D4t4 Solutions (D4T4)

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Operates within Asia, Europe and North America, employing 125 staff and servicing clients in over 21 countries in the area of data collection.

28-Nov-2017 – 156p – £59.7m – PER 14.1

Interim Results For The 6 Months To End September 2017 – Opens with “As experienced in some previous years a higher proportion of our business is expected to close and be delivered in H2 2017.  Despite a lower first half due primarily to a change in the timing of contract awards by comparison to the same period last year, the Board remains confident of achieving management expectations for the full year based on recent business wins and the depth and quality of the prospects pipeline”.

The Board remain confident the full year results will be in-line – I will be watching from the side-lines.

10-Apr-2018 – 108.59p – £41.3m – PER 9.45

Trading Update – Expects to report a very strong trading performance for the second half of the year alongside a record level of bookings, which underpins the Board’s confidence for financial performance in the current financial year ending 31 March 2019. Confident that Revenue and Adjusted PBT will be ahead of the comparatives for the year ended 31 March 2017.

This should help after a poor H1 but I will remain on the side-lines for now.

23-Apr-2018 – 155p – £58.9m – PER 13.5

Trading Update For The 12 Months To End March 2018 – Revenue to be circa £20, Adjusted Profit expected to be slightly ahead of management expectations, Net cash £3.9m – Enters the new financial year in robust shape with an encouraging pipeline & opportunities ahead. Confident of meeting 2019 expectations.

Looks OK but around this level, seems reasonably priced to me.

23-Aug-2018 – 172.5p – £65.6m – PER 13.8

AGM Statement – Now Debt free and confident of delivering on FY expectations.

This is looking quite tempting and if I don’t take an opening position this week I will add it to my Watchlist.

22-Oct-2018 – 194.5p – £74.2m – PER 15.3

Trading Update – Revenue in HY1 up 194% to £13.95m (marking a return as expected to a more normal trading cycle following the unusual phasing seen last year) with Adjusted Profit expected to be comfortably in line with management expectations. There’s Net Cash of £12.19m and confident for FY.

This is on my Watchlist and this looks like good news, will be checking Broker notes today, quite tempted here.

Subsequent note: After further research I am satisfied that this is perhaps reasonably priced (again) here so I am going Neutral again for now.

18-Apr-2019 – 278p – £109m – PER 21

Trading Update For The 12 Months To End March 2019 – Revenue circa £25m, Operating Profit to be slightly ahead, Net Cash at £11m – Even, at this stage, expects 2020 FY to be in-line.

Encouraging but still looks overvalued here to me, that may change with upgrades so I will keep an eye out for those.

25-Jun-2019 – 250p – £98m – PER 19.7

Results For The 12 Months To End March 2019 – Strong year, Revenue up 37% (to £25.24m), Adjusted PBT up 48% (to £6.02m), Adjusted Diluted EPS up 57% (to 13.89p), Net Cash up 185% to £11m and the Dividend is up 20%. New year trading in-line.

Still looks overvalued here (based on forecasts), so I will keep an eye out for any upgrades.

22-Aug-2019 – 238p – £96m – PER 16.5

AGM Statement – In-line, seemingly happy about the weak GBP, could perhaps be affected if it is not so weak (maybe not).

Still looks overvalued to me.

21-Oct-2019 – 213p – £86m – PER 15

H1 Trading Update – In-line assuming usual H2 weighting.

Tempted here but looks perhaps fairly priced, will be keen to see how FY actuals are, as I do quite like this, but never like an H2 weighting, even if it is “usual”.

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