Strix (KETL)

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Strix KETL Logo

The AIM listed global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components.

22-Jan-2018 – 138p – £262.2m – PER 11.1

Trading Update For The 12 Months To End December 2017 – Inline.

Looks OK but probably priced about right for what looks like a slow grower with a small Dividend yield.

22-Mar-2018 – 130p – £247.0m – PER 10.5

Preliminary Results For The 12 Months To End December 2017 – In-line with an in-line outlook.

Still doesn’t much appeal to me, looks like a slow grower with a small Dividend yield.

Subsequent note: On an annualised basis the dividend equates to 5.4%, that makes this much more attractive. It’s on the Watchlist at 130p.

18-Jul-2018 – 168.6p – £320.3m – PER 12.2

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

As long as it protects its patents could be a decent dividend play – I am going to take this off my Watchlist now and go Neutral as I prefer Revenue and Profit growth to Dividend growth.

19-Sep-2018 – 168p – £319.2m – PER 11.4

Interim Results For The 6 Months To End June 2018 – In-line with FY expectations.

Perhaps attractive for the yield but growth forecasts seems to suggest a fair price here. I’m Neutral.

21-Mar-2019 – 167p – £317m – PER 11.2

Results For The 12 Months To End December 2018 – Revenue up 4.5% (CC), PBT up 3.2%, Net Debt at £27.5m (£45.9m last time), Basic EPS up 2.8% with the Final Dividend up 147% (FY 7p, up 141%).

Growth wise, I still see this as fairly priced here (at best) – Perhaps more attractive to those seeking income.

23-May-2019 – 161p – £305m – PER 11

AGM Statement And Trading Update – FY still trading in-line.

Growth wise, I still see this as fairly priced here (at best) – Perhaps more attractive to those seeking income.

18-Jul-2019 – 162p – £308m – PER 10.7

Trading Update For The 6 Months To End June 2019 – Expects FY to be in-line.

I said this last time (161p) and maintain that view – “Growth wise, I still see this as fairly priced here (at best) – Perhaps more attractive to those seeking income”. Based on the latest Broker note this morning, in my opinion, this looks about fairly valued on a 2 Year view (taking into account the 5% or so yield).

18-Sep-2019 – 165p – £313m – PER 12

Interim Results For The 6 Months To End June 2019 – Revenue up 2.5%, PBT up 4.6%, Diluted EPS up 1.8%, the Interim Dividend is up 13%. FY remains in-line.

Still looks about fairly valued around this level to me.

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