Costain (COST)

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329
Costain COST Logo

The smart infrastructure solutions company

1-Mar-2018 – 442.5p – £467.2m – PER 12.1

Results For The 12 Months To End December 2017 – Strong performance with an 18% increase in Underlying Operating Profit and a recommended 10% increase in the Dividend. Net Cash £177.7m (£140.2m last time).

Quite like the look of this and if the Dividend was slightly better (3% or so at present) it would be more tempting. Just find it hard to see any kind of acceleration in growth here.

8-May-2018 – 476p – £505.2m – PER 12.7

AGM Statement – In-line.

Still quite like the look of this but I find it difficult to see where any real growth can come from at present. Would become more interesting if it pushes through all time highs to the 500p level.

3-Jul-2018 – 431.5p – £459.1m – PER 11.4

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

A I mentioned previously, I quite like this but find it difficult to see where any real growth can come from at present – Seems trapped (perhaps rightly) below that 500p level.

22-Aug-2018 – 431.5p – £459.1m – PER 11.3

Interim Results For The 6 Months To End June 2018 – On course to deliver FY expectations.

I keep saying this and wait to proven wrong one day – I quite like this but find it difficult to see where any real growth can come from at present. Seems trapped (perhaps rightly) below that 500p level, that’s less than a 20% upside, not enough for me.

3-Jan-2019 – 324.5p – £347.3m – PER 8.26

Trading Update For The 12 Months To End December 2018 – FY to be in-line with the Board’s expectations.

Liking this a bit more at this price, it seems like the growth (quite low) together with the yield (quite high) justifies a place on my Watchlist at least.

6-Mar-2019 – 397p – £425m – PER 10.2

Results For The 12 Months To End December 2018 – Revenue down, Reported PBT and EPS both down slightly but the FY Dividend is up 8%. Record higher quality Order book at year end (£4.2bn).

There’s perhaps some value here for the Yield and potential for modest growth – Not enough for me though.

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