Morning all!

Volution ( Volution (LON:FAN) ) – 199.5p – £403.7m – PER 12.8

Trading Update For The 6 Months To End July 2018 – Revenue up 11.3%, 4 acquisitions completed, FY in-line.

Just had a look at the latest broker note on Research Tree here and see that actual and forecast annual Revenue and EPS growth through to 2020 is below 10% each year. On a yield of 2% or so I guess this will remain range bound until something out of the ordinary happens. I am Neutral until I see evidence of that.

IEnergizer ( iEnergizer (LON:IBPO) ) – 55p – £104.5m – PER 4.96

I was expecting an AGM here today but didn’t find any announcement – But, as I had made some notes I decided to include them anyway.

ROCE and Operating Margin are both around the 20% mark here. Revenue growth is a steady 5% a year with annual EPS Growth is 30.5% (2018A), 16.4% (2019E) and 4.5% (2020E). Debt now seems to be reasonable and looks OK here except for the spread which is often 15%+. Against my will, I keep this on my Avoid list - I just find it so difficult to open a position when the spread is more than a few percent, more than 5% is tough, but 10%+ really puts me off – And we’re talking, most of the time, 15%+ here.

Filta Group ( Filta Group (LON:FLTA) ) – 229p – £57.0m – PER 24.1

Trading Update For The 6 Months To End June 2018 – H1 Revenue and Profit in-line with management expectations – Confident for H2 to and beyond.

I hold here and although this is a reasonable update it does sound rather cautious – I remain long but will, as always, keep an eye on market reaction here.

As always, all comment most welcome!

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