Water Intelligence (WATR)

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Provides leak detection and remediation services including a range of solutions (including products) for residential, commercial and municipal customers.

14-Feb-2018 – 179.5p – £21.7m – PER 21.1

Trading Update For The 12 Months To End December 2017 –  Revenue up 45% to $17.7m (2016: $12.2m), Adjusted PBT up 21% to $1.7m (2016: $1.4 million). I like these words “upward growth trajectory, referred to in the Q3 Trading Update, remained consistent for the remainder of 2017”, “Revenue and PBT (adjusted) each grew significantly during 2017 compared with 2016”, “Importantly, the rate of growth along both dimensions actually accelerated year-over-year when reviewing 2016 results”, “scaling faster on all fronts”.

I am Long here and based on this update I see little reason to sell.

17-May-2018 – 277p – £42.2m – PER 32.2

Results For The 12 Months To End December 2017 – Revenue up 45% to $17.6m accelerating from 38% annual revenue growth reported for 2016. Statutory PBT up 48% to $1.1m with Adjusted EPS up 30% to 10.4c. 2018 Revenues up 40%

I hold and am happy to continue based on these results.

31-Jul-2018 – 388p – £59.1m – PER 41.8

Trading Update For H1 2018 – “Strong Trading Growth; Significant Profits Growth” is the headline. I like this statement “The Group’s first half performance continues its upward growth path with the delivery of strong trading results and the execution of corporate development transactions to sustain such trading results into the future”.

I hold here and although it seems that price has now caught up with valuation somewhat, based on these numbers and comments – I will continue to hold for now.

12-Sep-2018 – 333p – £50.7m – PER 35.0

Interim Results For The 6 Months To End June 2018 –   H1 Revenue up 39% to $11.80m (1H 2017: $8.52m) with all major revenue streams growing strongly. PBT comfortably in-line with expectations with EPS up 52% at 7.3c.

I am long here and these results seem to support a continued holding.

Subsequent note: Having sold half for 100% Profit I sold the remainder here in October. I should have sold when 20% off it’s ATH to be honest and kicking myself a little for letting more Profit slip. Overall though a more than decent 100% or so return in 12 months.

4-Dec-2018 – 287p – £43.7m – PER 26.6

Trading Update For Q3 2018 – Revenue up 40% and already higher than FY 2017, Underlying PBT comfortably in-line (despite re-investment expenses),

Having held previously (20%+ off it’s high) looks worthy of further analysis once again.

12-Mar-2019 – 318p – £48.4m – PER 29.6

Trading Results For FY 2018 – Revenue and Adjusted PBT ahead of market expectations, both up 40%+. Q1 started strong, expecting Q2 and FY to be similar.

Great results and a very bullish outlook, perhaps too bullish? As an ex-holder I am tempted here yet again, will keep an eye out for revised Broker notes.

9-May-2019 – 407p – £62m – PER 34.8

Results For The 12 Months To End December 2018 – Revenue up 45%, Adjusted PBT up 44%, Net Cash at $2.6m.

Results looks about in-line and the growth rate (although excellent) does seesm to be priced in here at this level.

28-Jun-2019 – 352p – £60m – PER 26.9

AGM Statement – Things seem to be in-line.

Still seems overvalued here to me.

7-Aug-2019 – 331p – £56m – PER 24

H1 Trading Update – Revenue up 34%, PBT up 29%. No FY guidance given.

A pity there is no note on FY, even if in-line I still see that as overvalued at this price.

28-Oct-2019 – 266p – £45m – PER 22

Q3 Trading Update (YTD) – Ahead on Revenue, comfortably in-line with PBT, demand strong, accelerating growth.

This is quite encouraging, could well be tempted back in here, it’s on the Watchlist for now.

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