Trakm8 Holdings (TRAK)

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Trakm8 Holdings TRAK Logo

A leading telematics and data supplier to global markets.

23-Oct-2017 – 93p – £33.2m

Trading Update For The 6 Months To End September 2017 – An in-line update with the Net Debt reduction being highlighted.

Why can’t I get excited about this company, I think it’s because, rightly or wrongly, Google Maps or another competitor could easily kill the business.

27-Nov-2017 – 137.5p – £49.1m – PER 15.2

Interim Results For The 6 Months To End September 2017 – Revenue up 12%, PBT up 157% in-line with expectations and EPS up 125%.

A decent set of results but I am still not convinced with the story here.

13-Apr-2018 – 101.75p – £36.4m – PER 10.2

Trading Update For The 12 Months To End March 2018 – Revenue up 13% to over £30m, obviously not the £32m forecast or they would have said – Wouldn’t they? Some contracts (Revenue) moved to next year. Board is confident of future prospects.

I remain uninspired by this company.

2-Jul-2018 – 105p – £37.7m – PER 13.6

Final Results For The 12 Months To End March 2018 – Revenue up 12% to £30.1m, Adjusted PBT up 142% to £2.8m with Adjusted EPS up 41% to 8.19p. Expecting H1 2019 Revenue to be below H1 2018 Revenue with FY 2019 still expected to be above FY 2018 inline with market expectations.

I am no more interested here today than I was previously – Neutral.

16-Nov-2018 – 64.5p – £23.4m – PER 6.9

Unaudited Results For The 6 Months To End September 2018 – Ouch! Revenue down -38%, Big Loss (-£2.45m) versus a Profit last time (£0.36m), Net Debt more than doubled (to £5.73m) and Adjusted Basis EPS is negative (positive last time). Revenue this year expected to be 20% or so below FY 2018 and a Loss is expected.

I have never been able to get excited about this company and I remain Neutral – Providing coverage (below my usual £30m Market Cap limit) only because it was worth 5x more than this not so long back (2 years or so).

4-Feb-2019 – 30.5p – £15.2m – PER 9.9

Trading Update – I am just not sure what this is telling me which I usually interpret as it being a little too early in the morning or there’s some hoodwinking going on.

Not enough (clear) information (to take on board at this time of the day) here to get me any more interested today than I was yesterday.

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