Marlowe (MRL)

Marlowe MRL Logo

The support services group focused on acquiring and developing companies that provide critical asset maintenance services.

20-Oct-2017 – 362.5p – £124.7m

Trading Update For The 6 Months To End September 2017 – An in-line update which includes this statement “Net cash at 30 September is expected to be in the region of £3.1m and the Group remains well positioned to continue its acquisition-led growth strategy”.

Up almost 20% this week, hope the insiders like this! I can’t see the big attraction but it’s on my list to look into a little more.

11-Dec-2017 – 340p – £116.9m – PER 23.4

Interim Results For The 6 Months To End September 2017 – Revenue up 104% to £36.0m, PBT up 90% to £2.4m (£1.3m last time) and EPS up 23% from 5.1p to 6.2p. “The second half of the year has started well and we remain confident of delivering a full year performance in line with market expectations”.

Having looked into this a little more I like the forecasts (they’re massively greater than any historic performance) and the fact it’s got Cash in the bank (albeit a small amount). IF the forecasts are met (and it looks like they may be based on this update) this is looking quite attractive here.

4-Dec-2018 – 413p – £159.9m – PER 23.8

Unaudited Results For The 6 Months To End September 2018 – Statutory Revenue up 57%, PBT up 26% and Basic EPS up 35% – Net Cash is up 55% to £4.9m. H2 has started well and expect to deliver FY performance ahead of expectations.

Still looks attractive and will keep an eye out for broker notes here.

29-Apr-2019 – 417p – £161m – PER 18.5

Trading Update For The 12 Months To End March 2019 – Revenue up 62% (to £130m), EBITDA to be slightly ahead of current market expectations.

I still quite like this (it’s on my Watchlist) and a 10% increase in 2020E EPS forecasts would probably make me a buyer – Will keep an eye out for upgrades here.

18-Jun-2019 – 418p – £162m – PER 18.6

Results For The 12 Months To End March 2019 – Revenue up 59% (to £128.5m), PBT up 53% (to £8.9m), EPS up 34% (to 18.8p) with Net Debt up from £2.9m to £20.1m. Current year has started in-line with expectations.

Looks about fairly priced but will keep an eye out for revised forecasts as these are quite impressive results.

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