Morning Brief – 9-Apr-2019

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Morning Brief Images 9-Apr-2019

UK Stock Market News Today – 9-Apr-2019

Morning all!

Anexo (ANX) – 132p – £145m – PER 10.8

(Maiden) Results For The 12 Months To End December 2018 – Ahead of market expectations with Revenue up 24.7%, PBT down slightly (£14.3m) but up 10.3% excluding exceptionals (like IPO costs I guess), EPS up from 11.4p to 12p with a Dividend of 1.5p. This year has started in-line.

Looks OK but perhaps fairly priced here and it’s a recent IPO – Not enough to tempt me at the moment.

Billington Holdings (BILN) – 279p – £36.1m – PER 9.3

Results For The 12 Months To End December 2018 – Revenue up 5.2%, PBT up 11.4%, EPS up 15.5% with the Dividend up 13%. Cash stands at £9.3m (up from £8.1m), strong start to 2019 with a robust Order book.

First coverage for me and looks encouraging enough, will keep an eye out for updated Broker notes here.

Cake Box Holdings (CBOX) – 156p – £62.6m – PER 15.3

Results For The 12 Months To End March 2019 – LFL Revenue growth of 6.5% (15% last time), FY to be in-line with current market expectations.

Could be value here, perhaps – I think I will be waiting to see the actuals though.

City Pub (CPC) – 222p – £136m – PER 24.3

Results For The 12 Months To End December 2018 – Revenue up 22% (LFL 1.6%), Adjusted PBT up 60% from £3.2m to £5.1m (Reported of £2m after a -£0.7m Loss last time) and the Dividend is up 22%.

I still reckon this looks priced about right around the 200p level.

Gooch & Housego (GHH) – 1160p – £289m – PER 19

Trading Update For The 6 Months To End March 2019 – In-line and expect FY to be in-line (with a significant H2 weighting).

Down from 1500p or so last time I commented on this, I still don’t see ebough value to get me more interested.

Sumo (SUMO) – 143p – £214m – PER 22.5

Results For The 12 Months To End December 2018 – Revenue up 35.3% (£38.7m), Loss down from -£28m to -£0.5m, Net Cash down from £12.4m to £3.7m. Current trading is in-line.

Underlying Results seem to paint a much better picture than reported results but even they exclude share based payment from the PBT figure. Just too confusing for me to touch at present.

Mission Marketing (TMMG) – 64p – £54m – PER 7.1

Results For The 12 Months To End December 2018 – Revenue up 13% (to £78.8m), PBT up 22% (to £9.5m), EPS up 22% to 8.7p (7.1p last time). The FY Dividend is up 24% and Net Debt is down from £7.2m to £4m.

I am Long here and on a single digit PER (with a 3%+ Yield thrown in) this looks good for now.

As always, all comment most welcome!

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