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!

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