Morning Brief – 14-May-2019

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Morning Brief Images 14-May-2019

UK Stock Market News Today – 14-May-2019

Morning all!

First of all, please note, there is a Parity PEG Price Report Mello May 2019 Special covering over 20 companies presenting at Mello this week available here.

Unlikely to be any updates from me until next Tuesday as I will be at Mello and then in London until then.

Hope to see many of you there.

1Spatial (SPA) – 36p – £36m – PER 80.9

Results For The 12 Months To End January 2019 – Revenue up 4.1% (to £17.6m), Loss of -£1.8m (£-1.6m last time).

Still not enough here to get me more interested at present.

CML Microsystems (CML) – 292p – £50m – PER 12.2

Trading Update For The 12 Months To End March 2019 – Revenue to be down -11% (to £28m), PBT circa £3m, Net Cash at £12.8m. First few weeks of the new trading year has similar headwinds to preceding few months.

I remain on the side-lines, looks potential for another warning, perhaps!

Eckoh (ECK) – 40p – £102m – PER 32.2

Trading Update For The 12 Months To End March 2019 – In-line, Net Cash at £8.3m (£3.6m last time), excellent sales pipeline.

There’s a lot to like here but I notice negative EPS growth forecast for 2019E with 2020E still being lower than 2018A – I remain on the side-lines for that reason alone.

Ideagen (IDEA) – 128p – £295m – PER 24.7

Trading Update For The 12 Months To End April 2019 – Strong, expects results to be marginally ahead of market expectations.

Based on a small beat on the current estimates I have, seems about fairly priced here – Will keep an eye out for revisions.

Michelmersh Brick Holdings (MBH) – 97p – £89m – PER 12.8

AGM Statement – Robust, confident FY will be in-line.

I still believe forecasts are for negative EPS growth in 2020E. Could be tempted here if those forecasts are revised.

Portmeirion (PMP) – 1215p – £129m – PER 15.4

Trading Update For The 4 Months To End April 2019 – Expecting FY PBT to be significantly below market expectations. Dividend policy should not be affected (this year).

Ouch! Had this down as a potential “reasonable growth with income”, now seems the opposite.

Premier Foods (PFD) – 36p – £305m – PER 4.3

Preliminary Results For The 12 Months To End March 2019 – Revenue flat. Adjusted PBT up 12.1% (to £88m) and Adjusted EPS up 11.5% (to 8.5p), Unadjusted, there’s a Loss Before Tax of -£42.7m and negative EPS of -4p. Net Debt at £469.9m (£494.4m last time).

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

Stock Spirits (STCK) – 234p – £466m – PER 13.8

Interim Results For The 6 Months To End March 2019 – Acquisition made and overall growth seems to be circa 10% or so.

Still hard to pick the meat out of the RNS issued by this company – Seems reasonable enough though with 10% or so growth, a 4% or so yield on a PER of 14 or so. Will keep an eye out for revised Broker notes.

Zytronic (ZYT) – 270p – £43.5m – PER 15.8

Interim Results For The 6 Months To End March 2019 – Revenue down slightly, PBT down from £2.2m to £1.4m, Interim Dividend maintained (7.6p), Basic EPS down from 11.7p to 7.4p, Net Cash down from £14.6m to £12.1m. Although H2 usually stronger, may not be the case this year.

I still have no interest here at present.

As always, all comment most welcome!

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