Kainos (KNOS)

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Offers information technology products and services to clients in a range of markets, including government, healthcare and financial services.

27-Nov-2017 – 288p – £240.8m – PER 25.4

Interim Results For The 6 Months To End September 2017 – An in-line update which looks pretty flat.

Looks OK but on a PER of 25.4 I would be expecting a little more progress than this.

16-Apr-2018 – 327p – £387.0m – PER 25.9

Trading Update For The 12 Months To End March 2018 – In-line.

Although there’s a lot of positives here on a PER of 25+ I expect to see a little more than in-line. Having said that, the ROCE and Operating Margin are great.

29-May-2018 – 387p – £458.0m – PER 30.7

Preliminary Results For The 12 Months To End March 2018 – In-line, Revenue up 16%, Profits up 8%, EPS up 10%, Dividend up 5%.

I said this at 327p and I still feel it’s appropriate – Although there’s a lot of positives here on a PER of 25+ (now 30) I expect to see a little more than in-line (and circa 10% Profit/EPS growth). Having said that, the ROCE and Operating Margin are great (as is the Order book level). On the fence so, as usual, when I get that feeling – I will remain Neutral for now.

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