Morning Brief – 10-Sep-2019

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Morning Brief Images 10-Sep-2019

UK Stock Market News Today – 10-Sep-2019

Morning all!

Arena Events (ARE) – 28p – £43m – PER 7

Interim Results For The 6 Months To End June 2019 – Satisfactory H1, H2 weighting and year end changed to March.

I don’t really like anything in this update and am finally going to cease coverage here.

Anexo (ANX) – 192p – £211m – PER 11

Interim Results For The 6 Months To End June 2019 – Strong H1 growth and confident in meeting current market expectations for the FY.

Still looks quite reasonable but do not particularly like (fully understand) the nature of the business – So, it’s not for me.  Actually I will now cease coverage.

Boku Inc (BOKU) – 102p – £255m – PER 115

Interim Results For The 6 Months To End June 2019 – Good H2 required and perhaps expected.

I am Long here and, subject to market reaction, this update will not give me reason to change that at present. I would of course have preferred not to have a H2 weighting.

Concurrent Technologies (CNC) – 63p – £46m – PER 10

Interim Results For The 6 Months To End June 2019 – Strong H1 with record Order Book, guides that it expects to deliver a successful performance for the FY.

I still see this as priced about right and would like to have seen an against expectations statement here rather than a “successful performance”.

EKF Diagnostics (EKF) – 31p – £141m – PER 22

Interim Results For The 6 Months To End June 2019 – Earnings ahead of management expectations, Q3 trading in-line.

Looks like a good update but forecasts here reflect all round single digit growth this year and next so although ROCE and Operating Margin are great – Doesn’t seem like much value to me at this level.

Midwich (MIDW) – 500p – £400m – PER 16

Interim Results For The 6 Months To End June 2019 – Strong H1 gives the board confidence but does not guide on FY.

Still not interested but 480p could perhaps be a bottom here.

Team17 (TM17) – 302p – £396m – PER 32

Interim Results For The 6 Months To End June 2019 – Revenue up 97%, Adjusted EBITDA up 145% and EPS up 356%, Cash at £35.8m (£16.7m). Comfortable with FY expectations with a solid selection of game releases planned.

Still think this is overvalued although it is a popular and obviously growing sector at present.

SimplyBiz (SBIZ) – 199p – £193m – PER 16

Interim Results For The 6 Months To End June 2019 – Revenue up 20%, Adjusted PBT up 41% and EPS up 8%, Net Debt at £30.1m. Confident FY will be in-line.

I am Long here and meeting expectations would mean I still see enough value to remain so.

TP (TPG) – 7p – £53m – PER 23

Interim Results For The 6 Months To End June 2019 – Positive start, FY to be in-line.

I continue to hold here and if FY is in-line I would hope to see a re-rating.

As always, all comment most welcome!

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