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17-Dec-2017 – 460p – £378.4m – PER 17.1

Trading Update For The Year To End December 2017 – When it opens with “sales pipeline in-linewith expectations” you just know somethings not right.  I still don’t understand how highly paid executives believe putting a useless positive before the real truth helps anyone. Anyway, the group is reliant on sales which may not be awarded before the year end so results may be below (I guess this means will be below) market expectations.

The nature of the update, the pure waffle, I looked at the fundamentals. They seem OK to be fair but I reckon this could soon be half the price it was at its 2017 high of 670p.

12-Jan-2018 – 430p – £353.8m – PER 16.5

Trading Update For The 12 Months To End December 2017 – Doesn’t exactly look rosy. Warned some deals may not be closed in December and they’re STILL working on closing them.

Fundamentals here still don’t look too bad but I still reckon there’s problems here.

6-Mar-2018 – 418p – £344.1m – PER 16.2

Preliminary Results For The 12 Months To End December 2017 – Underwhelming, not even a Dividend increase.

I will not be taking any further interest here for now.

6-Aug-2018 – 506p – £458.5m – PER 20.3

Results For The 6 Months To End June 2018 – Quite an impressive set of results with significant growth in EPS of 50%, states that FY in-line.

Looks fairly priced here to me (if just in-line), I remain Neutral.

30-Oct-2018 – 457p – £414.3m – PER 17.3

Trading Update For The 12 Months To End December 2018 – In-line.

I remain Neutral.

20-Mar-2019 – 546p – £495m – PER 19.5

Results For The 12 Months To End December 2018 – In-line.

I reckon this is fairly priced (at best) around this level.

7-May-2019 – 532p – £482m – PER 17.7

AGM Statement – At the end of Q1 trading is in-line with the Board’s expectations.

Would have been nice to have some view on FY here today, I remain of the view that this seems about fairly priced around this level.

6-Aug-2019 – 441p – £400m – PER 14

Interim Results For The 6 Months To End June 2019 – Revenue up 28%, PBT up 40%, Adjusted Diluted EPS up 14%. Confident of improved FY profitability in-line with management expectations.

Looks like there’s some value here around this level but not enough for me. Based on the latest Broker note this morning, in my opinion, this looks about fairly valued (492p at the time of writing) on a 1 Year and a 2 Year view considering the Net Cash and small yield – A 10% upgrade to 2020E EPS would make this more attractive.

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