Morning Brief – 4-Dec-2018

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Morning Brief Images 4-Dec-2018

UK Stock Market News Today – 4-Dec-2018

Morning all!

ITE (ITE) – 61.1p – £468.7m – PER 12.9

Preliminary Results For The 12 Months To End September 2018 – Revenue up 11% to £175.7m, Statutory Loss of -£3.7m (was –£3.2m last time) with Diluted EPS at -1.6p (-1.9p last time).

There’s nothing here to move my stance from Neutral at present.

Discoverie (DSCV) – 346p – £249.4m – PER 12.4

Interim Results For The 6 Months To End September 2018 – Revenue up 11% with Reporting PBT down -7% and Reporting Fully Diluted EPS down -3% – The Interim Dividend is up 6%.

I said previously that there is enough to like here but just not enough to get my conviction at present.

Park (PARK) – 78p – £144.3m – PER 12.7

Interim Results For The 6 Months To End September 2018 – In-line.

I still can’t get excited about a gift voucher / prepaid gift card company that’s growing at <10% per annum.

Vianet (VNET) – 103.5p – £27.2m – PER 9.84

Interim Results For The 6 Months To End September 2018 – Revenue up 14.43% (88% recurring), PBT up 10.46%, Basic EPS up 36.16% and on the down-side, the Interim Dividend is unchanged and Net Debt is £1m versus Net Cash of £2.72m last time.

I still reckon this is fairly priced around this level so I remain on the side-lines for now.

WYG (WYG) – 44p – £32.2m – PER 8.47

Interim Results For The  Months To End September 2018 – A tough 6 months but results (they look awful) are in-line with market expectations. Expecting seasonally stronger H2.

I still can’t get excited here at present – Will wait and see how that H2 plays out.

DX Group (DX.) – 8.38p – £46.9m – PER 34.4

AGM Statement – First 4 months in-line with management expectations.

This seems positive enough but I will wait to see how the actuals are as and when they come in.

Marlowe (MRL) – 413p – £159.9m – PER 23.8

Unaudited Results For The 6 Months To End September 2018 – Statutory Revenue up 57%, PBT up 26% and Basic EPS up 35% – Net Cash is up 55% to £4.9m. H2 has started well and expect to deliver FY performance ahead of expectations.

Still looks attractive and will keep an eye out for broker notes here.

Water Intelligence (WATR) – 287p – £43.7m – PER 26.6

Trading Update For Q3 2018 – Revenue up 40% and already higher than FY 2017, Underlying PBT comfortably in-line (despite re-investment expenses),

Having held previously (20%+ off it’s high) looks worthy of further analysis once again.

Quartix Holdings (QTX) – 240p – £114.7m – PER 21.0

Trading Update For The 10 Months To End October 2018 – Adjusted EBITDA likely to be ahead of market expectations.

EBITDA (so what!) – Anyway, I still don’t see the value here on a PER of 20+, perhaps I am missing something.

MS International (MSI) – 199.5p – £33.4m – PER 9.72

H1 Report – PBT of £3.19m (£1.64m last time), Revenue of £37.74m (£34.63m last time), EPS 15.2p (7.8p last time), Net Cash of £16.55 (£15.87m last time) and the Interim Dividend of 1.75p is maintained.

Still looks quite tempting but there’s no forecasts available at all and little to go on in this update – Just a little too risky with no solid outlook (loads of Net Cash!).

Oxford Metrics (OMG) – 69.5p – £86.8m – PER 16.2

Preliminary Results For The 12 Months To End September 2018 – Revenue up 8.6%, Statutory PBT up 25%, Statutory Basic EPS up 26.7% with Net Cash up 33.1% to £12.2m. Made an excellent start to the new year.

These results look encouraging, I will be keeping my eye out for potential upgrades here – Interesting!

1pm (OPM) – 42.5p – £37.2m – PER 5.57

Trading Update – H1 (to end November 2018) Unaudited Results to be in-line.

Would have been nice to have a little more information than this – Nevertheless, for now, I will continue to hold.

Fulcrum (FCRM) – 63.3p – £139.5m – PER 13.8

Unaudited Interim Results For The 6 Months To End September 2018 – Revenue up 49%, PBT up 13.5% with EPS of 1.7p (1.8p last time), Cash is down from £14.5m to £10.4m.

I previously held here and still consider 60p or so a fair price here.

As always, all comment most welcome!

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