Eckoh (ECK)

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The global provider of secure payment products and customer contact solutions.

18-Oct-2017 – 51.5p – £129.7m

Trading Update For The 6 Months To End September 2017 – An in-line update and a confirmed move into Net Cash to the tune of £1.7m – At the end of H1 2017 Net Debt was £2.1m.

On a PER of 28.3, this looks a little overcooked here.

22-Nov-2017 – 51p – £127.9m – PER 27.6

Interim Results For The 6 Months To End September 2017 – An in-line set of results.

I just can’t see how this rated so highly, perhaps I am missing something.

14-May-2018 – 43.5p – £109.7m – PER 22.1

Trading Update For The 12 Months To End March 2018 – In-line with Market expectations with several sizeable contract wins.

This is looking quite interesting, will add it to the Watchlist at 40p to keep an eye on it.

Subsequent note: I decided to buy in here.

13-Jun-2018 – 42.25p – £106.5m – PER 21.7

Final Results For The 12 Months To End March 2018 – In-line with expectations with Revenue up 3% and PBT up 50%. Strong pipeline and confident of long-term growth.

These results although stated as in-line seem to be below those forecast on Stockopedia. Although reasonably comfortable with them I may consider challenging my decision to continue to hold here.

Subsequent note: I did sell out here on the 13-Jun-2018 – Quite a quick decision for me having only bought the previous month but, although FY Results were in-line they were behind those (which I expected and based my buying in decision on) forecast on Stockopedia.

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