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

Thursday, Oct 11 2018 by
14

Morning all!

Volution ( Volution (LON:FAN) ) – 180p – £358.0m – PER 11.3

Preliminary Results For The 12 Months To End July 2018 – Revenue up 11.1%, Reported PBT down from £17.9m to £16.7m (margins and exceptional costs blamed amongst other things). The Dividend is up 7% reflecting continued strength in the business (that’s no longer the responsibility of the PBT and EPS figures now then!).

Not enough here to change my view from Neutral.

N Brown ( N Brown (LON:BWNG) ) – 138.5p – £394.0m – PER 5.95

H1 Results – 26 Weeks To 1st September 2018 – Growth in financial services but not in products – FY expectations unchanged.

First coverage for me here for some reason. Looks perhaps reasonably valued on a PER basis but throw in the 10% yield and if it can be maintained – Could be a great income play. It’s going on my Watchlist for that reason.

Subsequent note: In my morning haste I missed this - Interim dividend reduced by 50.0% to 2.83p - Rebased dividend to a more sustainable level from which the Group will seek to grow - Removed from the Watchlist back to Neutral.

Discoverie ( Discoverie (LON:DSCV) ) – 398p – £292.0m – PER 15.0

Trading Update For The 6 Months To End September 2018 – On track to deliver on FY expectations.

Enough to like here but still not enough to change my Neutral stance.

Alpha Financial Markets Consulting ( Alpha Financial Markets Consulting (LON:AFM) ) – 224.5p – £227.8m – PER 18.2

Trading Update For The 6 Months To End September 2018 – Comfortable with current FY expectations.

There’s perhaps some value here at this level but not quite enough to tempt me just yet – Neutral for now.

Marshall Motor Holdings ( Marshall Motor Holdings (LON:MMH) ) – 140p – £109.0m – PER 5.75

Trading Update – In-line with previously revised forecasts.

Looks like decent value with a decent yield backed up by what seems like sound management and a lot of freehold / long leasehold property on the Balance sheet (circa £120m or so). I am Neutral, mainly due to the industry concerns at present.

Norcros ( Norcros (LON:NXR) ) – 202p – £162.2m – PER 6.24

Trading Update For The 6 Months To End September 2018 – In-line it seems, but challenging markets.

Neutral here - If it wasn’t for the challenging markets aspect I could certainly be more bullish here, quite a lot to like (in the fundamentals).

Renold ( Renold (LON:RNO) ) – 36.5p – £82.3m – PER 7.17

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

This was on my Avoid list but if this is to be in-line it could well be worth a look. Going Neutral here and will keep an eye out for the Actuals.

Onthemarket ( Interim Results For The 6 Months To End July 2018 – Revenue flat, Losses up.

I remain uninterested here still – Neutral.

As always, all comment most welcome!


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Volution Group plc is a United Kingdom-based company, which is a supplier of ventilation products to the residential and commercial construction markets in the United Kingdom and northern Europe. The Company is principally engaged in designing, manufacturing and distribution of unitary and systems ventilation products and equipment. It is also engaged in the designing, manufacturing and distribution of a range of motors and components for use in air movement applications and gas boilers. It operates in two business segments: Ventilation Group and Original Equipment Manufacturer (OEM (Torin-Sifan)). The Ventilation Group segment consists of 11 brands, focused primarily on the United Kingdom, Swedish, Norwegian, German, Belgian and Dutch ventilation markets. The Torin-Sifan segment is a supplier of motors, motorized impellers, fans and blowers for the European heating, ventilation and air conditioning (HVAC) industry. The Company offers Revive, which is a bathroom and kitchen fan. more »

LSE Price
173p
Change
 
Mkt Cap (£m)
343.2
P/E (fwd)
10.7
Yield (fwd)
2.9

N Brown Group plc is a digital specialist fit fashion retailer. The Company offers customers a range of products in clothing, footwear and home wares. The Company is a multichannel retailer. It operates through the Home Shopping segment. Its power brands include JD Williams, Simply Be and Jacamo. JD Williams is a department store concept offering style for 50-plus customers and their families. Simply Be is a women's clothing retailer, which offers a fashion collection regardless of the size. Jacamo offers in-house ranges, such as Label J and Black Label, alongside international brands. Its brands also include Ambrose Wilson, Julipa, Premier Man, House of Bath, Marisota, Fashion World, High and Mighty, and Figleaves. It offers financial services that focus on credit customer base and cash customers. It offers womenswear from sizes ranging from 10 to 32 and menswear from sizes ranging from small to 5XL. It operates a store estate in the United Kingdom that focuses on key shopping areas. more »

LSE Price
117.2p
Change
1.3%
Mkt Cap (£m)
329.1
P/E (fwd)
5.3
Yield (fwd)
7.7

discoverIE Group PLC, formerly ACAL PLC, designs, manufactures and supplies components for electronic applications. The Company operates through two divisions: Custom Supply and Design & Manufacturing. The Custom Supply division provides technically demanding customized electronic, photonic and medical products to the industrial, medical and healthcare markets, both from a range of international suppliers and from the Company's Design & Manufacturing division. The Design & Manufacturing division manufactures custom electronic products that are designed or modified from a standard product for a specific customer requirement. The products are manufactured at the Company's in-house manufacturing facilities or by third party contractors. Its technology areas include communications & sensors, power & magnetics, electromechanical & cabling, microsystems, and imaging & photonics. more »

LSE Price
345p
Change
-1.4%
Mkt Cap (£m)
256.8
P/E (fwd)
12.8
Yield (fwd)
2.8



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


3 Posts on this Thread show/hide all

Mike888 11th Oct 1 of 3
3

Volution, LOL

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MrContrarian 11th Oct 2 of 3
4

My morning smallcap tweet: A dull day for smallcap news.

Johnston Press (LON:JPR), Local Shopping Reit (LON:LSR), Modern Water (LON:MWG), Revolution Bars (LON:RBG)

Johnston Press (JPR) hoists For Sale sign as part of "exploring all options available to it in relation to its £220m debt". Since it started 'exploring options' 7 months ago I guess they have had a good look at all corners of their cage by now. Cap only £3.4m.
Local Shopping REIT (LSR) sells properties for £5.8m, a 1% premium to NAV before costs. Guides net realisable value of assets & cash, post operating costs, wind-up costs etc, of 33.0 and 34.5p/sh. SP around 30p. I hold.
Modern Water (MWG) open offer (how old fashioned!) at 9p, a 4% disc.
Revolution Bars (RBG) last night said merger talks with Deltic ended.

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andrea34l 11th Oct 3 of 3

I'm happy to hold Norcros (LON:NXR) for the moment, if only for the dividend. The new Merlyn acquisition looks very good, contrary to the ongoing Johnson Tiles saga although they say the division is at least in profit now.

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