Morning Brief – 13-Nov-2018

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Morning Brief Images 13-Nov-2018

UK Stock Market News Today – 13-Nov-2018

Morning all!

Adept Technology (ADT) – 395p – £93.6m – PER 13.1

Interim Results For The 6 Months To End September 2018 – Revenue up 9.5% with Adjusted PBT up 13.4% and EPS up 11.7% – The Interim Dividend is up 15.3%. Net Debt is up to £25.1m (£20.8m last year). Trading continues to be in-line with management expectations.

I am Long here and these results are exactly setting the world on fire. Further to this I don’t like the increase in Net Debt – I continue to hold but will of course keep an eye on the market reaction here, I am a little nervous!

Carclo (CAR) – 80p – £58.4m – PER 6.6

Results For The 6 Months To End September 2018 – Revenue down -1%, Underlying PBT down -22%, FY still to be in-line and on track to grow substantially over the medium term.

I cannot change my view based on this update – This remains on my Avoid list for now.

Codemasters Group (CDM) – 171.5p – £242.2m – PER 14.6

Interim Results For The 6 Months To End September 2018 – Doesn’t seem to read particularly well but expects FY to be in-line with the Boards expectations (wonder what they are!).

I remain Neutral until I see those first set of results (IPO was less than 6 months ago).

Premier Foods (PFD) – 38p – £330.1m – PER 4.8

Results For The 26 Weeks To 29th September 2018 – Revenue up slightly with Adjusted PBT and EPS up 14.3% and 13.8% respectively although a statutory loss is reported. FY expectations unchanged. Net Debt is still HUGE here at £509.5m – The CEO will step down at the end of January 2019.

The Net Debt still keeps me well away here – It’s on my Avoid list for now.

TT Electronics (TTG) – 216p – £352.2m – PER 12.7

Trading Update – Expects to meet expectations and is in good shape for 2019.

Still quite like this but again, I just can’t get past being Neutral at the moment.

Ideagen (IDEA) – 142.5p – £312.4m – PER 27.0

Trading Update For The 12 Months To End October 2018 – Revenue and EBITDA expected to be significantly ahead of last year and in-line with management expectations.

I still reckon (perhaps wrongly) that this is fairly priced around this level.

IEnergizer (IBPO) – 105p – £199.6m – PER 9.32

Interim Results For The 6 Months To End September 2018 – Revenue up 9.5%, PBT up 70%+, Net Debt down from $26.4m to $18.5m. Diluted EPS is 9c versus 5c last time. Expect sustained performance through H2.

I like a lot here except the 10% or so Spread and it was on my Avoid list for that sole reason. I will move to Neutral and may even actually try and put some orders in here closer to the Bid.

As always, all comment most welcome!

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