EKF Diagnostics (EKF)

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EKF Diagnostics EKF Logo

The AIM listed point-of-care business

14-Mar-2017 – 26.25p – £120.1m – PER 25.0

Results For The 12 Months To End December 2017 – Revenue up 8% to £41.6m (2016: £38.6m), Gross Profit up 25% to £22.9m (2016: £18.3m), EPS 0.59p (2016: nil), Net Cash of £7.0m (31 Dec 2016: £2.2m). 2018 in-line with managements expectations.

I just cannot work out if this looks good or if it’s just average. The spidey senses are not triggering buy signals so for now I will remain Neutral.

9-Aug-2018 – 36.7p – £167.9m – PER 30.5

Trading Update – Marginally ahead.

I still can’t get past the valuation here, based on forecasts – I remain Neutral.

16-Jan-2019 – 31.3p – £142m – PER 24.1

Trading Update For The 12 Months To End December 2018 – EBITDA to be comfortably ahead of market expectations with Net Cash of £9.4m (£7m last time).

I still can’t see value here, will keep an eye out for Broker notes though.

13-Mar-2019 – 32p – £145m – PER 23

Results For The 12 Months To End December 2018 – Revenue up 2%, PBT up 280% from £4.3m to £12.2m, Underlying EPS up almost 100% from 58p to 101p. Q1 of the new year in-line with management expectations.

I had this down as fairly priced around this level, need to circle back to this and check out the exceptionals here.

15-Jul-2019 – 36p – £162m – PER 25

Trading Update – Current year has started well, Revenue is in-line and thanks to cost control EBITDA for the 6 months to end June 2019 is ahead of management expectations. Outlook for H2 is encouraging.

Forecasts seem to reflect all round single digit growth here this year and next so although ROCE and Operating Margin are great – Doesn’t seem like much value to me at this level.

10-Sep-2019 – 31p – £141m – PER 22

Interim Results For The 6 Months To End June 2019 – Earnings ahead of management expectations, Q3 trading in-line.

Looks like a good update but forecasts here reflect all round single digit growth this year and next so although ROCE and Operating Margin are great – Doesn’t seem like much value to me at this level.

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