Morning Brief – 30-Oct-2017

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Morning Brief Images 30-Oct-2017

Morning All!

Artilium (ARTA) – 9.63p – £32.8m – PER n/a

Final Results For The 12 Months To End June 2017 – I don’t know, it seems like an in-line set of results to me. EBITDA is up 21.7% to 0.38m Euro which actually means – We made another loss again this year.

It’s a loss making AIM listed tech stock. In addition to this, they don’t seem to have any Cash left – No interest here from me.

Cerillion (CER) – 122.5p – £36.2m – PER 14

Trading Update For The 12 Months To End September 2017 – An in-line update, Revenue up 8.2% and EBITDA up 16.3%.

Quite like the look of this. ROCE (11.8%) and Operating Margin (13.2%) are good. The 3%+ yield is well covered and it’s got some Cash too. On a PER of 14 it’s maybe worth opening an initial position around this level.

Lok’n Store (LOK) – 362.5p – £106.3m – PER 23.6

Preliminary Results For The 12 Months To End July 2017 – Revenue of £16.65m up 3.7% from last time. Profit after Tax of £3.17m up 28.8% from last time. Dividend up 11.1%. NAV up 24.7% to £89.1m and Net Debt down to £17.4m, £23.5m last time.

Quite like the look of this but on a PER of 23.6 I think it’s maybe priced about right. With a Mkt Cap of £106.3m and a NAV of £89.1m there’s some decent downside protection here.

Sanderson (SND) – 72p – £39.7m – PER 12.4

Trading Update For The 12 Months To End September 2017 – An in-line update, Revenue up 8.2% and EBITDA up 16.3%.

This looks OK but somethings are just tingling the spidey senses here. Can’t see what really caused that drop off at the end of May, results looked OK. There’s a new FD (4-Sep). And this statement in the latest update “Whilst the Group has not yet detected any major loss of confidence from either existing or from prospective customers, the Sanderson Board will continue to monitor the situation carefully“ – What’s that all about? Actually I don’t really care, there’s just too much here for me to want to look any further.

Quite like the look of Cerillion and Image Scan Holdings – And Lok’n Store doesn’t look too bad either.

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