Tristel (TSTL)

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Tristel TSTL Logo

The manufacturer of infection prevention and contamination control products.

19-Oct-2017 – 295p – £127.5m

Final Results For The 12 Months To End June 2017 – Revenue up 19% to £20.3m, £17.1m last time. PBT (before share-based payments) up 24% to £4.1m, £3.3m last time. EPS 8.06p, up 61% since last time, 5.01p. Standard Dividend increased by 21% to 4.03p, 3.33p last time. Net cash of £5.1m, down from £5.7m last time.

These recent results seem slightly ahead of forecasts but on a PER of 36.6 were probably expected.

12-Dec-2017 – 250p – £107.4m – PER 28.5

AGM Statement And Notice Of Results – In-line.

Seems to be performing well. It’s down 20% from recent highs but still for me, seems expensive for a company forecast to grow about 20% in the next couple of years.

20-Feb-2018 – 275p – £118.2m – PER 30.6

Unaudited Interim Results For The 6 Months To End December 2017 – Revenue up 10% (28% overseas, UK flat) to £10.7m (2016: £9.7m), PBT (before share-based payments) up 18% to £2m (2016: £1.7m), EPS (before share-based payments) up 21% to 4.0p (2016: 3.3p), the Interim dividend is set at 1.6p per share (2016: 1.4p), up 14% and there’s Cash of £4.9m (2016: £3.9m).

Would still like to see a little more here for a PER of 30+.

13-Jul-2018 – 320p – £138.2m – PER 34.0

Trading Update For The 12 Months To End June 2018 – In-line, Revenue and PBT up just under 10%.

I remain of the view that I would still like to see a little more here for a PER of 30+.

17-Oct-2018 – 280p – £122.4m – PER 29.8

Audited Results For The 12 Months To End June 2018 – Revenue up 10% to £22.2m (2017: £20.3m), PBT (before share-based payments) up 15% to £4.7m (2017: £4.1m), Adjusted EPS 9.16p up 10% (2017: 8.34p), the Dividend is up 13.6% to 4.58p (2017: 4.03p) and Net Cash stands at £6.7m (2017: £5.1m).

I still don’t see how this stock justifies such a high rating, perhaps I am missing something. I remain Neutral.

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