Morning Brief – 17-Nov-2017

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Morning Brief Images 17-Nov-2017

Morning All!

Carillion (CLLN) – 41.5p – £178.6m – PER 1.99

Covenants Deferral – Test date extended from December 2017 to April 2018.

At least they seem to have the backing of the major stakeholders (and the banks), guess they don’t have much choice! I hope for a happy outcome here but I won’t be backing it.

T Clarke (CTO) – 73.13p – £30.6m – PER 5.05

Trading Update From 1-July-2017 To Date – Expecting 2017 to be in-line, PBT of £6.5m and Revenues in excess of £300m. This is a really nice update, both in its clarity and content.

Tempted here – 2 majors holding me back – The Pension Deficit of about £20m (over 60% of Mkt Cap) and the low Operating Margin (about 1.5%). I wonder where this company will be in 3 to 5 years time – Can it become a MGNS, COST, KIER? I am still on the fence.

Seeing Machines (SEE) – 5.63p – £83.7m – PER n/a

AGM Statement – I can’t work out if this is just waffle or there’s any actual value in it. My main take away was this “I strongly believe that our hard work and planning have put Seeing Machines into an enviable position”. Perhaps this is true.

This company burns money and is forecast to continue doing so. Too much jam tomorrow, even though it could be a lot of jam, I am awaiting to see that burn slow down (significantly). I also believe if they are truly in an “enviable position” they will not get a chance to become a 10/20 bagger, they’ll just get bought out instead – Just my thought.

Record (REC) – 47.38p – £94.3m – PER 14.5

Interim Results For The 6 Months To End September 2017 – Seem to be at least in-line.

It’s not the most dynamic company in the world and although Stockopedia (StockRank 93) likes it – It’s goes into the “too difficult for me” pile.

Good Weekend to all!

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