Iomart (IOM)

Iomart IOM Logo

The cloud computing company.

5-Dec-2017 – 373p – £401.1m – PER 19.0

Interim Results For The 6 Months To End September 2017 – Revenue up 12% to £47.0m (H1 2017: £42.1m), Adjusted PBT up 9% to £11.6m (H1 2017: £10.6m). A maiden Interim Dividend of 2.25p per share has been declared.

Seems a decent company however these latest results don’t seem to justify a PER of 19 and Stockopedia seems to agree with a “Value” score of 23. The maiden interim provides more assurance here than the actuals.

29-Mar-2018 – 364.5p – £393.1m – PER 17.5

Trading Update For The 12 Months To End March 2018 – Expecting to deliver a strong set of resultsin-line with market consensus expectations (that’s less than 10% in Revenue and PBT growth). Expects growth to continue in the future.

The ROCE and Operating Margin might support a PER of 17+ but the actual growth, for me, does not. I remain on the side-lines here for now.

12-Jun-2018 – 395p – £427.2m – PER 19.1

Final Results For The 12 Months To End March 2018 – Revenue up 9% to £97.7m (2017: £89.6m), Adjusted PBT up 7% to £24.0m (2017: £22.4m), Adjusted Diluted EPS up 6% to 17.96p (2017: 16.99p), FY Dividend to be 7.18p, 20% up from last year (6.00p). Looking forward with confidence.

The ROCE and Operating Margin are pretty good but there’s not enough elsewhere to get me more interested (although the CEO is delighted with “another year of excellent results”), I’m Neutral for now.

1-Oct-2018 – 433.5p – £469.17m – PER 20.6

Trading Update For The 6 Months To End September 2018 – In-line with Revenue and Profit expected to be well ahead of the comparative period last year.

Quite a lot to like here, I am going to add it to my Watchlist for a little more research.

Subsequent note: Further research suggests this is over priced by about 30% or so on a 1 and 2 year outlook – I am going Neutral again.

1-Apr-2019 – 349p – £378m – PER 16.6

Trading Update For The 12 Months To End March 2019 – Expects Revenue of £104m (£97.7m last time) and Adjusted PBT of £25.3m (£24m last time). Confident going forward.

Expectations are not mentioned but this looks like a slight miss to me – I don’t see value here at present.

11-Jun-2019 – 350p – £380m – PER 16.9

Results For The 12 Months To End March 2019 – Revenue up 6% (to £103.7m), Adjusted PBT up 6%, EPS 4%. The Total Dividend is up 4%.

I still don’t see any value here at present.

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