A UK based company which provides business support and financial market services
17-Jul-2018 – 184.99p – £141.5m – PER 15.7
Trading Update For The 6 Months To End June 2018 – Strong start, trading in-line.
A new one for me and I quite like it – Very tempted to take an initial position, if I don’t it will go on the Watchlist.
11-Sep-2018 – 177p – £134.9m – PER 13.5
Interim Results For The 6 Months To End June 2018 – Maiden results are in-line – Revenueup 13.7% to £24.2m (H1 2017: £21.3m), Adjusted PBT up 60.8% to £4.5m, Adjusted EPSup 61.7% to 4.68p, Net Debt down from £1.6m at date of listing to Net Cash of £1.2m and a Maiden Interim Dividend of 0.98p will be paid (covering 9 months).
Tempting – Still quite like this and it remains on my Watchlist.
Subsequent note: Bought in here on the 24th October 2018. On a PER of about 20 there’s 50% & 20% or so EPS growth forecast for 2018E & 2019E respectively. There’s Cash and a maiden Dividend forecast for 2018E (about 1.5%). ROCE (20%+) & Op Margin (10%+) are both well above Industry medians – I see a 2 year price target of about 300p (without any upgrades).
5-Mar-2019 – 180.5p – £138m – PER 14
Results For The 12 Months To End December 2018 – Profits exceed expectations – Revenue up 15% with Adjusted PAT up 61.6%, Adjusted EPS up 28.2% and Net Debt of £1.6m is not Net Cash of £6.4m.
I remain Long here and these results mean I am likely to continue to do so for now.
25-Jul-2019 – 211p – £204m – PER 15.2
Trading Update For The 6 Months To End June 2019 – Delivered 20% Revenue growth and 30% Adjusted EBITDA including 3 months contribution from recent acquisition Defaqto. Confident of delivering FY expectations.
I am Long here and meeting expectations would mean I still see enough value to remain so. Based on the latest Broker note this morning, in my opinion, this looks overvalued on 1 Year view but well undervalued on a 2 Year view.
10-Sep-2019 – 199p – £193m – PER 16
Interim Results For The 6 Months To End June 2019 – Revenue up 20%, Adjusted PBT up 41% and EPS up 8%, Net Debt at £30.1m. Confident FY will be in-line.
I am Long here and meeting expectations would mean I still see enough value to remain so.