Quixant (QXT)

Quixant QXT Logo

A leading provider of innovative, highly engineered technology products principally to the global gaming industry.

25-Jan-2018 – 430p – £284.0m – PER 23.9

Trading Update For The 12 Months To End December 2017 – Expects to report revenue for the of approximately $109m, a 20% increase. Expects Adjusted PBT to be in-line with market expectations despite a $1.6m write off.  Net Cash of $4.2m.

I got involved here previously but actually sold out yesterday, had no idea this update was due! I thought the fundamentals looked good here and I wanted exposure to the gaming space. Just decided with a small loss this was not where I should be. Still like it but will remain Neutral for now.

22-Mar-2018 – 379p – £250.3m – PER 21.0

Results For The 12 Months To End December 2017 – Strong revenue growth of 21% to $109.2m (2016: $90.4m), Adjusted Pre Tax Profit up 28% to $17.7m (2016: $13.8m), Fully Diluted EPS of $0.197 (2016: $0.139), Net Cash of $4.5m (2016: -$0.1m). FY Dividend of 2.6p (2016: 2.0p). “The 2018 financial year has started well, giving us confidence that the year will continue to be one of stronggrowth and now we anticipate delivering growth ahead of our previous expectations”.

I was previously involved here but sold out for a small loss. I bought in originally for exposure to the gaming space and reckon, based on these results and it being cheaper – I am going to open a position here again.

Subsequent Note: I opened a new long position here today.

19-Jul-2018 – 445p – £295.2m – PER 22.0

Trading Update For The 6 Months To End June 2018 – Revenue and PBT in-line with management expectations.

I am long here – It’s forecast +19.8% EPS growth in 2018 and +18.1% in 2019 with an ROCE of 31.0% and well above Industry Operating Margin of 14.0% plus some Cash means I will remain long for now.

19-Sep-2018 – 479p – £317.8m – PER 23.5

Interim Results For The 6 Months To End June 2018 – In-line, expecting to meet FY expectations. Expects significant market growth over the medium term.

I am long here – It’s forecast +20.4% EPS growth in 2018 and +15% in 2019, so perhaps it’s getting more fairly valued now. Will remain long and, as always, keep an eye on market reaction and updated Broker notes.

Subsequent note: Having believed this to be fairly priced following an update in September I should have sold out then. Instead I waited and let it slip from a Profit to a small Loss, sold in October.

25-Mar-2019 – 332p – £220m – PER 16

Results For The 12 Months To End December 2018 – Revenue up 5%, Adjusted PBT up 5%, Adjusted Diluted EPS up 14%, Net Cash up 40% (to $11.3m), the FY Dividend is up 19%.

As an ex-holder, I still quite like this but reckon it’s probably about fairly priced about here.

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