Morning Brief – 1-Mar-2018

Morning Brief Images 1-Mar-2018

UK Stock Market News Today – 1-Mar-2018

Morning all!

Pinch, Punch first of the month – No returns!

Costain (COST) – 442.5p – £467.2m – PER 12.1

Results For The 12 Months To End December 2017 – Strong performance with an 18% increase in Underlying Operating Profit and a recommended 10% increase in the Dividend. Net Cash £177.7m (£140.2m last time).

Quite like the look of this and if the Dividend was slightly better (3% or so at present) it would be more tempting. Just find it hard to see any kind of acceleration in growth here.

International Personal Finance (IPF) – 189.3p – £422.4m – PER 6.18

Financial Report For The 12 Months To End December 2017 – Complicated but seems flat with any improvements the result of FX.

Too complicated for me. There’s just too much diversification here (geographically) and so much regulation to deal with. I am going to add this to my Avoid list and cease coverage for now.

STV (STVG) – 358p – £140.9m – PER 8.33

Full Year Results For 2017 – Broadly in-line, the headline is “Resilient performance; increasedreturns to shareholders”, YoY Dividend up 13% and the “additional return of £10 million of capital to shareholders (has) commenced”.

I still have concerns about the growth of Netflix, etc. impacting this area plus the possibility of advertising revenues being cut. I remain Neutral for now.

Redde (REDD) – 166.2p – £505.2m – PER 13.9

Interim Results For The 6 Months To End December 2017 – Revenues up 11.5% to £253.3m (2016: £227.1m), Adjusted PBT up 11.2% to £21.9m, Adjusted EPS is 6.12p (2016: 5.24p) and the Interim dividend will be 5.50p (2016: 5.00 pence). H2 has started well.

Will leave it on my Watchlist, at the 150p level.

Morses Club (MCL) – 136.65p – £177.0m – PER 10.1

Trading Update For The 12 Months To 24 February 2018 – Strong and in-line with the Board’s expectations.

Looks OK to me – An SP of around 100p and an improvement in that Operating Margin would make it more interesting. Will keep an eye out for updates.

Robert Walters (RWA) – 668p – £503.0m – PER 15.8

Results For The 12 Months To End December 2017 – Revenue up 14% CC to £1.2bn, PBT up 44% to £40.6m, EPS up 55% to 42.9p and the Final Dividend is up 50%, 9.3p. This year has started strongly.

Like this even more now, it’s going on my Watchlist, 580p.

K3 Capital (£K3C) – 232p – £97.9m – PER 20.4

Trading Update – Significant Year on Year growth already. Expects full-year revenue to be circa £16m, and EBITDA to be circa £7m.

Remains on my Watchlist at 145p although I reckon I will have to revise this!

Appreciate all input as always. Great day to all!

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