Netcall (NET)

Netcall NET Logo

A leading customer engagement software provider which designs, develops and markets communication, workforce management and business process management (BPM) software and services to the healthcare, public and private sectors.

23-Nov-2017 – 41p – £61m – PER 18.9

AGM Statement – “The Group has experienced robust trading in the first few months of the financial year”. A Bullish statement but nothing regarding in-line/above/exceed/ahead of – That’s a pity, maybe those attending the meeting will ask!

Doesn’t look too bad – Operating Margin and ROCE are decent and there’s Net Cash (about 20% of Mkt Cap). I would need to await results for actual numbers to form an investment decision of some sort. I guess the price action after the meeting might help, assuming the right questions are asked.

29-Jan-2018 – 47p – £67.1m – PER 20.4

Trading Update For The 12 Months To End December 2017 – In-line.

Quite like this, it’s going on my Watchlist, 44p.

7-Mar-2018 – 50.8p – £72.5m – PER 21.6

Interim Results For The 6 Months To End December 2017 – Revenue up 32% to £10.7m (H1 2017: £8.09m), PBT £0.28m (H1 F17: £ 0.92m) after acquisition related expenses.

Just out of interest, I will keep this on my Watchlist, 44p.

24-Jul-2018 – 74.75p – £106.9m – PER 28.8

Trading Update For The 12 Months To End June 2018 – I can’t work out if this is good news or bad news but it’s been a “transformational year” with EBITDA up 20%.

It’s on my Watchlist at 45p from earlier in the year so obviously missed the boat here. I will leave it there for now and ensure I do a little more research ahead of those actual results.

16-Oct-2018 – 61p – £87.2m – PER 23.5

Audited Results For The 12 Months To End June 2018 – Revenue up 32% to £21.9m (FY17: £16.2m), PBT £45,000 (F17: £1.68m) and Diluted EPS 0.09p (FY17: 1.03p) – Both after acquisition related expenses.

This remains on my Watchlist for now, still cannot quite jump off the fence either way here – Will be on the lookout for Broker notes later in the day.

Subsequent note: Further research suggests this is currently over valued so I am going Neutral here for now.

12-Dec-2018 – 35.5p – £50.8m – PER 25.7

AGM Statement – There’s not much sense (to me anyway) in this update.

I have no more interest here (because I can’t work out what they’re telling me here) today than I did yesterday.

29-Jan-2019 – 31.5p – £45m – PER 22

Trading Update For The 6 Months To End December 2018 – Trading in-line and expects Revenue of £11.4m (£10.7m last time) and Adjusted EBITDA of £2m (no last time figure). Revenues to be H2 weighted.

Again, to me, an unclear update so I just have to wait to see actuals.

5-Mar-2019 – 30p – £43m – PER 20.5

Interim Results For The 6 Months To End December 2018 – Revenue up 6%, PBT up 49%, trading in-line (H2 weighting mentioned).

In no rush here, will wait and see how that H2 weighting looks.

29-May-2019 – 57p – £81m – PER 34.3

Trading Update For The 12 Months To End June 2019 – Looks like a bit of a warning.

As always with this company I think it’s best to wait and see actuals – So that’s what I will be doing, especially after a TU (what looks like) profit warning.

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