Concurrent Technologies (CNC)

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Concurrent Technologies CNC Logo

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.

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