Keystone Law (KEYS)

Keystone Law KEYS Logo

The fast growing, UK Top 100, challenger law firm.

14-Feb-2018 – 247p – £72.2m – PER 25.7

Trading Update (Ahead Of Maiden Results) For The 12 Months To End January 2018 –  “The Board is pleased to report that the Group has continued to trade strongly through the period, delivering significant growth and expects to report profits which will be comfortably ahead of current market expectation”.

This looks OK actually, I will keep an eye out for those actual results (can’t find any broker notes) in April.

25-Sep-2018 – 329p – £101.3m – PER 27.2

Interim Results For The 6 Months To End June 2018 – Revenue up 29.9% to £19.9m (H1-2018: £15.3m), PBTA up 40.3% to £2.3m (H1-2018: £1.7m), Basic EPS up 30% or so to 5.5p. Confident for H2.

Still looks OK but could perhaps be fairly priced around these levels.

8-May-2019 – 507p – £159m – PER 36.5

Results For The 12 Months To End January 2019 – Revenue up 35.1% to £42.7m (£31.6m last time), Adjusted PBT up 56.8% to £5.1m (£3.3m last time), Adjusted EPS up from 9.4p to 13.4p, FY Dividend to be 9p (in-line with policy) – Meaning first FY results are comfortably ahead of market expectations. New year has started in-line with the Board’s expectations.

I reckoned this was fairly priced at 329p last time – Seems I was wrong and this seems impressive. Will keep an eye out for Broker updates.

23-Sep-2019 – 525p – £164m – PER 33

Interim Results For The 6 Months To End July 2019 – Revenue up 15.3%, Adjusted PBT up 15.4%, Special Dividend of 8p. H1 ahead of expectations,

I still don’t see enough value here.

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