Morning Brief – 2-Apr-2019

Morning Brief Images 2-Apr-2019

UK Stock Market News Today – 2-Apr-2019

Gear4Music (G4M) – 215p – £45m – PER 28

Trading Update For The 13 Months To End March 2019 – Revenue up 36%, Customer numbers up 53%, Website conversion up from 3.25% to 3.4%. Casg at £5m (£3.5m last time). Margins impact with EBITDA to be no less than £2m.

There’s loads of waffle in this update, too much for me to take in with limited time in the morning. Gut feel, I remain unconvinced here but will keep an eye out for revised Broker notes.

Hostelworld (HSW) – 183p – £175m – PER 12

Results For The 12 Months To End December 2018 – Bookings flat, Revenue down, Operating Profit down, EPS down, Dividend dow. This years trading started in-line.

I am as attracted here today as I was yesterday.

Next Fifteen Communications (NFC) – 561p – £469m – PER 15

Results For The 12 Months To End January 2019 – Adjusted Revenue up 14%, Adjusted PBT up 23%, Fully Adjusted EPS up 19%, Net Debt at £5.2m (£11.6m last time), Total Dividend is up 20%. Current trading in-line and confident of another significant increase in profitability this year.

These results look slightly ahead and previously I considered this fairly priced around 500p. I will keep an eye out for potential Broker upgrades here.

Taptica International (TAP) – 200p – £137.4m – PER 6.6

CEO, Trading Update & Buyback – CEO appointed, confirms Rhythm One (recent acquisition) trading below market expectations, Buyback program in place.

All sounds a bit fishy, I am still staying away from this for now.

TP (TPG) – 6.2p – £47m – PER n/a

Results For The 12 Months To End December 2018 – Revenue ahead of forecast, up 40% from £27.9m to £39 and a break-even has been achieved after a -£1m Loss last time. Cash stands at £22.4, the Order book is up 16%.

Seems like sound steps being made here – Will keep an eye on the profitability here.

Wincanton (WIN) – 232p – £288m – PER 6.9

Trading Update For The 12 Months To End March 2019 – In-line with Revenue lower than last year but Margin improved (due to exiting lo margin contracts). Net Debt circa £20m.

Perhaps attractive for the Yield (5% or so) but not sure about the growth here.

YouGov (YOU) – 477p – £503m – PER 24.4

Interim Results For The 6 Months To End January 2019 – Revenue up 18%, Adjust PBT and EPS up 28% and 33% respectively.  Confident of FY expectations.

Called this wrong over a year ago and still wonder if its not too late to get in – Fairly priced now, perhaps!

As always, all comment most welcome!

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