Gooch & Housego (GHH)

Gooch & Housego GHH Logo

The specialist manufacturer of optical components & systems.


Full Year Trading Update For The Year Ended September 2017 – In-line with a record year end order book of £72.2 million, up 36.7% compared with the same time last year – Excluding the impact of foreign exchange and acquisitions this is an increase of 29.2% on the starting order book last year.

Seems like a good news update and seems to justify the current PER of 25.7.

28-Nov-2017 – 1396.5p – £341.8m – PER 25.7

Final Results For The 12 Months To End September 2017 – Revenue up 30.2% (£112m), PBT up 13.7% and EPS up 16.2%. Record order book of £72.1m, up 36.5%.

I still quite like this but and I’m not sure what’s making me sit on the fence here (perhaps I think it’s too expensive on a PER of 25.7) – But I am.

21-Feb-2018 – 1432.5p – £351.2m – PER 25.7

AGM Trading Update – FY to be in-line with managements expectations with a typically higher H2 weighting. Order book up almost 50% (to £89.7m).

Still a lot to like here but with my limited knowledge of this company and it’s are of operation – I just can’t decide if it’s good value, fairly priced or expensive!

6-Apr-2018 – 1320p – £323.6m – PER 22.9

Trading Update For The 6 Months To End March 2018 – In-line, expecting FY to be in-line with a typical higher H2 weighting. Order book is up 27.1% (at a record level) on this time last year.

Still quite like this but can’t see it being anything more than fairly priced here.

5-Jun-2018 – 1345p – £329.7m – PER 23.0

Interim Results For The 6 Months To End March 2018 – Revenue up 6.6% with Adjusted PBT up 12.7% and Adjust EPS up 15.0%.

I do quite like this but it only seems fairly priced at best here – I’m Neutral.

4-Oct-2018 – 1857p – £462.7m – PER 28.8

Trading Update For The 12 Months To End September 2018 – In-line, Order book up 17% on last year

Still quite like the look of this but may perhaps be fairly priced here now, I remain Neutral.

20-Feb-2019 – 1485p – £370.7m – PER 22.5

AGM Trading Update – First 4 months has seen a downturn in demand, expecting FY to show low single digit growth compared to last year.

According to my notes all round Revenue, PBT and EPS of circa 15% was expected here. Could perhaps be due a decent fall here today!

9-Apr-2019 – 1160p – £289m – PER 19

Trading Update For The 6 Months To End March 2019 – In-line and expect FY to be in-line (with a significant H2 weighting).

Down from 1500p or so last time I commented on this, I still don’t see ebough value to get me more interested.

4-Jun-2019 – 1350p – £337m – PER 21.7

Interim Results For The 6 Months To End March 2019 – Revenue up 7.4% (£59.7m) with Adjusted PBT down 22.8% and Adjusted EPS down 23.7%, gone from £5m Cash to £14.5m Net Debt. FY PBT reduced by £4m or so (looks like a 20% or so haircut) – Industrial Laser outlook largely blamed.

These results mean I will not be investing any time soon.

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