Morning Brief – 28-Feb-2019

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Morning Brief Images 28-Feb-2019

UK Stock Market News Today – 28-Feb-2019

Morning all!

Arrow Global (ARW) – 180p – £317m – PER 4.3

Preliminary Results For The 12 Months To End December 2018 – Record portfolio investments (£263.4m), Underlying PBT (EPS similar) up 13.3% (to £64.1m) with the Dividend up 12.4%.

Stockopedia still classes this as a “Speculative Value Trap” and I am still wondering if it’s worth speculating on! The Short interest though is rather off putting (at 10%+) but will these results perhaps trigger a squeeze. I think it’s just too much of a coin flip for.

Foxtons Group (FOXT) – 61p – £168m – PER n/a

Final Results For The 12 Months To End December 2018 – Revenue down about -5%, LBT -£17.2m (£6.5m PBT last time), Adjusted Loss Per Share of -0.8p (Adjusted EPS of 2.6p last time) and the FY Dividend has been cancelled.

There’s enough there to keep me on the side-lines for some time.

Gocompare.com (GOCO) – 69.5p – £291m – PER 8

Preliminary Results For The 12 Months To End December 2018 – Revenue up 2.3%, Adjusted Basic EPS up 20% – With savings made by customers down -13.6% and interactions down -15.8%.

This is my first coverage. With Revenue flat, customer interaction down but EPS up, I will put it on the list for further analysis.

Morses Club (MCL) – 161p – £209m – PER 10

Trading Update For The 52 Weeks To The 23rd February 2019 – In-line with Board’s expectations, expects to increase the FY Dividend.

Always quite liked this, decent growth and yield (4.5% 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.

Proactis Holdings (PHD) – 113p – £108m – PER 9

Trading Update For The 6 Months To End January 2018 – EBITDA to be £8m (£8.5m last year) and unlikely to report significant growth for the remainder of the year. Net Debt at £40m.

Was in my “too difficult for me” basket and I said I just noticed I said I would cease coverage here, this time I will.

Ricardo (RCDO) – 605p – £323m – PER 10

Interim Results For The 6 Months To End December 2018 – In-line with Revenue up 4%, Order book up about 2%, Underlying PBT up 1%, Net Debt up slightly (to £27.5m) and the Interim Dividend is up 4%.

Looks like H2 better be good! I for one am not willing to take that chance.

STV (STVG) – 357p – £140m – PER 7.7

Results For The 12 Months To End December 2018 – Revenue up 8%, PBT up 6%, Adjusted EPS up 4% and the FY Dividend is up 18%. Net Debt up slightly at £36.3m.

Still concerns here regarding the offerings from others, Netflix, etc. and cuts in advertising perhaps! Looks attractive enough and where it not for my concerns I could possibly be a buyer here for the yield (5% or so).

Telford Homes (TEF) – 350p – £265m – PER 6.5

Tradig Update For The 12 Months To End March 2019 – PBT expected to be circa £40m (they kind of expected £50m) with NAV at 330p with 2020 PBT to be significantly below this year.

I remain wary of this whole sector at present and will be staying away here for the time being.

As always, all comment most welcome!

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