Morning Brief – 9-Sep-2019

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Morning Brief Images 9-Sep-2019

UK Stock Market News Today – 9-Sep-2019

Morning all!

Air Partner (AIR) – 78p – £41m – PER 9

Trading Update For The 6 Months To End July 2019 – H1 slightly stronger than expected, FY to be in-line with expectations.

Still, even on a lowly valuation, not tempted based on forecast PBT, EPS and Dividend growth being rather pedestrian.

Duke Royalty (DUKE) – 48p – £95m – PER 23

Results For The 12 Months To End March 2019 – Revenue up 240% to £6.1m (£1.8m), PBT of £1.91m, Diluted EPS of 1.1p, the Dividend up 33% to 2.8p (2.1p).

I am Long here but this looks like a miss on PBT and EPS – Will observe the market reaction here this morning.

Filta Group (FLTA) – 153p – £45m – PER 32

Interim Results For The 6 Months To End June 2019 – Revenue up 85% (21% organic), Adjusted PBT up 14% and the Interim Dividend is up 39%.

This looks good but I do have concerns on the sustainability of this kind of growth.

Luceco (LUCE) – 73p – £117m – PER 10.2

Interim Results For The 6 Months To End June 2019 – Adjusted Revenue up 7% (CC), PBT £6.1m (-£1m), Dividend of 0.6p (0p) with Net Debt down from £41.4m to £36.4m. Trading well and H2 started ahead of expectations.

This looks like some improvement, will be much more interesting to see those FY actuals.

Medica Group (MGP) – 132p – £146m – PER 16

Interim Results For The 6 Months To End June 2019 – Revenue up 18.2%, Adjusted PBT up 7.2% with EPS up 9.5, the Interim Dividend is up 13.3%. Expects FY Revenue slightly ahead with Profit in-line.

I still see 150p or so as fair value here so not enough to get me anymore interested at present.

UP Global Sourcing Holdings (UPGS) – 72p – £59m – PER 9

Trading Update For The 12 Months To End July 2019 – Revenue up 40.8% to £123.3m (looks like a slight beat), EBITDA up 53.4% to £9.9m (looks like a 10% beat), currently trading in-line with an Order Book moderately ahead of last year.

Still not enough here to get me more interested as I don’t believe next year with see double digit growth – I could of course be quite wrong!

As always, all comment most welcome!

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