SafeCharge International (SCH)

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SafeCharge International SCH Logo

A leader in advanced payment technologies.

18-Jan-2018 – 311.5p – £457.5m – PER 17.8

Trading Update For The 12 Months To End December 2017 – In-line with market expectations, Revenues in the range of US$111-112 million and Adjusted EBITDA in the range of US$33-34 million. “With robust current trading, a strong sales pipeline and new clients set to join the platform, the Directors look forward with confidence to the 2018 financial year”.

I currently hold a long position here and will continue to do so.

14-Mar-2018 – 307.5p – £453.5m – PER 18.2

Results For The 12 Months To End December 2017 – Revenue up 7% to $111.7m ($104.1m last time) but Profits and EPS are down. The total annual Dividend will be just 3% up on last year.

I hold a long position here but have to say, I am not overly impressed with these results. Will keep an eye on the market reaction.

13-Jul-2018 – 328.5p – £486.6m – PER 21.9

Trading Update For H1 (The 6 Months To End June) 2018 – In-line.

I remain long for now although I am not entirely convinced in-line is good enough here – I will again keep an eye on the market reaction to this update.

Subsequent Note: On a freeing up some Cash exercise I also sold out here on 19-Jul-2018 – Takeover potential remains but on forecast EPS Growth of +6.64% (2018E) and +10.5% (2019E), on a PER of 22.0, preferred the Cash instead option.

18-Sep-2018 – 305.5p – £447.4m – PER 19.8

Interim Results For The 6 Months To End June 2018 – Revenue up 26% to US$66.8m (H1 2017: US$53.0m) driven by new customer wins and expanded relationships with existing customers, Adjusted EBITDA up 15% to US$18.0m (H1 2017: US$15.6m), Cash balances of US$86.1m (no debt), the Interim Dividend is up 15%. FY to be in-line with market expectations. Note: PBT was down slightly as was EPS.

I sold out here in July (2018), sure takeover potential remains but it seems about fairly priced (at best) at present to me.

13-Mar-2019 – 297p – £452m – PER 18.5

Results For The 12 Months To End December 2018 – Revenue up 24%, PAT up 4%, Diluted EPS up 3% and the Total Dividend is up 8%. Excellent start to the new year with a strong sales pipeline.

Having sold out here in July (2018) this still looks about fairly priced (at best) to me.

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