Microgen (MCGN)

Microgen MCGN Logo

Engaged in the provision of information technology (IT) services and solutions.

18-Jan-2018 – 450p – £273.9m – PER 24.6

Trading Update – Clear as mud.

Have to say fundamentally this looks quite good to me. It’s doubled in the past 12 months so well done, it seems, to those on board. Not understanding the company much and at this price I am not going to get involved at the moment.

7-Mar-2018 – 500p – £304.4m – PER 27.3

Preliminary Results For The 12 Months To End December 2017 –  Revenue up 46% to £62.6m (2016: £43.0m), 37% excluding the benefit of recent acquisitions. Adjusted Operating Profit up 43% to £13.6m (2016: £9.5), Statutory £11.1m (2016: £8.2m). Adjusted EPS up 39% to 17.1p (2016: 12.3p), Total Dividend for the year will be 6.25p (2016: 5.0 pence), an increase of 25%. Cash is £19.1m (2016: £23.8m). The Chairman states “The Group enters 2018 well positioned with good revenue visibility and an encouraging pipeline of opportunities”.

I am very tempted here and if I don’t get some this morning this will go on my Watchlist, 440p.

23-Jul-2018 – 385p – £234.4m – PER 19.8

Trading Update For The 6 Months To End June 2018 – Revenue up 23% with Profits/EPS up about 10% each (the Interim Dividend is also increased by 10%).

This had dropped down to my Watchlist price (440p) but I wanted to wait and see how an update looked – I sense things may be slowing down here a little and on a PER of 19.8 I am going to go Neutral for now.

30-Oct-2018 – 382p – £232.6m – PER 18.9

Trading Update – Continued to make good progress, expects to meet FY management expectations.

I remain Neutral here, reckoning this is fairly priced at best (based on the Stock forecasts I am looking at).

17-Jan-2019 – 384p – £235m – PER 18.6

Trading Update For The 12 Months To End December 2018 – In-line.

Still reckon this is fairly priced at best.

25-Mar-2019 – 442p – £270m – PER 21.5

Results For The 12 Months To End December 2018 – Revenue up 12%, Adjusted Operating Profit up 9%, Adjusted Basic EPS up 8%, the FY Dividend is up 6%.

I still see this as fairly priced (at best) here.

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