I Read The News Today Oh Boy! 11-Apr-2018

Wednesday, Apr 11 2018 by

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 looks like they may be priced in, based on a high 12 months ago of 125p or so. Stockopedia loves it (StockRank 93), but I do not, I’m Neutral at best here.

Amiad Water Systems ( Amiad Water Systems (LON:AFS) ) – 174.95p – £39.7m – PER 14.1

Results For The 12 Months To End December 2017 – Revenue up 6.3% to $112.3m (2016: $105.6m), PBT up 64.5% to $5.1m (2016: $3.1m), Fully Diluted EPS $0.14 (2016: $0.095), Dividend down to $0.028 (2016: $0.032). Expecting Revenue growth in 2018.

I quite like this but I don’t get the “Expecting Revenue growth in 2018”, it’s hardly inspiring. I just have to remain Neutral for now.

Severfield ( Severfield (LON:SFR) ) – 73.5p – £220.3m – PER 11.0

Trading Update For The 6 Months To End March 2018 – In-line.

Remains on my Watchlist at 67p for now.

As always, all comment most welcome – Have a great day!


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easyHotel PLC is a United Kingdom-based owner, developer, operator and franchisor of branded hotels. The Company operates through two segments: Owned properties and Franchising. The Owned properties segment is involved in hotel operations carried out in the Company's owned hotels and properties. The Franchising segment includes its franchise hotel operations in connection with the license of the Company's brand name. The Company has a portfolio of 29 hotels, which includes 1,280 owned/lease rooms. The Company's owned hotels include Old Street (London), Glasgow and Croydon. Its franchise locations include Bulgaria (Sofia), Czech Republic (Prague), Germany (Berlin, Frankfurt), Hungary (Budapest), the Netherlands (Amsterdam, Rotterdam and The Hague), Switzerland (Basel, Zurich), the United Arab Emirates (Dubai) and the United Kingdom (Edinburgh, London Central and Heathrow, and Luton). The Company's subsidiary is easyHotel UK Limited. more »

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Arena Events Group Plc is a United Kingdom-based international turnkey event design and delivery company. The Company provides managed solutions from concept and design through to the construction and delivery of temporary structures, seating and interiors for a host of sporting, outdoor and leisure events around the world. Its contracts range in size and complexity from a simple equipment rental for a local outdoor event, to an integrated solution of multiple structures and interiors for an international sporting event. It provides a wide range of services from temporary demountable seating and project management, to the installation of ice rinks as well as the provision of high end catering equipment and event furniture. The Company has operations in the United Kingdom and Europe, Middle East and Asia and the Americas. more »

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Severfield plc is a structural steelwork company in the United Kingdom, which is engaged in construction contract business. The Company serves the construction and infrastructure markets. Its construction sectors consist of commercial offices, industrial and distribution, stadia and leisure, retail, and data centers and other. Its infrastructure sectors include transport, power and energy, and health and education. It has worked on over 120 projects, which include One Angel Court and Nova Victoria in London; Anfield Stadium; London Bridge Station; Nissan paintshop, Sunderland, and Dublin waste to energy facility. Its subsidiaries include Severfield (Design & Build) Limited, which designs, fabricates and constructs structural steelwork and portal frames for the warehouse, distribution and industrial sectors, and Severfield (NI) Limited, which delivers constructional steel products in the United Kingdom and Irish structural steel market. more »

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

3 Posts on this Thread show/hide all

MrContrarian 11th Apr '18 1 of 3

My morning smallcap tweet:

Air Partner (LON:AIR), SRT Marine Systems (LON:SRT)

Air Partner (AIR) shenanigans update: total restatement will be <£4m. "The Board believes that no shareholder should be further disadvantaged by the impact of this matter... intends to recommend that the final dividend payable for the year will be 3.8p." Reiterates underlying pre-tax guidance of not less than £6.4m. Review ongoing.

SRT Marine Systems (SRT) guides FY rev up 22%, pre exceptional pretax £1.3m, broadly in line with market expectations. "These results reflect the excellent progress we have made across all our business operating segments." Well, as a holder, I ain't dancing yet.

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andrea34l 11th Apr '18 2 of 3

I feel the static order book in the Severfield (LON:SFR) update is a little disappointing.

I don't think any update from Norcros (LON:NXR) will ever be exciting owing to the nature of the business; the H2 lfl in the UK is disappointing, as is the ongoing loss-making performance of Johnson Tiles (don't know why they don't just shut it down). I hold for the good yield only.

It's a bit of a dull day, the most interesting updates to me are from Tesco (LON:TSCO) (turnaround in profits, improved margin, etc) and Liontrust Asset Management (LON:LIO) which has issued the following update:

·Assets under management ("AuM") were £10.5 billion as at close of business on 31 March 2018 (31 March 2017: £6.5 billion), an increase of £4 billion or 61% over the financial year to 31 March 2018

·Net inflows of £255 million in the Period (2017: £200 million ) and net inflows for the financial year to 31 March 2018 of £1,004 million (2017: £482 million)

It has been a very successful and transformational year for Liontrust. We have delivered £1 billion of net inflows and a 61% growth in our AuM, reflecting the power of both our fund management and distribution capability and the investment we have made in these areas over the past few years. Liontrust had the 11th largest net retail sales in the UK in 2017 and had the 13th largest total net sales, according to the Pridham Report.

Having acquired the Sustainable Investment team at the start of the financial year, its AuM has increased by £500 million over the past 12 months to reach nearly £3 billion. The demand for sustainable investing continues to increase and we are well positioned to benefit from this.

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andrea34l 11th Apr '18 3 of 3

Oh, I've just spotted this update from BCA Marketplace (LON:BCA) - on a current P/E in the region of 15, these look good value to me considering interim operating profit was up over 20% and the 'ahead of market expectations' indication below.

The positive outlook reported in the Interim Results of 28 November 2017 has continued during the second half of the financial year culminating in a strong trading performance for the full year.

As a result the Business has traded ahead of market expectations with strong profit growth and with a net debt position lower than market forecasts.

The Remarketing businesses have been successful in winning a number of new contracts along with continuing contract renewals. The UK's leading buyer of vehicles, webuyanycar.com, continues to succeed and grow as the number one company of choice in its sector for consumers.

Additionally, BCA has made good progress in growing and integrating its services business.

BCA's business solutions systems, data and hero digital products also continue to enjoy strong customer uptake - allowing the Business to become a valued and embedded partner with many of its customers - along with driving internal performance.
With the above stated successes, the Board believes the Business is on a strong footing as it enters its next financial year and for the future.

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