Morning Brief – 25-Jun-2019

Morning Brief Images 25-Jun-2019

UK Stock Market News Today – 25-Jun-2019

Morning all!

1PM (OPM) – 42p – £37m – PER 5

Trading Update For The 12 Months To End May 2019 – Revenue to be up 6% with PBT (before exceptionals and share based payments) up 4%, EPS to be up 2% or so. 50% of current year revenue already secured.

I am long here and I was expecting better than this – Will monitor the market reaction this morning.

D4t4 Solutions (D4T4) – 250p – £98m – PER 19.7

Results For The 12 Months To End March 2019 – Strong year, Revenue up 37% (to £25.24m), Adjusted PBT up 48% (to £6.02m), Adjusted Diluted EPS up 57% (to 13.89p), Net Cash up 185% to £11m and the Dividend is up 20%. New year trading in-line.

Still looks overvalued here (based on forecasts), so I will keep an eye out for any upgrades.

Gear4Music (G4M) – 230p – £48m – PER 50.7

Results For The 12 Months To End March 2019 – Revenue up 48% and it’s a Loss of -£0.163m versus a Profit of £1.386m last time.

I remain unconvinced here.

IEnergizer (IBPO) – 206p – £392m – PER 13.8

Results For The 12 Months To End March 2019 – Revenue up 11.8%, PBT up 47.1% ($40.8m), Margin up from 17.7% to 23.1%, EPS up over 50% from 11c to 17c, Dividend 10.4p (none last time) and will be progressive, Net Debt down from $26.4m to $3.9m.

Still lots to like here and sometimes I try a sneaky order but never get filled, the spread can be 10% here!

Morses Club (MCL) – 150p – £195m – PER 10.3

AGM Statement – Challenging but current trading remains in-line.

I will say the same thing as last time I covered this “Always quite liked this, decent growth and yield (5% or so). I reckon there’s some value here however the potential risk of more regulation just makes me shy away from that Buy button.”.

Northgate (NTG) – 322p – £429m – PER 8.1

Results For The 12 Months To End April 2019 – Revenue up 6.2% (£745.5m), Adjusted PBT up 7.2% and EPS up 11.2% with the Dividend up 3.4%.

Remains on my Avoid list – Net Debt is just way too big at 100% of Market Cap and almost 8x PBT.

Redcentric (RCN) – 80p – £120m – PER 12.7

Results For The 12 Months To End March 2019 – Revenue down from £100m to £93.3m (85% is recurring), EBITDA is down, EPS is down with Net Debt down from £27.7m to £17.6m, Buy Back of up to 5% proposed.

Could still be value here after being beaten up this past couple of years although I am not so sure just yet.

As always, all comment most welcome!

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