I Read The News Today Oh Boy! 12-Dec-2018

Wednesday, Dec 12 2018 by
12

Morning all!

Cohort ( Cohort (LON:CHRT) ) – 415p – £170.0m – PER 12.9

Interim Results For The 6 Months To End October 2018 – Revenue down, Adjusted Operating Profit and EPS about a third of last year – As a sweetener the Interim Dividend is increased 12%. Made an acquisition today and expects H2 weighting to be even greater this year (than usual).

I cannot buy on the expectation of H2 weighting being even greater than usual – Not a chance!  Expecting the FY to surprise one way or the other!

Eurocell ( Eurocell (LON:ECEL) ) – 232p – £232.7m – PER 10.2

Trading Update For The 11 Months To End November – Expects FY EBITDA to be slightly below FY 2017.

Looks like “H2 weighting” mentioned in the previous update – Strikes another stock! Not for me at present.

Filtronic ( Filtronic (LON:FTC) ) – 18p – £37.5m – PER 30.7

Trading Update – Sales down and expects to make a loss this year. Has enough money to survive whilst exploring what to do with the antenna business.

There’s little likelihood I will be getting involved here any time soon.

Fulham Shore ( Fulham Shore (LON:FUL) ) – 9.4p – £53.7m – PER 122.1

Unaudited Interim Results For The 6 Months To 23rd September 2018 – Revenue up 20% to £33.0m with PBT up 35% to £1.5m.

Seems to be heading in the right direction but not enough to tempt me just yet – Will await the FY results.

Huntsworth ( Huntsworth (LON:HNT) ) – 97p – £339.1m – PER 11.9

Trading Update For The 11 Months To End November 2018 – On target for PBT to be at least in-line (£29.4m), expecting continued good growth across all of its businesses into 2019.

I sold out here in July as the Interim Results seemed a little too cautious. I may well revisit as this doesn’t sound as bad at all - Aill keep an eye out for Broker notes.

Netcall ( Netcall (LON:NET) ) – 35.5p – £50.8m – PER 25.7

AGM Statement – There’s not much sense (to me anyway) in this update.

I have no more interest here (because I can’t work out what they’re telling me here) today than I did yesterday.

As always, all comment most welcome!


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Cohort plc is a holding company. The Company's segments include MASS, MCL, SCS and SEA. Its subsidiaries include Systems Consultants Services Limited (SCS) and SEA (Group) Ltd. (SEA). Its sub-subsidiaries include MASS Consultants Limited (MASS) and Marlborough Communications Limited (MCL). SCS is a defense consultancy. SEA is an electronic systems and software company operating in the defense, transport and offshore energy markets. MASS is a specialist defense and technology business, focused on electronic warfare, information systems and cyber security. MCL is engaged in sourcing, design, integration and support of communications and surveillance technology for the defense and security markets. It provides a range of services and products for the United Kingdom, Portugal and international customers in defense and related markets. The Company operates in the United Kingdom, other European Community (EC) countries, Asia Pacific, and North and South America. more »

LSE Price
382.5p
Change
 
Mkt Cap (£m)
156.7
P/E (fwd)
10.9
Yield (fwd)
2.6

Eurocell plc manufactures, distributes and recycles unplasticized polyvinyl chloride (UPVC) window, door, conservatory and roofline systems. The Company is engaged in the extrusion of UPVC window and building products to the new and replacement window market, and the sale of building materials across the United Kingdom. It operates through two segments: Profiles and Building Plastics. The Profiles segment includes extrusion and sale of UPVC window and building products to the new and replacement window market. It supplies UPVC systems, such as Modus system, inline patio doors, bi-fold doors and cavity closers to fabricators and installers. The Building Plastics segment includes sale of building plastic materials. It operates under the Eurocell brand. It sells and distributes a range of products manufactured by the Company and branded PVC foam roofline products, and third party manufactured ancillary products, including windows, doors, sealants, tools and rainwater products. more »

