Porvair (PRV)

Porvair PRV Logo

The specialist filtration and environmental technologies group.

8-Dec-2017 – 450p – £216.8m – PER 24.6

Trading Update And Acquisition – Revenue up 6%, Profits expected to be ahead of managements expectations. Net Cash £9.7m (£13.6m last time). Small acquisition made and order books are healthy.

A nice update but for me this doesn’t look anything better than an average company. Considering the PER of 24.6, it’s not something I am going to get overly excited about.

29-Jan-2018 – 532.78p – £243.1m – PER 27.6

Results For The 12 Months To End November 2017 – Record revenue of £116.4m (£109.4m last time),up 6%, PBT up 16% to a record £11.7m (£10.1m last time), EPS up 14%, Net cash at £9.8m (£13.6m last time) and the final dividend is up 12.5% to 2.7p per share. Made a promising start to the year.

Nice set of results but on this rating I would expect better than this. I remain Neutral here for now.

17-Apr-2018 – 490p – £228.2m – PER 24.6

AGM Trading Update For The 4 Months To End March 2018 – In-line, Revenue growth of 9%.

I just expect more here from a company trading on a PER of 20+, I’m Neutral for now.

6-Jun-2018 – 516p – £235.5m – PER 25.2

Trading Update For The 6 Months To End May 2018 – In-line.

I still don’t see it. On a PER of 25.2 I would expect more here, I remain Neutral.

18-Sep-2018 – 516p – £235.7m – PER 24.8

Trading Update For The 9 Months To End August 2018 – Underlying Revenue up 11% with PBT in-line with management’s expectations. Order books are generally healthy with order intake strong.

I would still expect more on a PER of almost 25, I remain Neutral.

7-Dec-2018 – 410p – £187.3m – PER 19.5

Trading Update For The 12 Months To End November 2018 – Revenue expected to be up 10% with EPS ahead of managements expectations. Net Cash to be down from £9.8m to £6.5m (after spending circa £13m) – Order books healthy.

Based on forecasts of EPS growth <10% (2018E and 2019E), even if they are beaten (by as much as 25% say) – On a PER of 20 or so I still don’t see value here at present.

28-Jan-2018 – 452p – £206m – PER 20

Results For The 12 Months To End November 2018 – Record Revenue of £128.8m (up 11%), Record PBT of £12m (up 2% or so), Adjusted EPS and the Dividend also up 11%. Outlook seems healthy.

I still don’t see a reason to be interested here whilst that PER is almost double the growth rate.

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