Morning Brief – 25-Sep-2018

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Morning Brief Images 25-Sep-2018

UK Stock Market News Today – 25-Sep-2018

Morning all!

Blancco Technology (BLTG) – 86p – £55.0m – PER 23.5

Interim Results For The 6 Months To End June 2018 – Revenue up just 2% but looks like the Loss is much less than last time – Excited about the future!

The PR agency for this company should be shot – This remains on my Avoid list as I just can’t understand the results, ever. Who cares that you are “excited about the prospects ahead”, more people care about whether you will be on track to meet or exceed expectations or not – And, perhaps, what they are. Most people are “excited about the prospects ahead”, rant over!

Hotel Chocolat Group (HOTC) – 337.5p – £378.0m – PER 32.3

Preliminary Results For The 12 Months To 1st July 2018 – Revenue up 11% to £116.3m (2017: £105.2m), PBT up 13% to £12.7m (2017: £11.2m), EPS up about 12% to 8.8p (2017: 7.8p), Annual Dividend will be 1.7p (2017: 1.6p).

I still can’t see why people are paying up for this on a PER of 30+, I remain Neutral until it’s at least half this price.

Swallowfield (SWL) – 310p – £53.1m – PER 11.6

Final Results For The 53 Weeks To End June 2018 – Revenue down 3.5% but Adjusted PBT is up 37% to £5.0m (2017: £3.6m) and Adjusted EPS is up 31% 23.2p (2017: 17.7p). The Annual Dividend will be 6.2p (2017: 5.2p), up 19%. Net Debt is up to £11.8m (2017: £3.6m).

I remain tempted here, but Neutral for now.

Altitude (ALT) – 93p – £51.6m – PER 13.9

Interim Results For The 6 Months To End June 2018 – Revenue slightly lower, Loss slightly higher. Outlook seems a little cautious.

I remain Neutral not wishing to pay up for “jam tomorrow” here.

Animalcare (ANCR) – 215p – £129.0m – PER 15.2

Interim Results For The 6 Months To End June 2018 – Looks like Revenue is up 6% or so and Statutory Net Profit is up 75% or so whilst EPS is down 30% or so.

I give in, there’s enough here not to like without confusing the hell out of people with wording like this – I remain Neutral.

Keystone Law (KEYS) – 329p – £101.3m – PER 27.2

Interim Results For The 6 Months To End June 2018 – Revenue up 29.9% to £19.9m (H1-2018: £15.3m), PBTA up 40.3% to £2.3m (H1-2018: £1.7m), Basic EPS up 30% or so to 5.5p. Confident for H2.

Still looks OK but could perhaps be fairly priced around these levels.

Learning Technologies (LTG) – 126p – £865.5m – PER 43.6

Interim Results For The 6 Months To End June 2018 –  Revenues up 60% to £33.8m, Adjusted Diluted EPS up 140% to 1.122p (H1 2017: 0.468p) and the Interim dividend of 0.15p is a 67% increase. FY Profit to be significantly ahead of the Board’s expectations with good visibility into 2019.

I am Long here from when it was <£500m Market Cap and based on this update I remain so for now.

Premier Technical Services (PTSG) – 181.5p – £196.1m – PER 15.0

Interim Results For The 6 Months To End June 2018 – Revenue up 38%, Adjusted EPS up 30% and the Interim Dividend is up 13%. Net Debt is down to £11.8m (£18.3m last time), enthusiastic for the future.

Looking more attractive, I will go Neutral for now – Although I recall some FCA related issues here, need to check this.

Sumo (SUMO) – 182p – £245.5m – PER 27.1

Interim Results For The 6 Months To End June 2018 – Revenue up 60%, Loss lower at -£1.8m (-£2m last time). FY to be in-line with consensus market forecasts.

First coverage for me and not a huge amount to go on here. I will be Neutral and try and give it a little more time later in the week.

S & U (SUS) – 2560p – £310.9m – PER 9.69

Interim Results For The 6 Months To End July 2018 – Revenue up 23%, PBT up 17%, as is EPS. Interim Dividend is up from 28p to 32p. Quietly confident for the future.

I remain Neutral – Kicking myself for not getting involved here at 2000p I will probably be doing the same for not getting involved at this level.

Park (PARK) – 67.25p – £125.1m – PER 11.0

AGM Statement – In-line with expectations (£13.6m PBT on Revenue of £300m (GREAT guidance)).

I still can’t get excited about a gift voucher / prepaid gift card company, especially one growing at <10% per annum – I remain Neutral.

Scientific Digital Imaging (SDI) – 41.25p – £37.0m – PER 17.1

AGM Trading Update – A good start is about as much as I can glean from this.

I remain Neutral as based on growth forecasts it seems at best fairly priced (to me).

WYG (WYG) – 58p – £43.8m – PER 11.3

Trading Update For The 6 Months To End September 2018 – Revenue and Profits to be broadly in-line with the same period last year – FY expectations unchanged.

Not sure this sounds so great based on a quick look at the forecasts on Stockopedia – I remain Neutral.

Next Fifteen Communications (NFC) – 561p – £441.0m – PER 16.5

Interim Results For The 6 Months To End July 2018 – Revenue up 14%, PBT up 26% and EPS up 25%, confident of meeting FY expectations.

Looking more attractive here, I am Neutral but may well look into this a little more this week.

As always, all comment most welcome!

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