Morning Brief – 17-Jan-2019

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Morning Brief Images 17-Jan-2019

UK Stock Market News Today – 17-Jan-2019

Morning all!

4imprint (FOUR) – 1855p – £522m – PER 16.6

Trading Update – FY Underlying PBT expected to be at least at the upper end of the range of current market forecasts.

Looks like some value is to be had here including a decent yield, for now though – I will remain Neutral.

Arena Events (ARE) – 58p – £88m – PER 9

Trading Update For The 12 Months To End December 2018 – Expects Revenue in-line with Adjusted EBITDA in the range of £12m – £12.5m with EPS up circa 25%.

I had EPS down for a 300% increase so a reference to 25% is a concern – This is coming off my Watchlist until I see the Actuals.

N Brown (BWNG) – 101p – £277m – PER 4.6

Q3 Trading Statement – FY expectations unchanged.

The HUGE Net Debt is enough to keep me from getting involved here.

Everyman Media (EMAN) – 204p – £145m – PER 53.7

Trading Update For The 53 Weeks To 3rd January 2019 – Trading continues to be in-line.

Perhaps overvalued based on the on-going movement to on-line viewing, could be wrong though!

Game Digital (GMD) – 23.3p – £39.5m – PER n/a

Trading Update – FY to be in-line with expectations – Cash is up from £89m to £96m.

This is still just too difficult for me to work out where it’s going to end up – I remain on the side-lines for now. Where’s that Cash going to go?

Judges Scientific (JDG) – 2410p – £149m – PER 14.4

Trading Update For The 12 Months To End December 2018 – EPS to be slightly ahead of current market expectations.

Still overvalued to me.

Microgen (MCGN) – 384p – £235m – PER 18.6

Trading Update For The 12 Months To End December 2018 – In-line.

Still reckon this is fairly priced at best.

Portmeirion (PMP) – 1000p – £108.7m – PER 12.9

Trading Update For The 12 Months To End December 2018 – Revenue and PBT to be ahead of market expectations.

I still see this as offering some value but not enough to warrant any more than 30% upside, perhaps – Downside could be protected somewhat though with that 4% or so yield.

Premier Foods (PFD) – 34p – £281m – PER 4

Q3 Trading Statement – FY Profit and EPS expectations unchanged.

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

Taptica International (TAP) – 174p – £119m – PER 4.41

Trading Update For The 12 Months To End December 2018 – In-line with management expectations with Net Cash of $54.4m.

This is very tempting and I will be keeping an eye out for Broker notes here today.

Ten Entertainment (TEG) – 220p – £139m – PER 10

Trading Update For The 52 Weeks To 30th December 2018 – LFL Revenue up 2.7%, total up 7.5% – EBITDA expectations unchanged.

Sadly, need to wait and see the Actuals for Profits and EPS – I am Long here but down 20% from the highs, I may well be tempting to change that.

XLMedia (XLM) – 74p – £160m – PER 6.6

Trading Update For The 12 Months To End December 2018 – Lower Revenue of about $118 but EBITDA to be in-line.

Not enough in this update to change my stance from Neutral.

As always, all comment most welcome!

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