The premium remote meetings company.
23-Jan-2018 – 392p – £164.9m – PER 58.5
Trading Update For The 12 Months To End December 2017 – Looks good, Revenue up 36% to £17.5m in FY2017 (FY2016: £12.8m), ahead of market expectations in spite of the currency headwind in the second half which saw the pound/dollar rate rise to $1.32 versus $1.23 at the start of the year. Profit margin up 2.2% and EBITDA up 161% to £3.5m. Net Cash of £2.9m.
Quite like this growth story but on a PER of 58.5 I just can’t bring myself to pay up here.
6-Mar-2018 – 339.99p – £143.5m – PER 50.7
Preliminary Results For The 12 Months To End December 2017 – Revenue up to £17.5m (up 33.5% CC) ahead of market expectations. Customer spread improved. EBITDA up 161%, Operating Profit £0.7m, Diluted EPS up 722% to 4.4p (0.5p last time) and now Debt Free with Cash of £2.9m. Outlook is confident.
Almost tempted to pay up here, just seems to be going places this company. Can’t remember the last time I paid up on a PER of 50+ though. If I don’t get involved soon I will leave it on my Watchlist, 280p.
14-Aug-2018 – 410p – £225.0m – PER 37.3
Trading Update For The 6 Months To End June 2018 – Revenue up 39% (22% CC), Gross Margins up 40bps to 77.2% and “confident in our ability to deliver strong future growth and meet market expectations”.
Looking more attractive at this valuation but not quite attractive enough. I am going to take this off my Watchlist for now (was at 280p) and go Neutral whilst keeping an eager eye out for updates.
26-Sep-2018 – 425p – £233.5m – PER 35.8
Interim Results For The 6 Months To End June 2018 – FY to be in-line.
I am always thinking this is fairly priced and sometimes I am right and sometimes I am wrong. For now I will remain Neutral but will look for Broker notes today and do some more research.