Stadium (SDM)

Stadium SDM Logo

A leading supplier of design-led technologies including connectivity solutions, power supplies, human machine interface products and electronic assemblies.

8-Nov-2017 – 102.5p – £42.6m – PER 8.75

Trading Update  – Expects to report YoY Revenue increase of 15% to £61m (£53.1m last time). Customer delays mean PBT will be below current market expectations (single digit percentage growth). Increased Net Debt also expected. On the plus side, the order book is a record £32m+ (up from £25.8m at 31-Dec-2016) and double-digit revenue and PBT growth is expected next year.

On a PER of 8.75 already, any dip here could be a decent buying opportunity. Although that Net Debt of £6.54m (15% of Mkt Cap) which is expected to increase is a concern – I’m on the fence here.

18-Jan-2018 – 90.35p – £34.5m – PER 8.37

Trading Update For The 12 Months To End December 2017 – In-line with management’s expectations (following the trading update in November 2017). Net Debt expected to be better than expectations, circa £11.8m.

In-line with other metrics looking quite attractive. The Net Debt increase however is just enough to put me off here (it’s almost doubled and is now over 30% of the current Mkt Cap).

13-Mar-2018 – 120.7p – £46.1m – PER 11.2

Final Results For The 12 Months To End December 2017 – Look OK.

Takeover by TT Electronics in progress, 120p so will now cease coverage here.

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