The specialist wealth management and employee benefits business.
26-Oct-2017 – 821p – £212.5m
AGM Statement – Reading between the lines (it’s not the clearest of updates) it seems to be in-line here.
Based on this update and the high level figures I can’t quite convince myself to consider investing here or just pass – On that basis I will do what I usually do in this situation and pass.
6-Feb-2018 – 770p – £200.8m – PER 19.8
Interim Results For The 6 Months To End November 2017 – Revenue is up 16.9% to £28.4m (1H17: £24.3m), Adjusted EPS is up 15.0% to 19.2p (1H17: 16.7p), EBITDA is up 23.9% and the Interim Dividend is up 17.0% to 5.5p per share (1H17: 4.7 pence). Net Cash £14.8m, £22,6m last time. Outlook is in-line with the Board’s expectations.
Impressive enough and ticks quite a few of my boxes. However, with plenty going on in the general markets I will remain on the side-lines for now.
4-Jul-2018 – 795p – £208.0m – PER 19.4
Trading Update For The 12 Months To End May 2018 – Strong organic revenue growth 15%+, EBITDA margin ahead of 20% target, recent acquisitions performing well with Net Cash of £20m+.
Still quite like this but not enough for a conviction to buy – I remain Neutral.
4-Sep-2018 – 832.5p – £217.8m – PER 20.0
Final Results For The 12 Months To End May 2018 – Revenue up 16.2% to £58.7m (2017: £50.5m), PBT up 27.3% to £9.8m (2017: £7.7m), Adjusted EPS up 11.1% to 37.0p (2017: 33.3p), Total Dividend up 20.6% to 17.0p (2017: 14.1p) and there’s Net Cash of £20.2m (2017: £23.0m).
I am Neutral here and will remain that way. I quite like this company but just can’t convince myself there’s value here at this price (Stockopedia seems to agree where there is a Value score of 25 versus Quality and Momentum scores in excess of 80).
25-Oct-2018 – 687.5p – £180.8m – PER 15.9
AGM Statement – A lower level of client activity (didn’t blame the weather but did blame poor investor sentiment and Brexit) has impacted Revenue but not EBITDA. Profit outlook is in-line.
I still quite like this and can see value here at last. I remain Neutral but will do a little more research this week (hopefully).
7-Jan-2019 – 660p – £174m – PER 15.2
Trading Update For The 6 Months To End November 2018 – Seems to be basically in-line.
I do quite like this and there is potential value here but I still think it’s just a little too expensive for me at present.
5-Feb-2019 – 737.5p – £194.6m – PER 16.9
Interim Results For The 6 Months To End November 2018 – Revenue up 2.8%, PBT up 3.7% (Adjusted 8.3%), Adjusted EPS up 9.2% with the Interim Dividend up 15.1%. FY Profit outlook in-line.
I still quite like this and there is possibly value here, it’s on my list to look into a little more.
3-Sep-2019 – 747p – £200m – PER 17
Results For The 12 Months To End May 2019 – Revenue down slightly to £58.5m (although 90.2% are recurring), Adjusted PBT up 8.8% to £12.3m with EPS up 8.4% to 37.3p and the Total Dividend is up 17.6% to 20p. Net Cash stands at £23.2m (£20.2m).
On a quick check this looks like a slight miss to me, will keep an eye out for revised Broker notes.