Morning Brief – 10-Jan-2018

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Morning Brief Images 10-Jan-2018

Morning All!

Shoe Zone (SHOE) – 162p – £79.4m – PER 9.63

Preliminary Results for the Year To End September 2017 – Revenue flat at £157.8m (£159.8m last time) reflecting the continued planned closure of loss making stores, statutory PBT of £9.5m (£10.3m last time), primarily due to the adverse impact of foreign exchange on imported goods into the UK. EPS is down to 15.8p from 16.9p last time and Cash stands at £11.8m versus £15.0m last time. Total Dividend per share of 10.2p, 10.1p last time.

Seems pretty much in-line here, may be tempting for those seeking income (6%+ yield). But, I think that’s all one can expect with 2018 forecasts flat compared to 2017.

Quiz (QUIZ) – 150p – £188.8m – PER 20.1

Christmas Trading Update – Strong trading in-line with expectations – A 31.2% (CC) Revenue increase for the 7 week period from 19 November 2017 to 6 January 2018. On-line Revenue was up 119.0%.

This is an impressive enough update, wondering if this could be a bottom now (since the IPO it’s drifted down). Going on my Watchlist, 150p.

Focusrite (TUNE) – 335p – £198.2m – PER 21.8

AGM Statement And Trading Update – Just the one (well written) paragraph “In November 2017, at the time of our final results announcement, we updated the market that our revenue and cash had both grown further since the year end.  I am pleased to confirm that this strong growth has continued in November and December”.

Still liking this, I just feel it’s too expensive. Adding it to my Watchlist, 260p.

Moss Bros (MOSB) – 90p – £90.7m – PER 15.4

Trading Update For The 23 Week Period From 30-Jul-2017 To 6-Jan-2018 – Lower footfall during December means full year PBT will be in the range of £6.5m to £6.8m (slightly below current market expectations). Challenging conditions mean profits for next year will also likely be impacted.

Will stay away for now but keep an eye out for updates. ROCE is healthy and there’s still plenty of Cash (about 20% of Mkt Cap). The yield is great (circa 6%+) but not exactly well covered (but there’s loads of Cash so maybe it will be maintained!).

Zotefoams (ZTF) – 453.5p – £201.4m – PER 25.3

Trading Update – FY Revenue expected to be ahead of market expectations and PBT expected to be at the top end of expectations. 2018 order book is strong.

There’s quite a lot to like here. But, on a PER of 19 I thought it was expensive (seems I was wrong) and I still do, even more so now (PER is 25.3).

Interserve (IRV) – 99.55p – £145.1m – PER 2.46

Update On 2017 Year End And 2018 Expectations – Reasonably positive here. 2017 in-line with expectations outlined in October, “Fit for Growth” programme expected to deliver £40m-£50m benefit by 2020 and 2018 operating profit expected to be ahead of current market expectations. Constructive discussions with lenders over longer-term funding are progressing.

One for those braver than me!

Everyman Media (EMAN) – 223p – £156.2m – PER 45.5

Trading Update Results for the 52 Weeks To 28-Dec-2017 – In-line.

Still can’t justify the valuation here.

A great day to all!

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