Record (REC)

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The specialist currency manager.

20-Oct-2017 – 47.5p – £92.3m

Q2 Trading Update – This update seems to indicate things seem to be quite flat here.

Up almost 100% in the past 12 months it’s a strong share price performance for a company that’s not exactly growing or even forecast to grow very much. On a PER of 13.5 even although the market and Stockopedia (StockRank 96) seem to like it – It’s in the “too difficult for me” pile.

17-Nov-2017 – 47.38p – £94.3m – PER 14.5

Interim Results For The 6 Months To End September 2017 – Seem to be at least in-line.

It’s not the most dynamic company in the world and although Stockopedia (StockRank 93) still likes it – It remains in the “too difficult for me” pile.

19-Jan-2018 – 43p – £85.6m – PER 13.2

Q3 Trading Update – AUME (Assets Under Management Equivalents) up 4.4% (3.7% in GBP). fee rates for all products remained broadly unchanged from the previous quarter.  No performance fees were earned in the quarter.

I think I will now put this company on my Avoid list and stop looking at it from now on. Time to just admit that It is just too difficult for me to judge. For example, AUME up 4.4%, is that good? Doesn’t seem that good to me. No performance fees earned in the quarter, I would say that’s not good. So, would expect downside here. But, as I say, it’s just too difficult for me so will no longer spend time on it.

19-Oct-2018 – 35.35p – £70.4m – PER 13.3

Q2 Trading Update – AUME down 0.2% but no mention of in-line, etc.

I said I would stop looking at this company as it’s already on my Avoid list – It’s just too tough to gauge value (or not) here (for me) so I will now cease coverage and concentrate on stocks I understand a little more (or more appropriate, ones which are a little more understandable to me).

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