LSE Price
234p
Change
 
Mkt Cap (£m)
234.7
P/E (fwd)
11.4
Yield (fwd)
4.1

Filtronic plc is engaged in the design and manufacture of a range of customized radio frequency (RF), microwave and millimeter-wave components and subsystems. The Company's segments include Filtronic Broadband, Filtronic Wireless and Central Services. The Filtronic Broadband segment is engaged in the design and manufacture of transceiver modules and filters for backhaul microwave linking of base stations used in wireless telecommunications networks. The Filtronic Wireless is engaged in the design of radio frequency conditioning product for base stations used in wireless telecommunication networks. The Central Services segment provides support to the trading businesses. Its products are used in mobile wireless communication equipment and point-to-point communication systems, among others. Its product range includes transceiver modules and multi-chip, surface mountable transceiver packages at microwave, 71 gigahertz (GHz) to 86 GHz (E-band) and 57 GHz to 66 GHz (V-band) frequencies. more »

LSE Price
7.5p
Change
-0.7%
Mkt Cap (£m)
15.7
P/E (fwd)
37.7
Yield (fwd)
n/a



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


2 Posts on this Thread show/hide all

MrContrarian 12th Dec '18 1 of 2
8

My morning smallcap tweet: Filtronic new product sales fail.

Augean (LON:AUG), Filtronic (LON:FTC), Cohort (LON:CHRT), Eurocell (LON:ECEL), DP Poland (LON:DPP)

Augean (AUG) following review announced in Nov it will mothball its East Kent High Temperature Incinerator early 2019 at a cost of £0.6m. Incinerator lost £0.5m in 2018. AUG will sell or least the site.
Filtronic (FTC) warns of FY loss due to demand for the recently introduced Massive MIMO ("mMIMO") antennas expected to be substantially lower than it had forecast. Its main OEM customer has now significantly lowered its forecast demand for mMIMO. Will write off £0.5m dev cost. "Net cash at 30 November 2018 was £2.3m (H1 FY2018: £3.1m). The Board is of the opinion that it has sufficient cash reserves to allow it to operate at this lower level of revenue whilst it explores and executes an alternative strategy for the antenna business."
Cohort (CHRT) poor H1, rev down 10%. Order book £135.4m (April: £102.5m). Guides flat FY, before contribution from new aquisition. Buys Chess Technologiesfor up to up to £41.9m. £20m initially. Chess rev £18.2m, EBIT £2.4m. Chess provides "fire control and tracking systems for military vehicles and naval ships"
Eurocell (ECEL) guides FY adj EBITDA slightly below 2017. Blames strong sales growth, significant mix changes contnuing to hit efficiency of manufacturing operations in H2. Refinanced credit facility.to 2023.
DP Poland (DPP) guides EBITDA for 2018 broadly in line with expectations. " combination of warm and dry weather continuing into November and sustained advertising spend by competing delivery aggregators, in particular, impacted share of voice and sales performance". 2019 sales and EBITDA "will continue to be impacted by competition for share of voice."

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andrea34l 12th Dec '18 2 of 2
3

Trading overall in Huntsworth (LON:HNT) sounds rather mixed to me, which is always something that bothers me.  Strong growth in the Medical and Immersive divisions sounds good (double digit revenue growth) but the Marketing division only has like-for-like of 2% growth with an overall "revenue decline around -3% on a like-for-like basis" still seen which doesn't sound positive. Marketing includes new acquisitions Giant and Navience which although "trading in line with the Board's expectations" wouldn't seem to be making much impact in revenue as yet. The Communications division with "annual revenue decline stabilised at 5%" doesn't sound at all positive either.

However, I'm hardly doing well in the markets at present (is anyone?), so my view on this is perhaps not one from a successful investor :-(

Meanwhile, there is a positive trading update from Marshalls (LON:MSLH) - "Recent trading has been strong with revenue for the 11 months ended 30 November 2018 up 14 per cent at £465 million (2017: £407 million). The self-help programme to support organic growth is progressing well and the underlying indicators in the New Build Housing, Road, Rail and Water Management markets remain supportive" (I don't hold)

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