Morning Brief – 31-Oct-2017

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Morning Brief Images 31-Oct-2017

Morning All!

Earthport (EPO) – 19.38p – £117.3m – PER n/a

Final Results For The Year Ending June 2017 – Revenues up by 33% to £30.3m in-line with market expectations. And yet again, they manage to announce an increase (47%) in Loss Before Tax. I’m out!

Seems good at increasing Revenues (CAGR is over 50%). However, it cannot stop making losses. Revenue in 2016 was up 10x 2011 Revenue yet the Loss was -£8.2m, more than in 2011. Shares in issue also almost 3x in the same 5 years. Not for me.

ULS Technology (ULS) – 129.88p – £84.1m – PER 20.3

Trading Update For The 6 Months To End September 2017 – Trading ahead of the Board’s expectations. LFL Revenue expected to be approximately 56% up on last year at £15.28m with underlying PBT up approximately 42% to £2.74m. Cash generation continues to be strong and netdebt has been reduced.

I hold this and on a PER of 20.3 I will continue to do so.

PPHE Hotels (PPHE) – 1040p – £440.2m – PER 13.6

Trading Update For The 3 Months And 9 Months To End September 2017 – From what I can make out, this is basically an in-line update.

Up nicely the past 12 months however I just can’t get excited about investing in hotels – Airbnb is just a much better experience for many now. If I was looking to invest in the sector I would probably try and find a group carrying less Net Debt than £621m (almost 150% of it’s Mkt Cap).

All comments welcome.

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