Zytronic (ZYT)

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Zytronic ZYT Logo

The developer and manufacturer of a unique range of internationally award-winning and patented touch sensor products.

19-Oct-2017 – 602.5p – £96.7m

Trading Update For The 12 Months To End September 2017 – Results expected to be in-line with market expectations.

Up 50% in the past 12 months I just don’t see how the forecasts justify the PER of 20 here – Other than the overly impressive Operating Margin and ROCE, both 20%+.

12-Dec-2017 – 517.5p – £81.0m – PER 16.9

Preliminary Results For The 12 Months To End September 2017 – Revenue up 9% to £22.9m (2016: £21.1m), PBT up 27% to £5.4m (2016: £4.3m). The focus though is on the Dividend, the final Dividend is up 39%. Current year has started with Revenue and Orders similar to last year.

Seems like a quality company but this update and the forecasts just don’t seem to make it worthy of investment at this level. Keeping it on my Watchlist as much more interesting around 450p.

22-Feb-2018 – 533p – £84.4m – PER 17.1

AGM And Trading Update For The 1st 4 Months Of The Year – Broadly in-line with the equivalent period last year.

Gave this a little thought this morning. I reckon on reflection I would only be interested here around the 400p level. This would probably mean one of 2 things, something has gone wrong (and it may then be a riskier investment than it is today) or there’s been a general market sell off (in which case there will most likely be better companies to invest in). Going to remove this from my Watchlist for now.

15-May-2018 – 450p – £72.2m – PER 14.5

Interim Results For The 6 Months To End March 2018 – Revenue £10.6m (H1 2017: £11.3m), PBT £2.2m (H1 2017: £2.5m), Interim dividend increased by 100% to 7.60p per share (H1 2017: 3.80p), Basic EPS 11.7p (H1 2017: 13.8p), Net cash of £13.7m (30 September 2017: £14.1m) following an increase to dividend payments. H2 started well but growth may be suppressed (vs recent years).

I previously commented that I may be interested here around 400p. However, I also commented that this would probably mean one of 2 things, something has gone wrong (and it may then be a riskier investment than it is today) or there’s been a general market sell off (in which case there will most likely be better companies to invest in). I remain Neutral.

18-Oct-2018 – 425p – £68.2m – PER 13.4

Trading Update For The 6 Months To End September 2018 – FY Revenues in-line, PBT (£4.2m – £4.5m) below market expectations.

Not sure how much of a miss this is, looks like it could be about 20% – Anyway, it’s enough for me to remain Neutral for now.

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