Morning Brief – 16-Nov-2017

Morning Brief Images 16-Nov-2017

Morning All!

Iofina (IOF) – 14.88p – £19.0m – PER n/a

Market Update – A reassurance that a new structure project is on progress and that it expects to meet or exceed the upper end of its H2 2017 production forecasts (225 – 240 MT).

It sounds like an interesting enough company. However, it’s still loss making and it’s got Net Debt of almost 100% of it’s Mkt Cap – I just can’t bring myself to consider investing in this at present.

Vitec (VTC) – 1045p – £479.9m – PER 14.3

Trading Statement – In-line.

Almost doubled in the past 12 months this is ticking a lot of boxes. It’s now going on my Watchlist, my thought being 930p is the technical low – So a 1000p entry or thereabouts and a 900p gives a low enough risk investment.

Clipper Logistics (CLG) – 395p – £396.1m – PER 22.0

Trading Update – In-line – With recent acquisitions integrated and also in-line with expectations. Board remains confident.

I really like this, it’s on my Watchlist.

Macfarlane (MACF) – 74p – £116.6m – PER 10.9

Interim Management Statement For The Period 30 June 2017 to 31 October 2017 – “Board remains confident that full year expectations will be met”.

Always quite fancied this around the 60p mark with a, say, 50p Stop. There’s quite a lot to like, rising Revenues, Profits, EPS, a ROCE of 15%, a decent well covered 3% Dividend. Any downside is that 20% of Mkt Cap Net Debt but the ROCE of 15% means that’s less scary to me.  Based on the fact it’s trebled in the past 5 years and it’s on a PER of 10 I wonder why I am not involved here from the 60p area (I’ve had my chances). This is still on my Watchlist at 60p but I am thinking, on a lowly PER of 10.9, it may well be worth raising the bar here.

Dods (DODS) – 13.63p – £46.4m – PER 27.3

Interim Results For The 6 Months Ended September 2017 – Looks like an in-line update to me.

Seems like a company that’s growing at about 10% or so a year. On a PER of almost 30 I would want more than that.

Keeping an eye on a few of these, particular if we get a general correction here.

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