Morning Brief – 11-Oct-2018

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Morning Brief Images 11-Oct-2018

UK Stock Market News Today – 11-Oct-2018

Morning all!

Volution (FAN) – 180p – £358.0m – PER 11.3

Preliminary Results For The 12 Months To End July 2018 – Revenue up 11.1%, Reported PBT down from £17.9m to £16.7m (margins and exceptional costs blamed amongst other things). The Dividend is up 7% reflecting continued strength in the business (that’s no longer the responsibility of the PBT and EPS figures now then!).

Not enough here to change my view from Neutral.

N Brown (BWNG) – 138.5p – £394.0m – PER 5.95

H1 Results – 26 Weeks To 1st September 2018 – Growth in financial services but not in products – FY expectations unchanged.

First coverage for me here for some reason. Looks perhaps reasonably valued on a PER basis but throw in the 10% yield and if it can be maintained – Could be a great income play. It’s going on my Watchlist for that reason.

Subsequent note: In my morning haste I missed this – Interim dividend reduced by 50.0% to 2.83p – Rebased dividend to a more sustainable level from which the Group will seek to grow – Removed from the Watchlist back to Neutral.

Discoverie (DSCV) – 398p – £292.0m – PER 15.0

Trading Update For The 6 Months To End September 2018 – On track to deliver on FY expectations.

Enough to like here but still not enough to change my Neutral stance.

Alpha Financial Markets Consulting (AFM) – 224.5p – £227.8m – PER 18.2

Trading Update For The 6 Months To End September 2018 – Comfortable with current FY expectations.

There’s perhaps some value here at this level but not quite enough to tempt me just yet – Neutral for now.

Marshall Motor Holdings (MMH) – 140p – £109.0m – PER 5.75

Trading Update – In-line with previously revised forecasts.

Looks like decent value with a decent yield backed up by what seems like sound management and a lot of freehold / long leasehold property on the Balance sheet (circa £120m or so). I am Neutral, mainly due to the industry concerns at present.

Norcros (NXR) – 202p – £162.2m – PER 6.24

Trading Update For The 6 Months To End September 2018 – In-line it seems, but challenging markets.

Neutral here – If it wasn’t for the challenging markets aspect I could certainly be more bullish here, quite a lot to like (in the fundamentals).

Renold (RNO) – 36.5p – £82.3m – PER 7.17

Trading Update For The 6 Months To End September 2018 – In-line.

This was on my Avoid list but if this is to be in-line it could well be worth a look. Going Neutral here and will keep an eye out for the Actuals.

Onthemarket (OTMP) – 137.5p – £84.3m – PER n/a

Interim Results For The 6 Months To End July 2018 – Revenue flat, Losses up.

I remain uninterested here still – Neutral.

As always, all comment most welcome!

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