Morning Brief – 11-Dec-2017

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Morning Brief Images 11-Dec-2017

Morning All!

Hollywood Bowl (BOWL) – 190p – £285.0m – PER 15.5

Final Results For The 12 Months To End September 2017 – Headline “Strong Revenue and Profit growth”. Including acquisitions Revenue is up 8.8% to £114.0m and PBT is £21.1m, up from £2.6m, EPS is 12.17p. Net Debt is down from £20.8m to £8.1m and the Dividends for the year amount to about 9p per share. Outlook is in-line.

Still on my Watchlist. The 160p level (which has been seen a number of times in the past) is more tempting – Although perhaps we will not see it again now unless there’s a serious market correction. Anyway, there’s just not enough here to make me want to pay up.

Marlowe (MRL) – 340p – £116.9m – PER 23.4

Interim Results For The 6 Months To End September 2017 – Revenue up 104% to £36.0m, PBT up 90% to £2.4m (£1.3m last time) and EPS up 23% from 5.1p to 6.2p. “The second half of the year has started well and we remain confident of delivering a full year performance in line with market expectations”.

Having looked into this a little more I like the forecasts (they’re massively greater than any historic performance) and the fact it’s got Cash in the bank (albeit a small amount). IF the forecasts are met (and it looks like they may be based on this update) this is looking quite attractive here.

Photo-Me International (PHTM) – 187p – £704.7m – PER 18.3

Interim Results For The 6 Months To End October 2017 – Revenue up 10.5% to £122.2m (7.8% CC), PBT £32.9m (up 6.1% (3.1% CC)), Net Cash of £47.1m up £7.9m from 30 April 2017 and the Interim Dividend is up 20.1% to 3.71p per share. Laundry revenues up 75% to £17.3m (H1 2017: £9.9m) – Remains the primary growth driver of the Group. Continues to perform in-line.

Covered because I hold from when it was a smaller Market Cap than this. I remain a holder for now (mainly for the yield) as these results are not exactly inspiring! Wondering when the name will change to Laundry International!

Hardide (HDD) – 1.85p – £30.3m – PER n/a

Preliminary Results For The 12 Months To End September 2017 – Record sales (up 51%) of £3.24m (2016: £2.14m) with sales in H2 2017 14% ahead of H1 2017. Loss before interest, tax, depreciation and amortisation reduced to £0.74m (2016: loss of £1.30m before exceptional items). There’s Cash of £1.21m (2016:  £1.97m).

Never made a profit but seems to be heading in the right direction. However even with a forecast 25% rise in Revenue (to £4.0m) next year, it’s still forecast to make a loss. I’m just not interested yet.

K3 Capital (K3C) – 149p – £62.9m – PER 13.7

Trading Update – Expects “Interim Results will demonstrate a continuation of the Group’s strong performance across all three divisions with significant uplifts from the comparable prior year period”. Expecting to report record revenue of approximately £7.5m, a LFL increase of 34 per cent and EBITDA of approximately £3.3m, a LFL increase of 27 per cent – Comfortably in line with market expectations for the full year ending 31 May 2018.

Quite like the look of this, it looks good value here. It’s going on my Watchlist (but I hate EBITDA, why can’t the tell us the real PBT – Arggghhhhh!) until I see the actual results.

Have a great week all, what’s the prize for the best snowman photo?

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