Costain (COST)

0
514
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.

7-May-2019 – 325p – £350m – PER 8

AGM Statement – In-line.

Looks like there’s value here – Low growth and low margin offset by Net Cash and a decent Yield.

28-Jun-2019 – 307p – £331m – PER 7.5

Trading Update For The 6 Months To End June 2019 – H1 in-line, warns H2 will be lower than expectations, FY Operating Profit to be in the range £38m – £42m.

I am not sure how much of a miss this is but I have PBT down for £54.4m, perhaps a miss of 30%+ it seems!  This looked reasonable value previously but if this guesstimate is accurate that view will now change.

21-Aug-2019 – 145p – £157m – PER 5

Interim Results For The 6 Months To End June 2019 – Everything down here (as expected), still expect to deliver on previously revised FY expectations.

Not sure how much of this is already in the price but I am not going to be trying to pick the bottom here in this low margin business. Latest Broker note this morning indicates negative EPS growth (-27%) forecast for next year and a an increase (15%) for the year after – So not a new EPS high.

Advertisement
Stockopedia Banner