Tracsis (TRCS)

Tracsis TRCS Logo

A leading provider of software and services for the traffic data and transportation industry.

8-Nov-2017 – 500p – £137.9m – PER 21.1

Audited Results For The Year Ended July 2017 – Classed as a “further period of good trading”, Revenue is up 6% to £34.5m (£32.6m last time), Pre-tax Profit is up 14% to £4.6m (£4.0m last time), Cash stands at £15.4m (£11.4m last time) and the full year Dividend is up 17% to 1.4p per share.

On a PER of 21.1 this looks fairly valued around here.

20-Feb-2018 – 500p – £137m – PER 20.5

Trading Update For The 6 Months To End January 2018 – In-line, Cash strong at £18.5m.

Still thinking this is probably about fairly priced here.

28-Mar-2018 – 510p – £144.0m – PER 20.8

Interim Results For The 6 Months To End January 2018 – Revenue up 16% to £18.1m (2017: £15.6m), Statutory PBT up 33% to £2.4m (2017: £1.8m), Cash of £18.5m (31 July 2017: £15.4m, 31 January 2017: £12.7m), Interim Dividend up 17% to 0.7p (2017: 0.6p). Confident of an in-line FY.

Nice update and I still like this company, remaining Neutral for now though – Although quite tempted!

21-Aug-2018 – 633p – £179.4m – PER 25.5

Trading Update For The 12 Months To End July 2018 – Trading has been strong with Revenues ahead of expectations at circa £40m with Adjusted Profit also expected to be ahead. Cash is also up from £15.4m to £22m. “The Group remains well positioned for further growth as we enter the new financial year, with a good pipeline of organic sales opportunities, M&A prospects and positive industry growth drivers”.

Tempting as it is, I just find the valuation a little too high here – I remain Neutral, keen on seeing the actual results (in November).

8-Nov-2018 – 590p – £167.6m – PER 23.1

Audited Results For The 12 Months To End July 2018 – Revenue up 16% to £39.8m (2017: £34.5m), Operating Profit (before exceptionals) up 22% to £5.9m (2017: £4.9m), Cash at £22.3m (2017: £15.4m), FY Dividend up 14% to 1.6p (2017: 1.4p), Fully Diluted Adjusted EPS up 9% to 25.47p (2017: 23.29p).

I still find the valuation too rich here – I remain Neutral.

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