Morning Brief – 18-Jul-2019

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Morning Brief Images 18-Jul-2019

UK Stock Market News Today – 18-Jul-2019

Morning all!

Boku Inc (BOKU) – 127p – £320m – PER 43

Trading Update For The 6 Months To End June 2019 – On track to met FY expectations.

I am Long here and, subject to market reaction, this update will not give me reason to change that at present.

Cello (CLL) – 124p – £131m – PER 13.5

Trading Update For The 6 Months To End June 2019 – Strong 6 months, confident of FY at least in-line, continues to assess suitable acquisitions.

I still reckon I would need to see a single digit PER here to make me more interested. Based on the latest Broker note this morning, in my opinion, this looks way overvalued on a 1 Year and 2 Year view.

Minds Machines (MMX) – 6p – £55m – PER n/a

Trading Update – In-line and £1m Buy-Back announced, management considering the company undervalued.

No more attracted today as I was yesterday. Based on the latest Broker note this morning, in my opinion, this looks way over valued on a 1 Year view (no 2 Year forecasts provided).

Photo-Me International (PHTM) – 91p – £344m – PER 8.7

Results For The 12 Months To End April 2019 – Revenue flat with PBT down about -15% (Brexit mentioned), EPS about -20%, Net Cash about -40%, the Dividend is unchanged.

Still can’t get any more interested here at present. Based on the latest Broker note this morning, in my opinion, this looks way overvalued on a 1 Year and 2 Year view.

Scientific Digital Imaging (SDI) – 49p – £48m – PER 15

Results For The 12 Months To End April 2019 – Revenue up 20% (to £17.4m from £14.5m) of which 5% was organic, Gross margin 66.1% (65.8% last time), Adjusted PBT up 32% (to £3.0m from £2.3m) with Net Debt at £1.6m. Confident of increased Revenue and new acquisitions in 2019/20, encouraged by performance in the new financial year.

I am Long here and this seems in-line ish and still reasonable value. Based on the latest Broker note this morning, in my opinion, this looks about fairly valued on a 2 Year view, need earning enhancing acquisition(s) or significant improvement in organic growth here.

Strix (KETL) – 162p – £308m – PER 10.7

Trading Update For The 6 Months To End June 2019 – Expects FY to be in-line.

I said this last time (161p) and maintain that view – “Growth wise, I still see this as fairly priced here (at best) – Perhaps more attractive to those seeking income”. Based on the latest Broker note this morning, in my opinion, this looks about fairly valued on a 2 Year view (taking into account the 5% or so yield).

SRT Marine Systems (SRT) – 34p – £54m – PER 17

Results For The 12 Months To End March 2019 – Revenue up 286% from £5.3m to £20.6m, PBT of £3.2m (Loss of -£4.2m last time), growing pipeline of opportunities.

This looks quite encouraging however latest Broker note this morning indicates negative EPS growth forecast for next year (no forecasts provided for subsequent year).

As always, all comment most welcome!

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