Morning Brief – 11-Dec-2018

Morning Brief Images 11-Dec-2018

UK Stock Market News Today – 11-Dec-2018

Morning all!

Bilby (BILB) – 91p – £36.9m – PER 6.63

Interim Results For The 6 Months To End September 2018 – Revenue down, PBT down, EPS down, Dividend maintained. Expects EBITDA to exceed last year.

I reckon this is fairly valued here (at best).

Carpetright (CPR) – 16.35p – £50.1m – PER n/a

Interim Results For The 26 Weeks To 27th October 2018 – On track to deliver £19m in cost savings, average store lease reduced to 3.5 years (52% having a 2 year break clause). Revenue down 15.7%, Loss up from -£0.6m to -£11.7m.

Hope those cost savings kick in soon, remains on my Avoid list for now. Worth keeping a note here that N+1 Singer state that there’s £60m assets (property freehold) here.

Driver (DRV) – 78.5p – £42m – PER 12

Preliminary Results For The 12 Months To End September 2018 – Revenue up 6% to £62.6m, Underlying PBT up 54% to £3.8m, EPS of 4p (0.7p last time), Net Cash of £6.9m (Debt of –£0.2m last time). New year has started in-line with management expectations.

This still looks quite good, it’s just a pity there is no guidance from the company or Brokers (that I can find).

K3 Capital (K3C) – 273p – £115.2m – PER 20.2

Trading Update For The 6 Months To End November 2018 – Achieved significant Revenue and Profit growth in H1, expecting H2 to also be strong, confirms trading in-line with market expectations.

I still consider this overvalued here (even 33% of the all time high), perhaps I have got my numbers wrong!

MySale (MYSL) – 34.65p – £53.5m – PER 17.8

Trading Update – Looks like a H1 update – Challenging conditions, Revenue and Profits to be significantly below market expectations. This remains the case even based on an expected significantly improved H2.

This is now going on my Avoid list, at least for the time being.

RM (RM.) – 184p – £154.3m – PER 7.57

Trading Update For The 12 Months To End November 2018 – Expects results to be slightly ahead of expectations.

On a PER <8 with what seems like double digit Revenue and EPS growth plus a 4% or so yield I will be keeping an eye out here for updated Broker notes here.

Tristel (TSTL) – 235p – £104.1m – PER 21.3

AGM Statement – Performing in-line with PBT up 10% in H2.

I commented last time “I still don’t see how this stock justifies such a high rating, perhaps I am missing something”, I maintain this view.

Zytronic (ZYT) – 370p – £59.0m – PER 14.4

Preliminary Results For The 12 Months To End September 2018 – Revenue down from £22.9m to £22.3m, Margin down from 41.1% to 37%, PBT down from £5.4m to £4.2m, on the bright side the FY Dividend is up 20%. Trading to date at a similar level to last year, focus on margins.

Just the kind of results I don’t like to see.

As always, all comment most welcome!

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