Morning Brief – 4-Jun-2019

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Morning Brief Images 4-Jun-2019

UK Stock Market News Today – 4-Jun-2019

Morning all!

Discoverie (DSCV) – 420p – £339m – PER 14.6

Results For The 12 Months To End March 2019 – Revenue (CC) up 14% (to £438.9m), Underlying PBT up 24% (to £27.2m) and EPS up 22% (to 27.2p). the FY Dividend is up 6% (to 9.55p) – Progressive Dividend policy to continue. There’s a record year end Order Book of £139m (up 15%), looking at further acquisitions.

Looks about fairly priced (at best) here on a 2 Year view.

Driver (DRV) – 61p – £32m – PER 10.9

Interim Report For The 6 Months To End March 2019 – Revenue down 6%, Underlying PBT down from £2.1m to £0.8m, says well placed to record good progress for the remainder of the year.

I still hold here after being hit with a mild profit warning recently – Am close to the Sell button so will be watching the market reaction here this morning.

Gooch & Housego (GHH) – 1350p – £337m – PER 21.7

Interim Results For The 6 Months To End March 2019 – Revenue up 7.4% (£59.7m) with Adjusted PBT down 22.8% and Adjusted EPS down 23.7%, gone from £5m Cash to £14.5m Net Debt. FY PBT reduced by £4m or so (looks like a 20% or so haircut) – Industrial Laser outlook largely blamed.

These results mean I will not be investing any time soon.

Hargreaves Services (HSP) – 225p – £72m – PER 12.1

Trading Update For The 12 Months To End May 2019 – Expecting Revenue and Operating Profit growth in the perios with the latter to be in-line with market expectations. Net Debt down from £30.8m to £17.9m.

Good to see the Net Debt down but there’s just not enough else to get me interested at present.

Haynes Publishing (HYNS) – 197p – £30m – PER 10.9

Trading Update For The 12 Months To End May 2019 – Strong trading, expects FY Adjusted PBT to exceed market expectations by 10% (and the previous year by 24%).

Quite liked this for a while now, will keep an eye out for Broker updates here and could well be tempted here.

Vianet (VNET) – 126p – £36m – PER 12.5

Results For The 12 Months To End March 2019 – Revenue up 7.7% (to £15.68m), recurring is 94%, PBT up 29.8% (to 2.66m), Basic EPS up from 6.55p to 8.87p, the Total Dividend is the same as last year (5.7p).

To me – Still looks fairly priced around the 120p level.

VP (VP.) – 740p – £297m – PER 7.4

Results For The 12 Months To End March 2019 – Revenue up 28% (to £382.8m), PBT up 15% (to £46.8m), Basic EPS up 12% (to 95.1p), Total Dividend up 16% (to 30.2p), Net Debt down from £179.2m to £168.1m (after funding). This year is progressing in-line.

I keep saying this here “Still some attraction here but the Net Debt is enough to keep me Neutral at present”.

As always, all comment most welcome!

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