Morning Brief – 5-Sep-2018

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Morning Brief Images 5-Sep-2018

UK Stock Market News Today – 5-Sep-2018

Morning all!

Haynes Publishing (HYNS) – 218p – £32.9m – PER 13.3

Interim Results For The 6 Months To End May 2018 – Revenue is up 13%, PBT is up 33% and Basic EPS is up 9%.  Worthy of note is on-line sales are up 42% and they are now 50% of Revenue (versus 40% last time).

Looks OK but not still not enough to change my stance from Neutral at present. Keen to see how the on-line side has progressed in the next update.

Anpario (ANP) – 469p – £108.6m – PER 24.8

Interim Results For The 6 Months To End June 2018 – Revenue flat, PBT up 19% with EPS up 14%, there’s Cash of £12.6m and the Interim Dividend is up 10%.

On a PER circa 25 or so this just seems too expensive here at this price – I remain Neutral.

Everyman Media (EMAN) – 218p – £153.1m – PER 30.2

Interim Results For The 6 Months To 5th July 2018 – Revenue up 32% to £24.9m (H1 2017: £18.8m), Adjusted EBITDA up 35% to £4.1m (H1 2016: £3.0m), 1 new venue (now 22 venues operating 69 screens) with 12 new venues committed. Trading since the period end has continued in-line.

Looks OK and tempted as I am here – I remain Neutral for now. Still wary of more and more watching content on-line rather than going out.

Somero Enterprises Inc (SOM) – 385p – £216.7m – PER 12.6

Interim Results For The 6 Months To End June 2018 – In-line. Revenue up 6%, PBT up 13%, Cash up 13% and the Interim Dividend is up 100%.

I hold here and will continue to do so, on a PER of 12.6 this still looks good value.

Xaar (XAR) – 184p – £143.9m – PER 23.7

Interim Results For The 6 Months To End June 2018 – Doesn’t look good, especially the Dividend cut.

Remains on my Avoid list and I will now cease coverage until I spot something a little more positive.

Quiz (QUIZ) – 167.5p – £208.1m – PER 19.6

AGM Trading Update – On track to deliver FY market expectations.

Looking more attractive but I remain Neutral.

Alpha FX (AFX) – 540p – £180.0m – PER 23.1

Interim Results For The 6 Months To End June 2018 – Revenue up 55% to £9.7m (H1 2017: £6.3m), Underlying Operating Profit up 29% to £4.1m (H1 2017: £3.2m), Underlying Basic EPS up 14% to 9.8p (H1 2017: 8.6p) and up 46% to 9.2p (H1 2017: 6.3p) on a reported basis – The Interim Dividend is up 27% to 1.9p. Confident of FY at least in-line with expectations.

I hold here and based on these results I am happy to continue to do so for now.

Kainos (KNOS) – 365p – £438.3m – PER 26.9

Trading Update For The Period From 1st April 2018 To Date – Expects FY to be ahead of current market expectations.

I remain tempted here but just feel it may be fairly priced at this level.

Amiad Water Systems (AFS) – 245p – £55.5m – PER 19.8

Interim Results For The 6 Months To End June 2018 – Revenue flat, PBT of $2.2m (H1 2017: $3.2m, which included exceptional gains from foreign currency hedging) with Fully Diluted EPS of $0.056 (H1 2017: $0.098). Expects FY Revenue growth to be in-line with market expectations (Stockopedia currently has that down as <£1m) – Confident of beating this in 2019!

The growth here does not seem to warrant a PE of 20 or so – Looks over priced at present and I remain Neutral.

As always, all comment most welcome!

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