Morning Brief – 6-Dec-2018

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Morning Brief Images 6-Dec-2018

UK Stock Market News Today – 6-Dec-2018

Morning all!

EasyHotel (EZH) – 87.5p – £127.7m – PER 58.3

Final Results For The 12 Months To End September 2018 – Revenue up 33.7%, PBT up 1.4%, EPS down -21.4% and the Total Dividend has also been reduced, by -33%. Outlook is “realistic and exciting”.

On a PER of 50+ with a “realistic and exciting” outlook – I would say this is still realistically overpriced.

Impax Asset Management (IPX) – 218p – £284.3m – PER 19.1

Final Results For The 12 Months To End September 2018 – AUM up 72%, Revenue doubled to £65.7m, PBT up 150% to £14.6m and the yield is more than double last year.

First coverage here for me, I will be looking into this more, looks quite interesting – If there’s a downside here for me it’s that I already hold Miton (MGR) and the sector is prone to an outflow of funds should the bear market take a grip.

Versarien (VRS) – 218p – £284.3m – PER 19.1

Interim Results For The 6 Months To End September 2018 – Revenue up 19%, LBT -£0.78m (-£0.77m last time), Cash at £6.07m (after a £5, fund raise) – “in an excellent position to achieve the product commercialisation we are striving for”.

I remain on the side lines (until I see a Profit).

Dialight (DIA) – 329p – £107.0m – PER 9.79

Trading Update For The 12 Months To End December 2018 – Emmm – Raw material issues, potential additional Pension scheme provisions and assembly relocation.

Remains well established on my Avoid list for now.

Clipper Logistics (CLG) – 290p – £294.4m – PER 15.4

Unaudited Results For The 6 Months To End October 2018 – Revenue up 14.1%, PBT up 16.9%, EPS and the Interim Dividend both up 14.3%. Trading continues to perform well.

Tempted here, looks decent enough value now but I think I will wait to see the FY results.

Amino Technologies (AMO) – 117p – £85.2m – PER 10.7

Trading Update For The 12 Months To End November 2018 – In-line.

Not enough for me to remove this from my Avoid list but will keep an eye out for actuals and, perhaps, revised forecasts.

Anexo (ANX) – 118p – £129.8m – PER 9.66

Trading Update For The 12 Months To End December 2018 – PBT to be ahead of current expectations, confident for FY 2019 but will not yet upgrade forecasts.

A recent IPO so would like to see a bit more here first, like those actual first year results.

Gresham Technologies (GHT) – 151.5p – £103.2m – PER 20.4

Trading Update – FY Adjusted EBITDA to be materially below current market expectations.

I said previously “I must be missing something but I still can’t see why people are paying up here at this price!” – I retain that view.

As always, all comment most welcome!

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