The international specialist staffing business.
15-Dec-2017 – 356p – £462.9m – PER 13.3
Trading Update For The Financial Year To End November 2017 – Seems to growing albeit at a slow pace.
Stockopedia loves it (StockRank 98) but even on a PER of 13.3 I don’t see the value here.
29-Jan-2018 – 372p – £484.0m – PER 13.8
Results For The 12 Months To End November 2017 – Adjusted PBT up 9% to £44.5m (helped by FX, which if you strip out shows an under performance over last year of -3%), the final Dividend is maintained.
Stockopedia (StockRank 97) likes it more than I do.
23-Jul-2018 – 347.5p – £452.2m – PER 11.4
Interim Results For The 6 Months To End May 2018 – Encouraging H1 with Revenue up 11% but reported PBT is down 7% and there’s now Net Debt of £6.2m (HY 2017: Net Cash £5.2m).
Stockopedia (StockRank 92) still likes this more than I do – I remain Neutral.
14-Sep-2018 – 345p – £450.2m – PER 11.2
Q3 Trading Update – Gross Profit up 13% (84% of this comes from outside the UK) – Confident of FY prospects.
Last time I looked at this company (in July) I said “Stockopedia (StockRank 92) still likes this more than I do – I remain Neutral”. That StockRank now stands at 79 and I still remain Neutral.
14-Dec-2018 – 260p – £340.1m – PER 8.21
Trading Update For The 12 Months To End November 2018 – Adjusted PBT to be at the slightly higher end of the current market consensus range (£49.0 to £51.4m, consensus £50.3m). In better shape and well positioned heading into 2019.
This seems reasonably impressive and there’s perhaps value here given the 5%+ yield. I am just a little wary of the recruitment sector, perhaps unnecessarily so?
28-Jan-2019 – 272p – £356m – PER 8.5
Results For The 12 Months To End November 2018 – Ahead of expectations, Revenue up 13%, PBT and Basic EPS up 20%, Total Dividend up 4%.
This remains tempting enough, for the yield (5%+). However, the recruitment sector is not one I have a conviction for at present, if it was I would probably be involved here.
14-Jun-2019 – 276p – £362m – PER 8.1
H1 Trading Update – In-line, FY expectations unchanged.
Still tempted here, there’s a 5% yield on offer. However, the recruitment sector is still not one I have a conviction for at present, if or when I do, I will probably be involved here.
22-Jul-2019 – 279p – £365m – PER 8
Interim Results For The 6 Months To End May 2019 – Revenue up 10% (CC), PBT up 16%, EPS up 14% with the Interim Dividend up about 8% or so. FY expectations remain unchanged.
Tempting but even on a single digit PER would only be for the yield. Based on the latest Broker note this morning, in my opinion, this looks about fairly priced on a 1 Year but overvalued on a 2 Year view.
13-Sep-2019 – 294p – £384m – PER 9
Q3 Trading Update – Looks good with FY expectations unchanged.
300p seems about fair value to me but that may well provide a decent base given the 5% or so yield.