Morning Brief – 10-Oct-2018

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Morning Brief Images 10-Oct-2018

UK Stock Market News Today – 10-Oct-2018

Morning all!

Vertu Motors (VTU) – 41p – £158.4m – PER 7.33

Trading Update For The 6 Months To End August 2018 – Revenue up 8% LFL with Adjust PBT and EPS down 10% or so. Tangible net assets per share 45.9p (2017 H1: 44.5p), the Interim Dividend is maintained.

Is there a floor here at 40p or so – Perhaps! A decent income of 4% or so backed by assets and free cash flow. Got this on my Watchlist as a potential income bargain on a bigger general market sell off.

Walker Greenback (WGB) – 74.5p – £50.8m – PER 6.63

Interim Results For The 6 Months To End July 2018 – Revenue down -1.4%, Adjusted PBT and EPS both down circa -30%. Interim Dividend unchanged at 0.69p and Net Debt is down from £5.2m to £3.4m. Expects FY to be in-line.

I can’t get past being Neutral here for now.

Hollywood Bowl (BOWL) – 201p – £301.5m – PER 14.8

Trading Update For The 12 Months To End September 2018 – In-line, Revenue up 5.8% (LFL 1.8%), PBT growth of 10% expected. Considering returning additional capital to shareholders.

Even though this was on my Watchlist and even after the recent drop I think I will go Neutral here for now – I just prefer Ten Entertainment (TEG), where I am currently Long.

Telford Homes (TEF) – 394p – £298.3m – PER 6.97

Trading Update For The 6 Months To End September 2018 – Takes a long time to get to it, but – PBT in H1 2019 will be lower than H2 2019 but expected to be above the £8.7m (achieved in the 6 months to September 2017).

Got to be worth waiting for actual numbers here – I remain Neutral.

Sanderson (SND) – 83.5p – £50.1m – PER 12.3

Trading Update For The 12 Months To End September 2018 – Revenue expected to be slightly ahead at £32m (£21.6m last time), Operating Profit up 30% to over £5m (£3.9m last time). Pre-contracted Revenue 55% of next year total.

Quite a lot to like here and was on my Watchlist at 95p – I may well consider paying up this week.

Gresham Technologies (GHT) – 158p – £107.6m – PER 21.8

Trading Update For The 6 Months To End September 2018 – Confident of the FY outlook.

I must be missing something but I still can’t see why people are paying up here at this price! I remain Neutral.

As always, all comment most welcome!

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