Good morning! Quite a few readers hold shares in Lo-Q (LON:LOQ), which has annnounced this morning that they are changing their name to the rather uninspiring "accesso Technology Group" (personally I think the existing name is more memorable & does what it says on the tin!). The ticker will change to ACSO as from Tue 12 Nov 2013. The name change is to create a single brand, using the name of the American company they acquired in 2012, although personally I would have done it the other way around, and renamed the American company Lo-Q.
I'm impressed with this morning's strong trading update from 4imprint (LON:FOUR). This covers three quarters of the current financial year, and shows YTD revenues up 15% compared with last year, which seems to be organic growth too (which is better than growth from acquisitions). They say that the group is well placed to achieve a good result for the year as a whole.
Looking at valuation, their shares have almost doubled this year to 615p, so the forecast for this year of 32p EPS puts them on a PER of 19.2, which looks fully priced to me. Although I note that EPS is in a very strong growth trend, having risen from 21p last year and 11p the year before (which was the low point in their cycle). So it's not difficult to imagine EPS rising further to nearer 50p in a year or two, which would bring down the PER to just over 12. However, I don't much like the idea of paying up-front for the next couple of years' growth, so although I like this company, for me there's not much upside on the current share price.
Next, there is an IMS for Wilmington (LON:WIL), covering their Q1 period (it's a June year end, so the IMS covers Jul-Sep). Q1 turnover is "marginally up" on the equivalent prior year period, and overall trading is in line with expectations for the full year.
I last looked at Wilmington in May, and concluded that it looked priced about right at 152p per share. The shares have since continued up, as indeed have most things in a general market re-rating, and are now…
