Morning all!

H & T ( £HAT ) – 341p – £135m – PER 9.5

Interim Results For The 6 Months To End June 2019 – PBT up 7.9%, EPS and Interim Dividend up almost 10%, Net Debt down £2.1m from 2018 FY (now £11.6m), Pledge book is up 3.8%. Current trading is in-line with management expectations.

Looks overvalued here to me.

Marshall Motor Holdings ( £MMH ) – 139p – £109m – PER 5.9

Interim Results For The 6 Months To End June 2019 – Underlying Revenue flat, PBT and EPS down 5% or so however the Interim Dividend is up 32.6%. FY outlook remains unchanged although caution is mentioned (as expected).

I still remain wary of the industry although this would probably be (will probably be) my pick of the options as and when we see some kind of improved sentiment in the industry as a whole (sound management it seems, decent well covered yield and £120m or so of property on the Balance sheet). Latest Broker note this morning indicates negative EPS growth (-15%) forecast for next year and a slight increase (2%) for the year after.

Mears ( £MER ) – 271p – £299m – PER 8

Interim Results For The 6 Months To End June 2019 – In-line.

As I mentioned previously – Will keep an eye out for improvements here as 2019 progresses into what seems could be a more exciting 2020. Latest Broker note this morning indicates negative EPS growth (-2%) forecast for next year with an increase of 19% the year after.

Volution ( £FAN ) – 178p – £353m – PER 10.5

Trading Update For The 12 Months To End July 2019 – In-line.

Still for me, considering that Net Debt and 3% or so Yield, about fairly priced here (at best). Based on the latest Broker note this morning, in my opinion, looks about fairly valued on a 1 Year view and overvalued on a 2 Year view - Net Debt is quite high.

As always, all comment most welcome!

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