Morning all!

Portmeirion ( £PMP ) – 990p – £105m – PER 13

Interim Results For The 6 Months To End June 2019 – In-line with expectations set out in May and remains on-track to deliver FY in-line.

Perhaps fairly priced (at best) around the 1000p level.

Sanderson ( £SND ) – 127p – £77m – PER 14

140p Take-Over – By Aptean Bidco.

Not much of a premium but looks like a done deal.

SCS ( £SCS ) – 216p – £86m – PER 8.4

Trading Update For The 12 Months To End July 2019 – Expects FY to be in-line.

Still not enough here for me as it looks like stagnation for the next couple of years but, if that yield (7%+) is maintained, could provide a floor.

Seeing Machines ( £SEE ) – 4.5p – £150m – PER n/a

Trading Update For The 12 Months To End June 2019 – FY to be slightly ahead.

No sign of a Profit, no reason for me to invest. Latest Broker note this morning confirms no sign of a Profit in, at least, the next 2 years.

T Clarke ( £CTO ) – 117p – £50m – PER 6.5

Interim Results For The 6 Months To End June 2019 – Revenue up 12% to £171.3m, Underlying Operating Margin up 2.9% (2.6%), Cash at £3.6, the Interim Dividend is up 14%, Order Book at £370m (£370m). Confident of FY being in-line.

I recently sold out here with a view that 120p or so was fair value, being in-line would not change that view. Based on the latest Broker note this morning, in my opinion, this looks way undervalued on a 1 Year view and undervalued on a 2 Year view (at 100p (time of writing)) - Note the 4% Yield and Net Cash (but still Low margin, often large complex contracts which can go wrong!).

As always, all comment most welcome!

Unlock the rest of this Article in 15 seconds

or Unlock with your email

Already have an account?
Login here