Morning Brief – 26-Feb-2019

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Morning Brief Images 26-Feb-2019

UK Stock Market News Today – 26-Feb-2019

Morning all!

Air Partner (AIR) – 85.5p – £44.6m – PER 8.8

Trading Update For The 12 Months To End January 2019 – Seems in-line and steady as she goes, with the usual caveat about the airline business.

This update seems rather uninspiring and even on a lowly valuation I am not quite tempted.

Augean (AUG) – 84p – £87.2m – PER 9.3

Results For The 12 Months To End December 2018 – Looks pretty good but there is still that outstanding issue with HMRC (£30m or so).

I still cannot be tempted here whilst that outstanding issue with HMRC remains.

Devro (DEV) – 171p – £285m – PER 10.2

Results For The 12 Months To End December 2018 – Not the easiest of statements to read but basically seems quite flat.

That Net Debt is still enought to put me off (now almost 50% of the current Market Cap and over 3x Operating Profit).

Hotel Chocolat Group (HOTC) – 306p – £345m – PER 29

Interim Results For The 26 Weeks To The 30th December 2018 – Revenue up 13%, PBT and EPS up 7%, Net Cash up to £21.8m (from £18.3m) and the Interim Dividend sees no change. Recent trading including Valentines inline with the Board’s expectations.

A decent update but I still can’t see how this justifies a PER of almost 30.

Lighthouse Group (LGT) – 26.5p – £34m – PER 14.7

Results For The 12 Months To End December 2018 – Revenue down slightly, PBT up 5%, FY Dividend up 67% and Net Cash is up about 10% or so to £9.55m.

Still seems (perhaps) fairly priced around this level to me.

Synectics (SNX) – 197.5p – £35m – PER 11

Results For The 12 Months To End November 2018 – Revenue up ever so slightly (£71.2m), PBT down slightly, Underlying Diluted EPS down from 15.2p to 12.6p, the year end order book is lower (£21m vs £24.4m last time) and the FY Dividend is up about 20%. Net Cash is up from £3.8m to £8.1m.

Stockopedia still likes this more than I do (StockRank 96) at present.

XLMedia (XLM) – 78p – £169m – PER 6.8

Trading Update – Trading for 2019 started in-line with management’s expectations although operational and regulatory headwinds see Revenue adjusted down by about $30m, EBITDA to be down $6m – $7m.

Happy to stay well away from this for now.

As always, all comment most welcome!

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