Vianet (VNET)

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The international provider of actionable data and business insight through devices connected to its Internet of Things platform (“IOT”).

5-Dec-2017 – 136p – £38m – PER 14.9

Interim Results For The 6 Months To End September 2017 – Revenue of £6.71m (H1 2017: £7.06m), PBT £0.90m (H1 2017: £1.13m), Interim dividend flat at 1.70p.

Nothing to make me any more than Neutral here.

18-Apr-2018 – 139.6p – £39.5m – PER 15.0

Trading Update For The 12 Months To End March 2018 – FY profits to be broadly in line with expectations, will recommend a maintained final dividend of 4.0p. Medium to Long term prospects are exciting (but not the Short term?).

Is this enough to see another circa 50% rise in the next 12 months? Perhaps not but this could be a long term tuck-away. I will remain Neutral but keep an eye out for updates.

5-Jun-2018 – 128p – £36.2m – PER 14.7

Final Results For The 12 Months To End March 2018 – Revenue £14.56m (2017: £14.26 million) with recurring revenues at 90%, Gross margin 70% (2017: 70%), PBT up 41.5% to £2.05m post exceptional items (2017: £1.45m), Basic EPS (before tax) and post-exceptional costs at 7.42p (2017: 5.30p) with the FY Dividend flat at 5.70p (2017: 5.70p).

I am Neutral here.

16-Oct-2018 – 102.5p – £29.0m – PER 10.7

Trading Update For The 6 Months To End September 2018 – Growth in Operating Profit in-line with market expectations – Interim 1.7p Dividend to be maintained.

Seems about fairly priced here – I remain Neutral.

4-Dec-2018 – 103.5p – £27.2m – PER 9.84

Interim Results For The 6 Months To End September 2018 – Revenue up 14.43% (88% recurring), PBT up 10.46%, Basic EPS up 36.16% and on the down-side, the Interim Dividend is unchanged and Net Debt is £1m versus Net Cash of £2.72m last time.

I still reckon this is fairly priced around this level so I remain on the side-lines for now.

4-Jun-2019 – 126p – £36m – PER 12.5

Results For The 12 Months To End March 2019 – Revenue up 7.7% (to £15.68m), recurring is 94%, PBT up 29.8% (to 2.66m), Basic EPS up from 6.55p to 8.87p, the Total Dividend is the same as last year (5.7p).

To me – Still looks fairly priced around the 120p level.

26-Jun-2019 – 128p – £36m – PER 13.7

Trading Update – First 2 months trading slightly ahead.

Encouraging update but still looks fairly priced around the 120p level, but, worth keeping an eye out here for Broker upgrades (perhaps!).

15-Aug-2019 – 120p – £34m – PER 12.6

Trading Update For The First 4 Months Of The Year – On course to meet FY market expectations, 3 long term contracts (£10m) underpin growth.

I quite like this but would like to see the actuals. Based on the latest Broker note this morning, in my opinion, looks way undervalued on a 1 Year view but cannot value on a 2 Year view due to negative EPS growth forecast for 2021E.

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