Volex (VLX)

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Volex VLX Logo

The global provider of cable assemblies.

10-Nov-2017 – 72.5p – £65.4m – PER 11.8

Half Year Results For The 6 Months To 1 October 2017 – Revenue down 2.8%, Underlying Operating Profit up 26.8% but it’s just a confusing update. Also states it intends to move to AIM “in order to have greater flexibility to pursue growth and partnership opportunities”.

Stockopedia likes it, StockRank of 97 and it’s got Cash, the Broker forecasts are on the up and the SP is up more than 50% in 12 months. That’s even with a very low Operating Margin and ROCE. However, I just can’t work this one out, the updates are confusing and it’s also moving to AIM. I have to put this in the “too hard for me” and just not for me pile for now.

11-Apr-2018 – 66p – £59.6m – PER 9.05

Trading Update For The 12 Months To End April 2018 – In-line.

After a decent run up from sub 40p to 80p, that 80p just looks like a ceiling here.

9-Nov-2018 – 85.1p – £122.5m – PER 9.88

Trading Update For The 12 Months To End December 2018 – Revenue up 13%, Underlying Diluted EPS up 24.9%, some uncertainties related to US Trade Tariffs (on China) but FY expected to be slightly ahead of market expectations.

This update may provide some tailwind but looks fairly priced around this level to me – I remain Neutral.

Subsequent note: I did actually decide to buy in here today.

28-Mar-2019 – 83.6p – £123m – PER 8.1

Trading Update – Continues to be ahead of market expectations, FY Revenue to exceed $365m.

This looks good to me – I remain Long here.

13-Jun-2019 – 102p – £150m – PER 8.8

Results For The 12 Months To End March 2019 – Revenue up 15.4%, Underlying PBT up 108.2%, EPS up 42.7% (to 12.7c) with Net Cash at $20.6m ($9.9m last time). Expects to reinstate Dividend at next Interims.

Looks like a slight beat on the forecasts I had – I remain Long here.

30-Jul-2019 – 95p – £137m – PER 8

Q1 Trading Update – Strong with Revenue up 12% (14% CC), Operating Profit Margin ahead of current expectations.

Long here, quite like this so see no reason to change my position.

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