Morning Brief – 21-Nov-2017

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Morning Brief Images 21-Nov-2017

Morning All!

Solid State (SOLI) – 382.5p – £33.6m – PER 12.2

Interim Results For The 6 Months To End September 2017 – Revenue up 12% but PBT and EPS down 20%, £1.6m and 16.1p respectively. The open order book is £20.1m, up 38% on last year.

I quite like this and thought it was worth a closer look around the 400p level. For now though I am more tempted to wait and see an improvement in that Operating Margin.

CML Microsystems (CML) – 547.5p – £89.1m – PER 22.3

Interim Results For The 6 Months To End September 2017 – Revenues up 23% to £16.02m, PBT up 19% to £2.31m, Net cash of £12.72m and introducing a maiden interim dividend of 2.0p per ordinary share. Confident of meeting expectations for the full year.

Quite like the look of this – Any dip to the 400p level again and I will be more interested.

Focusrite (TUNE) – 302.5p – £179.5m – PER 20.7

Final Results For The Year To End August 2017 – Revenue up 13% (CC) to £66.1m (£54.3m last time), PBT up 33.5% to £9.5m (£7.1m last time), Adjusted EPS up 29.8% to 14.8p, Net Cash of £14.2m (£5.6m last time) and Dividends for the year are up 38% to 2.7p.

Although this update looks like just above expectations, there’s a lot to like here.

Stride Gaming (STR) – 256p – £184.5m – PER 12.5

Audited Results For The Year To End August 2017 – “A transformational Year driven by strong growth in Real Money Gaming” – I can’t work out from this report if this is a good update or not, it’s just so confusing.

This is in the “too hard for me” pile for now.

Severfield (SFR) – 64.5p – £202.6m – PER 10.5

Interim Results For The Period To End September 2017 – Revenue up 16% to £137.1m, PBT up 59% to £12.8m, Interim dividend up 29%, Order book up 10% at £245m – Full year results expected to be comfortably ahead of expectations.

Quite like this and tempted at this level. Looking for negatives, there is a £20m Pension Deficit but there’s also Net Cash of £32.4m. As I say, quite liking this.

Renew Holdings (RNW) – 440p – £268m – PER 12.7

Final Results For The Year To End September 2017 – Revenue up 6.7% to £560.8m, Adjusted PBT up 13.1% to £25.2m (£22.3m last time), EPS up 21.6% to 33.4p and Dividend is up 12.5% to 9p.

These latest figures seem to be in-line and considering the ROCE of 50% and the reasonably well covered Dividend (2%) – Looks like decent value here.

VP (VP.) – 877.5p – £347.3m – PER 9.84

Interim Results For The Period To End September 2017 – Revenues up 12% to £136.0m (£121.7m last time), PBT before tax and amortisation up 13% to £21.2m (£18.7m last time), ROCE up to 16% from 15.6% last time, EPS (pre amortisation) up 17% to 44.2p per share and the Interim Dividend is up 13% to 6.80p per share (6p last time).

There’s quite a lot to like here on a PER <10, the only fly in the ointment is perhaps the Net Debt (30% of the Mkt Cap).

XLMedia (XLM) – 163p – £333.1m – PER 14.5

Trading Update – EBITDA for the year ending 31 December 2017 to be materially ahead of expectations, PBT to be ahead of expectations albeit not to the same degree as EBITDA as a result of the effect of adverse currency exchange differences. Acquisition integration in-line with management expectations.

I hold and will continue to do so for now.

Empresaria (EMR) – 127.5p – £62.5m – PER 8.61

Trading Update – A record adjusted PBT but expected to be below current market expectations.

Not enough here for me to like, Net Debt at 25%, a tiny Dividend and a not so great update.

Phew – What a morning, apologies for any errors, was a real rush job!

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