Engaged in equipment rental and associated services, providing products and services to a range of end markets, including infrastructure, construction, house building, and oil and gas, both in the UK and overseas.
21-Nov-2017 – 877.5p – £347.3m – PER 9.84
Interim Results For The Period To End September 2017 – Revenues up 12% to £136.0m (£121.7m last time), PBT before tax and amortisation up 13% to £21.2m (£18.7m last time), ROCE up to 16% from 15.6% last time, EPS (pre amortisation) up 17% to 44.2p per share and the Interim Dividend is up 13% to 6.80p per share (6p last time).
There’s quite a lot to like here on a PER <10, the only fly in the ointment is perhaps the Net Debt (30% of the Mkt Cap).
6-Apr-2018 – 820p – £329.3m – PER 8.75
Trading Update – Challenging but expecting FY to be In-line.
I still quite like this but there’s 2 stand-outs, a new acquisition integration in progress and Net Debt greater than 30% of Market Cap. The strange one here is the EPS CAGR is circa 15% – That’s almost double the 8.75 PER, the PEG reflects this, it’s 0.57! I’m almost talking myself into investing here but just can’t justify it – I just get the feeling I am missing something the market is not.
5-Jun-2018 – 941p – £377.9m – PER 10.0
Final Results For The 12 Months To End March 2018 – Revenue up 22% to £303.6m (2017: £248.7m) with Statutory PBT flat at £30.8m (2017: £30.3m) and Statutory EPS of 61.72p (2017: 60.31p), the FY Dividend will be up 18%. Net Debt is £179.2m (2017: £98.9m) after funding.
Looking at the forecasts this looks like a slight miss profit and EPS wise. Anyway, with the recent acquisition integration still in progress and Net Debt almost 50% of the Market Cap, I will be staying Neutral for now.
2-Aug-2018 – 1132.5p – £454.7m – PER 11.6
AGM Statement – Positive start to the year, trading is in-line with the Board’s expectations.
Those willing to accept the “macro market uncertainties” mentioned in this statement may have some interest here. I am not that way inclined at the moment so remain Neutral.
27-Sep-2018 – 1095p – £439.7m – PER 11.1
Trading Update – In-line.
Still some attraction here but the Net Debt is enough to keep me Neutral at present.
8-Apr-2019 – 995p – £399.5m – PER 9.9
Trading Update – Expects FY to be well ahead of last year and in-line with current market expectations.
I had this to say last time and I reckon it’s still valid “Still some attraction here but the Net Debt is enough to keep me Neutral at present”.