Trakm8 Holdings (TRAK)

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).

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