Morning Brief – 14-Nov-2017

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Morning Brief Images 14-Nov-2017

Morning All!

A jam packed morning!

Adept Telecom (ADT) – 305p – £72.3m – PER 11.3

Interim Results For The 6 Months To End September 2017 – Revenue up by 36% to £22.6m (£16.5m last time), adjusted PBT up by 29% to £3.9m (£3.0m last time), adjusted EPS up by 20% to 13.3p and the Interim Dividend is up by 13% to 4.25p per share. Recent acquisition integrations seem to be going well and well positioned to make more.

This looks pretty good apart from that Net Debt, now £20m (almost 30% of Mkt Cap).

SRT Marine Systems (SRT) – 34.75p – £45.3m – PER 22.4

Interim Results For The 6 Months To End September 2017 – Broadly in-line. Revenue up 10% to £2.9m with an increased loss of £1.7m (£1.2m last time).

I can’t see how a PER of 22.4 is justified here, I’m certainly not interested at present.

Carclo (CAR) – 140.75p – £102.1m – PER 9.72

Half Year Results For The 6 Months To End September 2017 – A “solid first half performance” and the Board anticipates the full year to be in-line with its expectations – On track to grow substantially over the medium term. Well, Revenue is up nicely, about 10% – But PBT is down about 7% with EPS down almost 20%.

Just can’t find myself interested here.

Renold (RNO) – 46.75p – £103.1m – PER 8.33

Interim results For The 6 Months To End September 2017 – Even from a high numbers level they’ve managed to provide a most confusing update here. My reading between the lines is Revenue is flat and PBT is down about 40% from £4.0m to £2.4m.

Not only do I not like the confusing update, I don’t like my interpretation of what I think is what they meant to day (should have said). There is also a huge pension deficit here around the £100m mark (100% of the Mkt Cap).

James Cropper (CRPR) – 1490p – £138.9m – PER 22.3

Half Year Results To End September 2017 – This looks like an in-line update with the Board expecting to deliver full year expectations.

Even if they do deliver, I don’t see the attraction here on a PER of 22.3.

Speedy Hire (SDY) – 54.25p – £285.4m – PER 14.5

Results For The 6 Months To End September 2017 – A “strong first half performance”. And it doesn’t look too bad for a company that needed some surgery – Revenue up by 6.9% to £183.2m (£171.4m last time), adjusted PBT up 58.8% to £10.8m (£6.8m last time), adjusted EPS of 1.66 p (1.04p last time), Net debt reduced to £63.1m from £71.4m, Operating Margin is up to 6.6% from 4.5% and ROCE has almost doubled (9.4%). With the Dividend up 51.5% to 0.50p per share and the board are “confident of delivering a result for the year above current expectations and that the Group has a strong future ahead of it”.

Made some money here well over a decade ago. Have they turned a corner here, perhaps! Will be considered an opening position here.

Trifast (TRI) – 248p – £289.9m – PER 18.4

Results For The 6 Months To End September 2017 – “Another six months of strong growth, with increased trading driving up our underlying PBT”. Strong growth is Revenue up 4.8%, EPS up 8.1% and an Interim Dividend increase of 10%.

This “strong growth” would be tempt me into a position here, if the PER was about half of what it is at present.

Wondering this morning if many of the people writing these updates think many of us investors are plain stupid.

Liking Speedy Hire again for the first time in years!

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