looks slightly below expectations (doing a quick compare with forecasts on Stocko) and reflects, to me, a company standing still.
There’s a few things to like here, e.g. the ROCE, Operating Margin, Net Cash, well covered modest yield. However, it just strikes me as a company with little or no ambition – Enough for me to remain Neutral for now.
12-Sep-2018 – 78.5p – £57.1m – PER 11.0
Interim Results For The 6 Months To End June 2018 – Revenue £7.9m (H1 2017: £7.8m), PBT £1.1m (H1 2017: £1.4m), EPS 1.5p (H1 2017: 1.84p), Interim Dividend 0.95p (H1 2017: 0.90p).
Even on a PER of around 10 this doesn’t get me interested, although the ROCE & Operating Margin (taken from Stockopedia) are impressive. I remain Neutral.
4-Apr-2019 – 73p – £53m – PER 14.3
Results For The 12 Months To End December 2018 – Revenue up slightly to £16.6m (from £16.2m), Margin down slightly, PBT of £3m is the same as last year and the Dividend is up 4.5% (to 2.3p). Cash at £7.7m (down from £8.4m last time). Started the new year with a strong Order book.
This looks in-line (ish) with the forecasts I can see and I reckon it seems priced about right here.