Morning Brief – 12-Jun-2019

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Morning Brief Images 12-Jun-2019

UK Stock Market News Today – 12-Jun-2019

Morning all!

Anexo (ANX) – 165p – £181m – PER 11.6

Trading Update For The 12 Months To End December 2019 – Expects PBT to be ahead of current market expectations.

Tempted here but just not sure of the business model, even the ethics of it!

Eckoh (ECK) – 44p – £112m – PER 36.2

Results For The 12 Months To End March 2019 – In-line, Revenue up 5% (83% recurring) with PBT up 7% and Diluted EPS down -31%.  There’s £8.3m Net Cash (up from £3.6m) and the Total Dividend is up 11%.

On a PER of 30+ there’s just not enough clarity here for me, I remain on the side-lines for now.

Elektron Technology (EKT) – 44p – £82m – PER 15.6

Results For The 12 Months To End January 2019 – Revenue up 13.1% (from £29.8m to £33.7m), Operating Profit up 77%, Net Cash of £10.1m (£5.2m last time).

I am Long here and there’s a lot to take in here, will have to look in more details later – High level view is it seems OK. Great 2 Year upside here if existing forecasts are met.

Filta Group (FLTA) – 225p – £65m – PER 21

Results For The 12 Months To End December 2018 – Expect a stronger H2 to mean FY will be in-line with market expectations.

This looks about fairly valued here to me, especially taking into account the H2 weighting mentioned today.

Norcros (NXR) – 200p – £161m – PER 6

Results For The 12 Months To End March 2019 – Revenue up 10%, Underlying PBT up 24%, EPS 7.5%, Net Debt down from £47.1m to £35m and the Dividend is up 7.7%.

Looks like value here – But, I still don’t like the Net Debt (even though it’s down quite a lot), the Pension Liability (£29m or so, last I looked) and the exposure to South Africa (30% or so of Revenues).

Park (PARK) – 69p – £128m – PER 13.6

Results For The 12 Months To End March 2019 – Revenue down slightly (from £111.1m to £110.4m), Adjusted PBT and EPS also down slightly. Total Dividend 3.2p (up 4.9% on last year).

This could still be OK as an income play (4%+ Yield and decent Net Cash – But, it’s not for me at present.

Ramsden Holdings (RFX) – 170p – £52m – PER 9

Results For The 12 Months To End March 2019 – In-line with Revenue up 17% (from £39.9m to £46.8m), Underlying PBT up 4% (from £6.5m to £6.7m), Basic EPS up 2% (16.7p vs 16.3p last time). The Total Dividend is up 9% (from 6.6p to 7.2p).

Lot’s to like, decent Cash levels, decent yield, growth (and opportunity to spend on it too) – I still quite like this but just not yet enough to make me a buyer, yet!

As always, all comment most welcome!

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