Ramsdens Holdings (RFX)

Ramsdens Holdings RFX Logo

The diversified financial services provider and retailer.

27-Nov-2017 – 184p – £56.7m – PER 11.6

Interim Results For The 6 Months To End September 2017 – Revenue up 18% to £21.8m, PBT up 63% to £5.2m and there’s an Interim Dividend of 2.2p. Net assets and Net Cash are also up.

I’m a holder here.

10-Apr-2018 – 183.75p – £56.7m – PER 11.2

Trading Update – Trading in the second half of the year has remained strong and, as a result, anticipates reporting results for the year slightly ahead of expectations.

As a holder, that will do for me. EPS is forecast to go from 10.8 to 16.2 this year.

7-Jun-2018 – 185.5p – £56.4m – PER 11.2

Results For The 12 Months To End March 2018 – Revenue up 16% from £34.5m to £39.9m, Underlying PBT up 60% from £4.0m to £6.5m, Basic EPS up 61% from 10.1p to 16.3p with a Dividend of 6.6p versus 1.3p. 2018 has started well in-line with the Board’s expectations.

This looks slightly better than forecast, I continue to hold.

Subsequent Note: Sold out here on 19-Jul-2018, main reason based on forecasts. On a PER of 9.47 the EPS growth rates were +94.6% (2017A), +49.4% (2018A), +3.57% (2019E) and +8.64% (2020E), Revenue growth for 2019 and 2020 was forecast at about +10% each year. I still like the ROCE and Operating Margin here but the EPS forecasts reflected signs of a decent sized deceleration. I am now Neutral here.

3-Oct-2018 – 163.5p – £50.4m – PER 9.22

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

Sold out here in July 2018. I still believe there is some value here on a PER of 9 or so with a yield of 4.5% and EPS set to grow about 4% and 9% in the next couple of years. On my Watchlist as interesting at a potential bargain at a lower price than this.

Subsequent note: Further research suggested this was fairly priced around here, albeit there’s a decent yield on offer – But, I will go Neutral for now.

4-Apr-2019 – 179p – £55m – PER 9.5

Trading Update – Continues to trade in-line, despite Brexit, hot weather and a challenging retail environment.

I still reckon this is about fairly priced around this level – This also does sound like they’re potentially lining up a warning.

12-Jun-2019 – 170p – £52m – PER 9

Results For The 12 Months To End March 2019 – In-line with Revenue up 17% (from £39.9m to £46.8m), Underlying PBT up 4% (from £6.5m to £6.7m), Basic EPS up 2% (16.7p vs 16.3p last time). The Total Dividend is up 9% (from 6.6p to 7.2p).

Lot’s to like, decent Cash levels, decent yield, growth (and opportunity to spend on it too) – I still quite like this but just not yet enough to make me a buyer, yet!

7-Oct-2019 – 194p – £60m – PER 10

H1 Trading Update – H1 in-line, sold some Gold stock for one off £600k Gross Profit, confident for FY.

Still looks quite attractive and a stock I will probably be a buyer of in any general market downturn.

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