Morning Brief – 12-Nov-2018

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Morning Brief Images 12-Nov-2018

UK Stock Market News Today – 12-Nov-2018

Morning all!

Carr’s (CARR) – 156p – £142.6m – PER 11.5

Results For The 12 Months To 1st September 2018 – Revenue up 16.5% to £403.2m (2017: £346.2m), Adjusted PBT up 45.2% to £16.6m (2017: £11.4m), Fully Diluted EPS 12.7p (2017: 7.6p) – Net Debt is £15.4m (2017: £14.1m), the Total FY Dividend will be 4.5p (4p last time).

Looks like decent value here, just concerned the forecasts for next year are so low – I remain Neutral but will keep an eye out for updates.

Mission Marketing (TMMG) – 54p – £45.6m – PER 5.76

Disposal – Gets rid of the BroadCare business for £4.4m in Cash (contributed £0.5m to Profits (let’s say 10%)) to be used to pay down Debt.

I am Long here and this should not have a material impact on the double digit Profit and EPS growth, for a company on a PER <6. I will of course (as always) keep an eye on the market reaction to this news.

Dignity (DTY) – 1044p – £522.1m – PER 14.6

Q3 Trading Update – Revenue flat with Underlying Operating Profit down -14%, the only thing rising, the number of deaths (up 3%) – In-line with current FY market expectations.

Not enough here to change my Neutral stance.

AFH Financial (AFHP) – 385p – £161.8m – PER 14.1

Trading Update For The 12 Months To End October 2018 – “Another year of strong growth”, Funds Under Management at £4.5bn (2017: £2.8bn), Revenue expected to exceed £50m, up 49% (2017: £33.6m), Continued expansion of EBITDA margin, reflecting operational gearing – Trading in line with current FY market expectations. Board confident of achieving its stated objectives of Revenue of £75m, EBITDA margin of 20% and £5bn Funds Under Management .

I am Long here and in-line will do for me as in-line should see a 40%+ increase in EPS this year (on a current PER of 14 or so!).

As always, all comment most welcome!

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