The consumer security software business.
16-Jan-2018 – 72p – £98.2m – PER 17.9
The growth looks OK here but probably fairly priced at best. Without seeing “real” profits, EBITDA only mentioned in the latest update, hard to make any kind of call. I’m going to wait to see the actuals.
17-May-2018 – 118.5p – £168.8m – PER 39.2
AGM Statement – Strong start to 2018.
I’m Neutral here whilst waiting to see the actuals.
26-Jul-2018 – 126p – £178.8m – PER 31.9
Trading Update For The 6 Months To End June 2018 – A solid start with EBITDA up 48%.
Looks impressive but will wait to see the actual results (profits) in September (will be interesting to see if those who made 9% yesterday will be selling out today!!!!).
14-Sep-2018 – 131p – £185.9m – PER 27.3
Interim Results For The 6 Months To End June 2018 – Revenue down 10% or so with Adjusted EBITDA up 45% or so, over $60m in Cash – FY to be in-line with expectations.
I am currently long here and will monitor the market reaction to this update.
Standard Tech Screen Qualifier
Latest Commentary – 26-Jul-2018 – 128.8p – £178.8m – PER 31.9
Although Revenue growth will take a bump (-10% or so due to the sale of the Media division) in 2018E, growth in 2019E should be similar to 2017A (+20% or so). Annual EPS growth (2017A, 2018E and 2019E) is a consistent +40% or so. PER is about 30 but strip out the cash (about 30% of Mkt Cap), can perhaps call it 20. Kicker – Now focused on the growing Cyber Security sector – Bought at 128.8p.