Morning Brief – 14-Mar-2018

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Morning Brief Images 14-Mar-2018

UK Stock Market News Today – 14-Mar-2018

Morning all!

Dignity (DTY) – 853p – £425.9m – PER 12.6

Results For The 12 Months To End December 2017 – Seems to be in-line (ish). Outlook statement does not sound particularly bullish except deaths are up 7% so far in 2018, expectation was no increase.

3 times cheaper than 6 months ago, in-line is not going to get me interested yet.

EKF Diagnostics (EKF) – 26.25p – £120.1m – PER 25.0

Results For The 12 Months To End December 2017 – Revenue up 8% to £41.6m (2016: £38.6m), Gross Profit up 25% to £22.9m (2016: £18.3m), EPS 0.59p (2016: nil), Net Cash of £7.0m (31 Dec 2016: £2.2m). 2018 in-line with managements expectations.

I just cannot work out if this looks good or if it’s just average. The spidey senses are not triggering buy signals so for now I will remain Neutral.

Empresaria (EMR) – 94.45p – £46.3m – PER 7.62

Results For The 12 Months To End December 2017 – The headline is “Record adjusted profit before tax and adjusted earnings per share”. Revenue is up 28% CC from £270.4m to £357.1m with Adjusted PBT up 14% to £11.0m versus £9.2m last time. It’s 6 consecutive years of double digit %growth in adjusted earnings per share and the Final Dividend is up by 15% to 1.32p (2016: 1.15p.

Quite like this with the main concerns probably being the Operating Margin and Net Debt. Enough to remain Neutral for now.

SafeCharge International (SCH) – 307.5p – £453.5m – PER 18.2

Results For The 12 Months To End December 2017 – Revenue up 7% to $111.7m ($104.1m last time) but Profits and EPS are down. The total annual Dividend will be just 3% up on last year.

I hold a long position here but have to say, I am not overly impressed with these results. Will keep an eye on the market reaction.

StatPro (SOG) – 187p – £122.7m – PER 26.2

Results For The 12 Months To End December 2017 – Revenue up 31% to £49.34m (2016: £37.55m), Adjusted PBT up 29% to £3.45m (2016: £2.68m), before acquisition, restructuring costs and other adjusting items of £6.80 million (2016: £12.80 million), Adjusted EPS up 74% to 5.9p (2016: 3.4p) and the FY Dividend is flat at 2.9p. This year has started in-line.

I simply cannot work out if this is expensive here or decent value. I favour the latter but for now will remain Neutral.

Alumasc (ALU) – 169.4p – £61.2m – PER 7.07

Trading Statement – Slower Q3, Revenues expected to be 5% below previous expectations and PBT 15% below.

Even with an impressive StockRank of 88, this is not a point at which I will be buying. I also believe there is also a Pension deficit of £30m or so here.

Somero Enterprises (SOM) – 364.75p – £205.1m – PER 13.7

Results For The 12 Months To End December 2017 – Revenue up to a record US$ 85.6m, up 8% from 2016, Adjusted EBITDA up 14% to a record US$ 28.0m (2016: US$ 24.6m), Debt-free balance sheet, Net cash of US$ 19.0m despite US$ 13.9m of dividend payments in 2017, Final Dividend of 12.75c for a total 2017 Dividend of 15.5c, a 40% increase over last year and a supplemental Dividend of 3.6c to be paid with final 2017 Dividend. Outlook is confident.

I hold and will continue to do so even though the growth is not as exciting as I was anticipating. The Dividend progress helps.

Everyman Media (EMAN) – 193p – £135.2m – PER 39.4

Results For The 12 Months To End December 2017 – Revenue up 37% to £40.6m (2016: £29.6m) and Adjusted EBITDA up 67% to £6.6m (2016: £4.0m).

I just can’t get to this racy valuation here, are cinema’s not going to become less popular (like the high street, it’s easier to shop on-line as it is to watch a movie on-line – Sure there’s that shopping looky touchy, feel experience like cinema has it’s attractions but it didn’t help the high street).

As always, all comment most welcome – Have a great day!

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