Porvair (PRV)

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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.

24-Jun-2019 – 564p – £259m – PER 22.2

Results For The 6 Months To End May 2019 – Revenue up 21%, PBT up 41%, Adjusted Basic EPS up 36%, Net Cash up from £2.2m to £3.2m and the Interum Dividend is up 6%. H2 Order books robust and prospects are encouraging.

Would like to see updated Broker notes here in relation to next years growth forecasts as they are single digit at present, which rather puts me off.

18-Sep-2019 – 620p – £284m – PER 25

9 Months Trading Update – In-line.

The forecasts I see still represent single digit growth here (Revenue and EPS) so I don’t see value at this price.

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