Morning Brief – 23-Sep-2019

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Morning Brief Images 23-Sep-2019

UK Stock Market News Today – 23-Sep-2019

Morning all!

Billington Holdings (BILN) – 318p – £41m – PER 9

Interim Results For The 6 Months To End June 2019 – Revenue up 19.7%, PBT up 38.1%, EPS up 39.1%, Cash at £10.01m. Strong H1 and cautiously optimistic on FY and beyond.

This looks good and will be keeping an eye out for Broker updates.

Gama Aviation (GMAA) – 75p – £48m – PER 7

Interim Results For The 6 Months To End June 2019 – Revenue up 22.5%, Gross Profit up 19.9%, FY outlook unchanged.

This seems quite good but I have no interest until I see the FY actuals.

Instem (INS) – 375p – £61m – PER 18

Interim Results For The 6 Months To End June 2019 – Revenue up 11%, PBT up from £0.1m to £0.4m, Diluted EPS up from 0.2p to 1.9p, Cash at £6m (£3.7m). Move from perpetual to SaaS more successful than anticipated, slight current year impact but liner term recurring going forward.

Quite like this but does look about fairly valued now.

Iofina (IOF) – 29p – £56m – PER 11

Interim Results For The 6 Months To End June 2019 – Revenue up 29%, EBITDA up 172% (the real Loss being -$0.3m), expanding in-line with it’s growth strategy.

Looks OK but really need to wait and see FY actuals.

Keystone Law (KEYS) – 525p – £164m – PER 33

Interim Results For The 6 Months To End July 2019 – Revenue up 15.3%, Adjusted PBT up 15.4%, Special Dividend of 8p. H1 ahead of expectations,

I still don’t see enough value here.

XLMedia (XLM) – 75p – £155m – PER 7

Interim Results For The 6 Months To End June 2019 – Revenue, Profit and EPS down, Interim Dividend up slightly, FY revised lower.

I personally don’t believe the yield (7%+) is worth the risk here.

As always, all comment most welcome!

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