Morning Brief – 18-Sep-2018

Morning Brief Images 18-Sep-2018

UK Stock Market News Today – 18-Sep-2018

Morning all!

Eagle Eye Solutions (EYE) – 124p – £31.6m – PER n/a

Final Results For The 12 Months To End June 2018 – Revenue up 33% to £14.8m (FY17: £11.1m), Gross margin maintained at 87% (FY17: 88%) but still a loss on the Adjusted EBITDA level of -£2.0m (FY17: -£1.8m).

I remain Neutral.

Augean (AUG) – 45.5p – £46.6m – PER 6.49

Interim Results For The 6 Months To End June 2018 – Adjusted Revenue (before landfill tax) up 6% to £32.9m (2017: £30.9m), Adjusted PBT up 36% to £4.5m (2017: £3.3m), Net debt improved to £2.7m (December 2017: £10.8m) – The rate of cash generation will slow in H2 as the capital spend to maintain landfill capacity will increase. Basic Adjusted EPS is up 21% to 3.18 pence (2017: 2.62p).

That outstanding landfill liability issue with HMRC means I will remain Neutral for now.

Bango (BGO) – 156.5p – £114.4m – PER 27.8

Interim Results For The 6 Months To End June 2018 – End User Spend (EUS) up 138% YoY to £220m (1h2017: £92m), Revenues up 54% YoY to £2.63m (1h2017: £1.72m), still loss making but with about £6m in Cash.

Still looks less of a gamble than it used to be but I remain Neutral for now.

Judges Scientific (JDG) – 2580p – £157.1m – PER 18.5

Interim Results For The 6 Months To End June 2018 – Revenues up 13% to a record £37.0m (H1 2017: £32.7m) including 5.7% Organic growth, Adjusted PBT up 50% to £6.6m (H1 2017: £4.4m), Adjusted Basic EPS up 52% to 83.4p (H1 2017: 54.8p) and the Interim Dividend is up 20% to of 12.0p. Expecting FY Adjusted PBT and EPS to be ahead of expectations.

Quite interesting and it’s going back on my Watchlist (for more research).

Porvair (PRV) – 516p – £235.7m – PER 24.8

Trading Update For The 9 Months To End August 2018 – Underlying Revenue up 11% with PBT in-line with management’s expectations. Order books are generally healthy with order intake strong.

I would still expect more on a PER of almost 25, I remain Neutral.

Flowtech Fluidpower (FLO) – 169p – £89.3m – PER 9.92

Interim Results For The 6 Months To End June 2018 – Great Revenue increase at 65.1% (to £56.4m) with Operating Profit up 22.4% but EPS is up just 10% and Net Debt is up 114% (to £18m). Cautious on the short term outlook (demand softening).

I sold out in July 2018 here after price action was non-inspiring following the AGM statement – I remain Neutral for now as it seems reasonably priced considering a cautious short term outlook.

Focusrite (TUNE) – 447.5p – £260.0m – PER 26.0

Trading Update For The 12 Months To End August 2018 – Revenue to be in-line (£75m) with Net Cash up from £14.2m to £22.8m – Mindful and cautious regarding macro-economic factors in the US and UkEurope.

I sold out here in July 2018 based on forecast EPS growth slow down ( to <10% per annum) – I remain Neutral.

As always, all comment most welcome!

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