Morning Brief – 21-Feb-2019

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Morning Brief Images 21-Feb-2019

UK Stock Market News Today – 21-Feb-2019

Morning all!

Avation (AVAP) – 287p – £185m – PER 10.7

Interim Results For The 6 Months To End December 2018 –Revenue up 11%, PBT up 95%, EPS up 97% and Asset value up 9%.

Still think this seems impressive, my only concern is that forecast EPS figures are quite poor (but this is not reflected in these H1 results). I will be keeping an eye out for Broker notes here, once again, on this ex-holding.

Idox (IDOX) – 30p – £124.6m – PER 8.8

Trading Update For The 12 Months To End October 2018 – Revenue down, and Profit/EPS flat/down depending on which figure you look at. The Dividend has been stopped.

Remains on my Avoid list for now.

Innovaderma (IDP) – 84.5p – £12.2m – PER 8.1

Interim Results For The 6 Months To End December 2018 – Revenue down 7.48%, LBT up from -£0.03m to -£0.04m. Gross margin is up from 53.2% to 58.3% (driven by stronger retail sales weighting). Second half strong (6 weeks LFL up 37%).

Still cover this as I started when it was worth over £30m. At present I cannot see it getting back there any time soon.

Macfarlane (MACF) – 93p – £146.5m – PER 12.2

Results For The 12 Months To End December 2018 – Revenue up 11% (£217.3m), PBT up 17% (£10.9m) (9th year of Profit growth and current YTD is ahead of this), FY Dividend up 10%. The Pension Deficit has been reduced from £11.8m to £9.8m.

Sold out at around 100p here believing that to be about fair value – I retain that view at present.

McBride (MCB) – 87p – £160m – PER 5.5

Interim Results For The 6 Months To End December 2018 – Looks OK but expects FY Adjusted PBT to be lower than last year (by 10% – 15%).

I am no more interested here today than I was yesterday.

Morgan Sindall (MGNS) – 1134p – £515.6m – PER 7.82

Trading Update For The 12 Months To End December 2018 – Revenue up 6% (£2,972m), Adjusted PBT up 23% (£81.6m), Adjusted EPS up 25% (151.8p), Ney Cash up from £193m to £207m, FY Dividend up 18% (53p). In a strong position to deliver on 2019 expectations.

I sold out here late last year believing this to be fair value around this level.

Murgitroyd (MUR) – 484p – £43.6m – PER 13

Interim Results For The 6 Months To End November 2018 – Revenue up 5%, PBT up about 1%, EPS up 3%.

On a PER of 20 I didn’t see the value here, I am still finding it difficult even at this price.

Vitec (VTC) – 1125p – £510m – PER 12.2

Results For The 12 Months To End December 2018 – Revenue up 10.8% (£385.4m), Adjusted PBT up 20.8% and EPS up 32.2% (lower tax rate helped). The FY Dividend is up 21.3% (37p). 2019 outlook remains unchanged.

Looks OK to me and one I perhaps need to look into a little more as I don’t really have any kind of view at present.

Wilmington (WIL) – 186p – £163m – PER 9.9

Interim Results For The 6 Months To End December 2018 – Revenue flat, Adjusted PBT and EPS down 30% or so but still on track to meet FY expectations.

First coverage here for me and I will look into this a little more, hopefully later today.

As always, all comment most welcome!

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