Morning Brief – 18-Mar-2019

Morning Brief Images 18-Mar-2019

UK Stock Market News Today – 18-Mar-2019

Morning all!

Maintel Holdings (MAI) – 500p – £71m – PER 6.5

Results For The 12 Months To End December 2018 – Revenue up 8% (69% recurring) with Adjusted EPS up 20%, Net Debt at £25.5m and the FY Dividend will be up 2%.

Still quite like this although I do have concerns about the Net Debt – It’s probably the only thing stopping me buying in here (for now).

Miton (MGR) – 52p – £90m – PER 12.6

Results For The 12 Months To End December 2018 – AUM up 14%, Adjusted PBT up 34% (to £9.2m), £25.5m in Net Cash, Dividend up 43% and an Interim Dividend will be introduced this year.

I am Long here, I quite this this and will continue to hold – Even though I should really have sold out at about 60p (coming off it’s highs) but I just couldn’t justify it to myself. I am now hoping for some Broker upgrades here.

Restore (RST) – 266p – £330m – PER 9.5

Results For The 12 Months To End December 2018 – Revenue up 14%, PBT up 20%, EPS up 12% with the Dividend up 20%. Net Debt is up from £78.2m to £111.3m.

Looks like potential for some upside here whilst on a single digit PER but just not enough for me at present.

Spectra Systems (SPSY) – 116p – £53m – PER 19

Trading Update – Expects profits for the year ending 31st December 2019 to exceed market expectations – Related to a G7 Central bank contract due to start in Q2 2019 and extend through 2020.

Quite this but it just seems so hard to judge, never know where the new contracts are coming from (but they seem to keep coming) – For this reason alone I have to remain on the sidelines.

Volution (FAN) – 164p – £325m – PER 10

Interim Results For The 6 Months To End January 2019 – Revenue up 16.3%, Adjusted PBT up 7.6%, Adjusted EPS up 8.5%, the Interim Dividend is up 9.6% but Net Debt is up 39.5% (from £34.9m to £74.4m). Expects FY to be in-line.

Probably, considering that Net Debt and 3% or so Yield, about fairly priced here.

As always, all comment most welcome!

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