Morning Brief – 25-Oct-2018

Morning Brief Images 25-Oct-2018

UK Stock Market News Today – 25-Oct-2018

Morning all!

Debenhams (DEB) – 8.5p – £104.6m – PER 3.4

Preliminary Results For The 52 Weeks To 1st September 2018 – Confirms previous figures (from 10th September).  Transformation strategy in progress.

Remains on my Avoid list, it’s a coin flip at best (in my opinion) whether this will work out or not.

Air Partner (AIR) – 106.5p – £55.6m – PER 11.5

Results For The 6 Months To End July 2018 – Underlying PBT flat at £4.2m (statutory down 30%) with Underlying EPS up 8.9%. Outlook “challenging” but “in-line”.

I remain Neutral here as this just doesn’t sound particularly exciting to at present.

Alumasc (ALU) – 128.5p – £46.4m – PER 6.85

AGM Statement And Trading Update – FY expectations unchanged.

It’s not I don’t believe them but I retain my “staying away from this for now” stance here – Neutral.

Filtronic (FTC) – 21.25p – £44m – PER 35.4

AGM Statement – In-line (with a little bit of caution relating to legacy sales).

I am yet to see value here so remain Neutral.

Mattioli Woods (MTW) – 687.5p – £180.8m – PER 15.9

AGM Statement – A lower level of client activity (didn’t blame the weather but did blame poor investor sentiment and Brexit) has impacted Revenue but not EBITDA. Profit outlook is in-line.

I still quite like this and can see value here at last. I remain Neutral but will do a little more research this week (hopefully).

1pm (OPM) – 47p – £41.0m – PER 6.15

AGM Statement – Trading is in-line.

Bought in here earlier this month, I had this to say “Seeing potential for a 100%+ 2 year upside on a current PER of about 7. Forecast for 6% EPS growth in 2019E and 13% EPS growth in 2020E plus a very well covered 1.5% yield. ROCE (9.39%) is well above the Industry median and the Op Margin (26.5%) is also very good.”. I remain Long here and if these forecasts are met I expect upside.

Eckoh (ECK) – 39p – £98.6m – PER 44.1

Trading Update For The 6 Months To End September 2018 – In-line with Net Cash up to £3.4m (from £1.7m).

I remain Neutral as (according to Stockopedia) EPS will be down almost 50% if in-line.

StatPro (SOG) – 124.5p – £81.9m – PER 14.8

Q3 Trading Update – In-line.

Could well be value here now, I remain Neutral but will research this a little more this week.

Centaur Media (CAU) – 39.5p – £57.1m – PER 10.9

Trading Update – Expects Revenue to be below current market expectations now considering “selective divestments”.

I remain Neutral as no idea what the outcome could be here.

SCS (SCS) – 221p – £88.4m – PER 8.7

Trading Update – Last 12 weeks in-line even with the bad (27) House Of Fraser concessions included – Confirmation these are to now cease trading.

I remain Neutral as in-line forecasts are for lower EPS than last year.

As always, all comment most welcome!

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