I Read The News Today Oh Boy! 10-Apr-2019

Wednesday, Apr 10 2019 by
16

Morning all!

Altitude ( Altitude (LON:ALT) ) – 103p – £71m – PER 14

Trading Update For The 12 Months To End December 2018 – A Trading Update (for the year ending over 3 months ago when most are reporting actuals), weird! Anyway, it's an "in-line with market expectations" statement.

I remain un-interested here and a little perplexed as to why it's just getting round to issuing an update.

Epwin ( Epwin (LON:EPWN) ) – 73p – £104m – PER 7

Results For The 12 Months To End December 2018 – Revenue, Adjusted PBT, EPS, Dividend all down, Net Debt stable at £24.8m. Current trading is in-line.

The StockRank remains high (at 96) and I remain unconvinced.

Hollywood Bowl ( Hollywood Bowl (LON:BOWL) ) – 220p – £330m – PER 15.5

Trading Update For The 6 Months To End March 2019 – Revenue up 5.3% (4.4% LFL), continues to trade in-line with the Board's expectations.

I used to hold Ten Entertainment ( Ten Entertainment (LON:TEG) ) until recently but am now of the view, perhaps wrongly, that neither of these operators are worthy of a 15+ PER rating.

Norcros ( Norcros (LON:NXR) ) – 188p – £151m – PER 5.8

Trading Update For The 12 Months To End March 2019 – Expecting PBT to be in-line with Net Debt down from £47.1m to £36m.

Nice to see that Net Debt come down and if it was not for the Pension Liability (£29m or so) and the exposure to South Africa (30% or so of Revenues) this would be more attractive. Tempting but still a few too many barriers for me.

SRT Marine Systems ( SRT Marine Systems (LON:SRT) ) – 30p – £46m – PER 15

Trading Update For The 12 Months To End March 2019 – Expects Revenue of £20m and PBT of £3m with Net Cash at £3.9m. No mention of "expectations" here at all, lazy *****.

A huge improvement on last year (made a Loss), on a quick check this does look…

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Altitude Group plc is a technology and information business providing services to the promotional merchandising and print industries across North America and the United Kingdom. The Company operates through Technology & Information segment that enables the buyers and sellers of products to interact and trade, through the provision of technology, catalogues and exhibition services, in the promotional merchandising and printing sectors. The Company provides technology services, specializing in cloud and server based software. Its Technologo offers a range of interactive image solutions, which are used for increasing engagement from online business-to-business (B2B) and business-to-consumer (B2C) buyers, and reduced cart abandonment rates. It also provides a Website solution for companies in the promotional product industry. It publishes catalogues annually for the promotional products industry, which include Spectrum and Envoy. It also hosts the Promotional Product Roadshows. more »

LSE Price
46.58p
Change
5.9%
Mkt Cap (£m)
30.3
P/E (fwd)
3.3
Yield (fwd)
n/a

Epwin Group Plc is a manufacturer of extrusions, moldings and fabricated low maintenance building products, operating in the repair, maintenance and improvement, new build and social housing sectors. The Company operates through two segments: Extrusion and Moulding, and Fabrication and Distribution. The Extrusion and Moulding segment is engaged extrusion and marketing of polyvinyl chloride-unplasticized (PVC-U) window profile systems, PVC-UE cellular roofline and cladding, rigid rainwater and drainage products and wood plastic composite decking products. It operates from extrusion and molding facilities in Telford, Tamworth and Scunthorpe, among others. The Fabrication and Distribution segment is involved in fabrication and marketing of windows and doors, distribution of cellular roofline, rainwater and drainage products, and manufacture of glass sealed units. It operates from over five window and door fabrication sites, and approximately two glass sealed unit manufacturing sites. more »

LSE Price
86.6p
Change
1.9%
Mkt Cap (£m)
121.5
P/E (fwd)
7.8
Yield (fwd)
6.4

Hollywood Bowl Group plc is a bowling entertainment operator in the United Kingdom. The Company is engaged in the operation of ten-pin bowling centers, as well as the development of new centers and other associated activities. It has a portfolio of approximately 50 centers operating across the United Kingdom. The Company's centers are located in multi-use leisure parks, and each center offers approximately 20 bowling lanes, on-site dining, licensed bars and family games arcades. Its brands include Hollywood Bowl, Bowlplex and AMF Bowling. Its Hollywood Bowl brand has over 30 centers situated in prime locations at leisure parks. Its Bowlplex brand has approximately 10 centers in prime locations at leisure parks. Its AMF Bowling has over 10 centers in non-prime locations. The Company's family-focused arcades offer games, such as air hockey and basketball hoops, games with prizes and video games. The Company's licensed bars offer a range of soft and alcoholic drinks. more »

LSE Price
218p
Change
-2.2%
Mkt Cap (£m)
334.5
P/E (fwd)
15.2
Yield (fwd)
3.6



  Is LON:ALT fundamentally strong or weak? Find out More »


4 Posts on this Thread show/hide all

MrContrarian 10th Apr 1 of 4
5

My morning smallcap tweet: SRT holders toast sight of jam

Findel (LON:FDL), FIH (LON:FIH), SRT Marine Systems (LON:SRT), Seeing Machines (LON:SEE), Inland Homes (LON:INL)

Findel (FDL) only 1% of holders (excl. SPD) have voted to accept SPD's offer of 161p. Deadline extended to 24 Apr.
FIH Group (FIH) says FY pretax will exceed market expectations by a comfortable margin.
SRT Marine Systems (SRT) guides FY rev £20m and pretax £3m. F/C £20.5m and £2.7m. Are holders finally going to tase some jam? "MDA systems business which currently has contracts worth approximately £35m in progress and a significant pipeline of sales opportunities of which six, with a value of approximately £212m, we hope to formally contract during the course of the next 12 months." I hold.
Seeing Machines (SEE) wins US driver monitoring contact worth an initial estimated lifetime revenue of A$7m.
Inland Homes (INL) £78m land and build deal with UK's largest Housing Association

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jonesj 10th Apr 2 of 4
1

In reply to post #467791

The SRT Marine Systems (LON:SRT) comments regarding the current order book and the pipeline have been in previous a RNS, but something is driving the share price up today.
I need to research this one further.

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John McArthur 11th Apr 3 of 4
9

As always, happy to field any and all questions on the Tracsis interims from holders and non-holders alike.

The 2 line summary by matylda is factually wrong. Revenue is not down and c £1m up on last year. Cash is obviously down given we made 2 acquisitions in the period (?!).

I do wish Stocko commentators would back up comments on valuation with references to specific examples and comparable companies.

John McArthur
Tracsis, CEO

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matylda 11th Apr 4 of 4
9

In reply to post #468231

John,

Apologies - In my morning dash through the RNS I compared the 2 highlighted boxes in the report thinking they were this and last year.

Revenue is of course up £1m / £0.7m depending on the accounting application.

I am prone to the occasional mistake as I try and get through as many as 15 relevant RNS in the morning between 07:00 and 08:00 and get a report out before market open.

Regarding overvalued - It's just my general and simplistic view based on a PER of 20+ with forecast EPS growth of 5.5% in 2019E and 12.6% in 2020E (as per the latest FinnCap note I have access to). Sure there's loads of ways to value a company and perhaps my view is not applicable or useful. It does however serve me reasonably well and I make note of it in my updates now and again, more so for my own personal record.

Apologies again for the initial error and thanks for being one of the few CEOs out there who take the time to engage with PI's the way you do.

Cheers!

Blog: Briefed Up
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