Morning Brief – 5-Apr-2018

Morning Brief Images 5-Apr-2018

UK Stock Market News Today – 5-Apr-2018

Morning all!

Wincanton (WIN) – 211p – £262.8m – PER 7.01

Trading Update For The 12 Months To End March 2018 – FY expected to be in-line.

I remain Neutral here as it still all seems just a little bit too dull – Typically flat and with no real obvious growth. Could be OK for the yield though.

Castleton Technology (CTP) – 75p – £59.2m – PER 13.2

Trading Update For The 12 Months To End March 2018 – In-line and optimistic for future growth.

Based on being in-line this seems fairly priced for me. I’m Neutral although it could be a market leader, will keep an eye out for updates.

Adept Telecom (ADT) – 321.2p – £76.1m – PER 12.8

Trading Update For The 12 Months To End March 2018 – EBITDA expected to be up 23% (slightly ahead of market expectations), FY Dividend to be up 13%. Net Debt is £18.05m.

Results seem good and there’s things to like here (ROCE and Operating Margin for example) but NetDebt is still quite high at 25% of Market Cap. I just think there’s better stocks out there than this, I will remain Neutral.

Treatt (TET) – 406p – £233.6m – PER 23.2

Trading Update For The 6 Months To End March 2018 – LFL Revenue up 11% expecting FY PBT and exceptional items to be in-line.

Still a lot to like here but I am going to switch to Neutral for now. On a PER of 20+ I would just be expecting updates to be more upbeat.

Walker Greenback (WGB) – 135.75p – £96.2m – PER 8.84

Results For The 12 Months To End January 2018 – Sales up 17.7% to £108.8m (2017: £92.4m), Adjusted Underlying PBT up 20.2% at £12.5m (2017: £10.4m), Adjusted EPS up 6.2% at 14.52p (2017: 13.67p), FY Dividend up 21.1% at 4.37p (2017: 3.61p). However, trading in the first 9 weeks of this year is poor (down about 6%) in a difficult market place. Expecting FY to be ahead of last year butbelow expectations.

This was on my Watchlist at 130p but I will now switch to Neutral.

As always, all comment most welcome – Have a great day!

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