I Read The News Today Oh Boy! 13-May-2019

Monday, May 13 2019 by

Morning all!

Angling Direct ( Angling Direct (LON:ANG) ) – 82p – £53m – PER n/a

Results For The 12 Months To End January 2019 – Revenue up 39%, all reads well until you get to the negative PBT and EPS.

I remain uninterested here, it's fishing stuff at the end of the day!

CentralNic ( CentralNic (LON:CNIC) ) – 48p – £82m – PER 11.4

Results For The 12 Months To End December 2018 – Revenue up 100% yet there's still a Loss After Tax of -£4.9m (-£1m last time), Net Debt is down from £7.2m to £2.5m.

Still not had a chance to look into this in any detail but would like to see that Revenue growth turn a profit!

Dignity ( Dignity (LON:DTY) ) – 676p – £338m – PER 9.9

Trading Update For Q1 2019 – Revenue down -15%, Underlying Operating Profit down -12%, even the number of deaths is down -12% (that's high!). This performance is below the Board's expectations. If the death rate rises (to "normal" levels) FY profits will be £3m - £4m lower than originally anticipated.

I still see no reason to go “bottom picking” here.

Midwich ( Midwich (LON:MIDW) ) – 623p – £497m – PER 19.1

AGM Statement – 1st 4 months of trading in-line.

600p or so still looks about fair value to me.

Myclex Technologies ( Mycelx Technologies (LON:MYX) ) – 205p – £77m – PER 45.6

Results For The 12 Months To End December 2018 – Revenue up 96% (to $27m), Net Profit $3.1m (-$1.2m loss last time). Look to be successful not just in Oil and Gas but in other commercial and industrial markets too.

This looks like a bit of a beat to me, I remain Long. 

As always, all comment most welcome!

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Angling Direct plc is a United Kingdom-based fishing tackle retailer company. The Company is principally focused on selling fishing tackle products and related products through retail stores and also online via its own Website (www.anglingdirect.co.uk). The Company’s product categories include reels, terminal tackle, rods, bait and additives and bivvies and shelters. The Company fishing tackles products, including capital items, consumables, luggage and clothing. Theses all fishing tackle products sells under its own brand Advanta. The Company operates approximately 15 retail stores. The Company has developed angling superstores. more »

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CentralNic Group plc (CentralNic) is a holding company. The Company is engaged in the provision of independent global domain name registry services. The Company provides registry services and strategic consultancy, and it is the owner and registrant for a portfolio of domain names, which it uses as Second Level Domain extensions (SLD) for domains. CentralNic's registry services (wholesale) business provides high quality technical and operational services, through its domain registry, billing and cash collection platform. The platform enables retailers around the world to sell domains using a range of domain extensions, and supplies the core Internet infrastructure (DNS) that powers the domains that CentralNic distributes. The Company's platform supports all three categories of domain name extensions: generic Top-Level Domains (gTLDs, such as.com), country code Top-Level Domains (ccTLDs, such as .uk), and SLDs, such as .uk.com. more »

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Dignity plc is a United Kingdom-based provider of funeral related services in the United Kingdom. The Company operates through three segments: funeral services, crematoria and pre-arranged funeral plans. The Company's funeral services relate to the provision of funerals and ancillary items, such as memorials and floral tributes. The Company's crematoria services relate to cremation services and the sale of memorials and burial plots at the Company operated crematoria and cemeteries. The Company's pre-arranged funeral plans include the sale of funerals in advance to customers wishing to make their own funeral arrangements, and the marketing and administration costs associated with the sales. The Company operates a network of approximately 720 funeral locations throughout the United Kingdom trading under established local trading names. The Company operates approximately 40 crematoria in England and Scotland. The Company's number of active funeral plans is approximately 374,000. more »

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

3 Posts on this Thread show/hide all

MrContrarian 13th May 1 of 3

My morning smallcap tweet: Death dive drags Dignity down

Dignity (LON:DTY), Escape Hunt (LON:ESC), GCP Student Living (LON:DIGS), Angling Direct (LON:ANG), Victrex (LON:VCT), Sabien Technology (LON:SNT)

Dignity (DTY) deaths fell off a cliff in Q1 with a 12% fall. U/L rev down 15%. "Historical data indicates that it is likely that this proportional decrease will not continue throughout the remainder of the year and that the full year will finish within approximately three per cent of the previous year."
Escape Hunt (ESC) placing to raise $4m at 60p, a wafer thin 1.6% discount.
GCP Student Living (DIGS) proposed placing at 162.5, a 1% premium. Closes 30 May.
Angling Direct (ANG) FY rev £42, missing f/c £44m. EPS -0.55 vs f/c -0.8. Recent trading strong with rev up 51%, LFL 29%.
Victrex (VCT) H1 proos as guides with rev down 16%, EPS down 21%. Some recent improvement but says it will now be challenging to achieve growth in H2. RNS-preview service working for some holders with SP off 10% in a week..
Sabien Technology (SNT) £300k placing at 0.1p, a 29% discount.

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Asagi 13th May 2 of 3

TBC Bank (LON:TBCG) is one of my longstanding holdings.

Q1 results today from this FTSE 250 Georgian bank.


Net profit amounted to GEL 133.3 million (1Q 2018: GEL 97.5 million; 4Q 2018: GEL 130.1 million)
§ Return on equity (ROE) amounted to 23.8% (1Q 2018 : 21.0%; 4Q 2018: 24.3%)
§ Return on assets (ROA) amounted to 3.6 % (1Q 2018: 3.2%; 4Q 2018: 3.5%)
§ Total operating income amounted to GEL 271.9 million (1Q 2018: GEL 238.7 million; 4Q 2018: GEL 312.3 million)...
§ Cost to income was 37.7% (1Q 2018: 38.1%; 4Q 2018: 39.7%)...
§ Net interest margin (NIM) stood at 6.1% (1Q 2018: 6.9%; 4Q 2018: 6.7%)
§ Risk adjusted net interest margin (NIM) stood at 4.7% (1Q 2018: 5.2%; 4Q 2018: 5.4%)

Balance Sheet Highlights as of 31 March 2019
§ Total assets amounted to GEL 15,172.3 million as of 31 March 2019, up by 22.3% YoY and down by 2.1% QoQ

looks like profits up, profitability down? Shares barely moved.

2019 (forecast) P/E 6.5
2019 (forecast) yield: 4.4%

Price to book: 1.5

Asagi (long TBCG)

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andrea34l 13th May 3 of 3

Life sciences, seals, and controls group Diploma (LON:DPLM) announce reasonable looking interim results with revenues up 11% and eps/profit up 13-14%... but with a full year PER coming in at around 25 these are more than fairly priced. Comments about signs of slowing activity in seals (the largest division) and short-term American challenges don't help either.

I like the look of Mycelx Technologies (LON:MYX) overall, thanks, Matylda; the only things stopping me from buying today are (1) comments on lumpy contracts, (2) no tangible comments on outlook, and (3) all trades that have gone through so far today look to be sells.

I would morally argue that no company involved in burying people would show any dignity by coming to the stock market :-/ The performance of Dignity (LON:DTY) has looked ropey for some time; it's quite nice to hear that deaths are falling :-)

I am happy enough to hold Midwich (LON:MIDW) after this update; on a PER of 20 now for the coming year, I don't think these look expensive considering last full year revenue was +21.5% and profit was up around 19%.

There are reports of Vodafone (LON:VOD) slashing their full year dividend this week; considering that this is about the only thing that props up the share price, I don't see this as good news. I have finally severed another emotional attachment to a share, and increased my overall portfolio objective-holding principles :-)

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