Next Fifteen Communications (NFC)

Next Fifteen Communications NFC Logo

The digital communications group.

4-Apr-2018 – 450p – £338.5m – PER 14.2

Results For The 12 Months To End January 2018 – Revenue up 15%, Adjusted PBT up 21% to £29.3m, Adjusted Diluted EPS up 19% to 27.8p, Dividend up 20% to 6.3p. A good start has been made this year.

I still quite like this but just can’t get past feeling it’s probably fairly priced here (perhaps a little undervalued).

25-Sep-2018 – 561p – £441.0m – PER 16.5

Interim Results For The 6 Months To End July 2018 – Revenue up 14%, PBT up 26% and EPS up 25%, confident of meeting FY expectations.

Looking more attractive here, I am Neutral but may well look into this a little more this week.

29-Jan-2019 – 501p – £418.4m – PER 13.5

Trading Update For The 12 Months To End January 2019 – In-line.

I consider this fairly priced at best around this level.

2-Apr-2019 – 561p – £469m – PER 15

Results For The 12 Months To End January 2019 – Adjusted Revenue up 14%, Adjusted PBT up 23%, Fully Adjusted EPS up 19%, Net Debt at £5.2m (£11.6m last time), Total Dividend is up 20%. Current trading in-line and confident of another significant increase in profitability this year.

These results look slightly ahead and previously I considered this fairly priced around 500p. I will keep an eye out for potential Broker upgrades here.

26-Jun-2019 – 605p – £515m – PER 15.9

AGM Trading Update – Year has started in-line, confident for FY.

I still consider this fairly priced around the 500p level, even if it hits forecasts.

1-Oct-2019 – 500p – £427m – PER 13

Interim Results For The 6 Months To End July 2019 – Revenue up 11%, Adjusted PBT up 14%, Adjusted Diluted EPS up 7%, the Interim Dividend is up 15.7%. Confident of meeting FY expectations with a return to high single digit organic growth the FY after.

I still reckon this is fairly priced around the 500p level.

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