Fairfx (FFX)

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The e-banking and international payments group.

18-Jan-2018 – 76.8p – £119.3m – PER 14.2

Trading Update For The 12 Months To End December 2017 – In-line (but £1.1b seems to be a miss on the £1.365b Revenue estimate on Stockopedia) and has great confidence for the prospects for 2018.

Will have to wait and see actual Profits here.

23-Apr-2018 – 100.04p – £155.4m – PER 20.4

Audited Results For The 12 Months To End December 2017 – Revenue £15.5m (2016: £10.2m), anincrease of 52% (33% LFL), Adjusted PBT of £0.9m (2016: loss £1.6m) – First full year of profitability. Outlook in-line.

This looks interesting and for the sake of keeping an eye on it – I will put it on my Watchlist, 95p. I may even pay up this morning!

Subsequent note: I bought in here today.

5-Jun-2018 – 96p – £149.2m – PER 14.3

AGM Statement – Encouraging start to the year and in-line.

I hold here and will continue to do so – In-line at year end here would be an amazing achievement, just hope they don’t disappoint.

6-Jul-2018 – 114p – £177.1m – PER 16.2

Trading Update For The 6 Months To End June 2018 – In-line, LFL Turnover up 22.8%, Actual Turnover up 146.2%. Confident of achieving FY market expectations and the “substantial growth in turnover has also been achieved without reduced margins and this gives us great confidence for the prospects for 2018 and beyond”.

I hold here and if those forecasts are hit, +882% EPS in 2018 and +85.7% in 2019 I expect this to soon trade much higher (IF being the main word there). I continue to hold.

26-Sep-2018 – 138p – £214.4m – PER 17.3

Interim Results For The 6 Months To End June 2018 –  Revenue up 97% (15% LFL) to £12.0m (H1 2017: £6.1m) with Gross profit of £9.7m, up 100%. FY to be in-line.

I am still long here and if “in-line” can be achieved I see no reason why this will not trade higher sooner rather than later.

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