Morning all!

EasyHotel ( easyHotel (LON:EZH) ) – 111.65p – £112.2m – PER 50.1

Trading Update For The 6 Months To End March 2018 – Strong H1 but no mention of inline or not.

It’s cheaper now than last time I looked at it (PER was 78.5). However, I reiterate - I am still wary of this sector (with the rise of Airbnb and Booking) and will not be paying up here, I’m Neutral for now.

Norcros ( Norcros (LON:NXR) ) – 185.75p – £148.9m – PER 5.92

Trading Update For The 12 Months To End March 2018 – Expected to be in-line, meaning nothing spectacular. Well placed to make progress despite challenging market conditions.

Looks quite good (if the forecasts are achieved) but I will remain Neutral for a few reasons. There’s a decent sized pension deficit and Net Debt here, re-organisation (job cuts), plus concerns on the South African (and I guess UK) side of the business. The ROCE and Operating Margin are nothing to write home about either.

Arena ( Arena Events (LON:ARE) ) – 50.15p – £58.8m – PER 11.1

Results For The 12 Months To End December 2017 – Looks slightly better than in-line. Order book looks good and 2018 has started well.

I quite like this but I just find it difficult to get involved as it just doesn’t ever seem to make any real profit. I am going to put this on my Avoid list now – Due to my inability to value it in a sensible way. There’s plenty of simpler, for me, to understand numbers out there.

Volex ( Volex (LON:VLX) ) – 66p – £59.6m – PER 9.05

Trading Update For The 12 Months To End April 2018 – In-line.

After a decent run up from sub 40p to 80p, that 80p just looks like a ceiling here.

Epwin ( Epwin (LON:EPWN) ) – 79.5p – £113.6m – PER 7.43

Results For The 12 Months To End December 2017 – Headline is “Resilient performance despite subdued markets”.

To me these latest results look awful but…

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