Morning Brief – 17-Jul-2019

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Morning Brief Images 17-Jul-2019

UK Stock Market News Today – 17-Jul-2019

Morning all!

Alliance Pharma (APH) – 70p – £365m – PER 12.8

Trading Update For The 6 Months To End June 2019 – Revenue up 29% (10% ex. acquisitions), expects FY to be in-line. Net Debt down and new Credit Facility in place (to facilitate future acquisitions).

Still looks fairly priced here (at best) to me.

Augean (AUG) – 121p – £125m – PER 10.5

Results For The 6 Months To End June 2019 – Revenue up 40%, Adjusted PBT up 100% and EPS up 114%, Net Cash at £22.8m (up from £8.2m). Expects to exceed FY market expectations.

There’s almost enough Net Cash to cover the potential HMRC liabilities (circa £30m) if not resolved but it’s still enough to put me off for now.

Bloomsbury Publishing (BMY) – 234p – £176m – PER 13.8

Trading Update For The 4 Months To End June 2019 – Expecting FY to be in-line.

Seems about fairly valued with 250p as a potential cap.

Carr’s (CARR) – 150p – £137m – PER 10

Trading Update – Expects FY to be in-line.

Not enough to interest me any further at this stage, seems about fairly valued.

Hotel Chocolat (HOTC) – 370p – £415m – PER 33

Trading Update For The 12 Months To End June 2019 – Revenue up 14% with PBT to be in-line. This year continues to be in-line.

Looks like a slight beat of Revenue but with EPS growth forecast at 7% in 2019E and 17% in 2020E I just don’t see how this justifies a PER pf 30+, my only interest here would be a Short position.

Ideagen (IDEA) – 146p – £320m – PER 25

Results For The 12 Months To End April 2019 – Revenue up 29% to £46.7m (67% recurring), Adjusted PBT up 26% to £12.2m and EPS up 15% to 4.8p, the Total Dividend is up 15% with Net Debt at £1.3m (Net Cash £0.8m last time).

I still see this as fairly priced around the 150p level.

UP Global Sourcing Holdings (UPGS) – 86p – £72m – PER 11

Trading Update – Strong, expects FY Revenue circa £121.5m with Underlying PBT above market expectations.

That’s about a couple of million above the forecast – That’s not enough to get me more interested yet.

As always, all comment most welcome!

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