I Read The News Today Oh Boy! 14-Nov-2018

Wednesday, Nov 14 2018 by
11

Morning all!

AB Dynamics ( Ab Dynamics (LON:ABDP) ) – 1387p – £271m – PER 32.2

Final Results For The 12 Months To End August 2018 – Revenue up 50.8%, PBT up 77.9%, Diluted EPS up 70% and the FY Total Dividend will be 10% higher than last year.  This is encouraging “progress continues to require ever greater investment in systems and our operational capability to ensure that we are fully capable of supporting current and future growth” although there may be an impact on margins as a result.

I am Neutral here (and have been kicking myself for not buying in much lower last year). I keep considering changing my view here and may well do after looking into additional updates this morning (just wary of this – it’s of course nice to have the issue of expansion but at what cost I wonder!).

Avon Rubber ( Avon Rubber (LON:AVON) ) – 1300p – £403.3m – PER 17.2

Unaudited Preliminary Results For The 12 Months To End September 2018 – Revenue up 8.7% (CC) to £165.5 with EPS down slightly (-1% or so). The Dividend though is up 30% (Net Cash bring up from £24.7m to £46.5m).

I am Neutral and remain of the view that this is fairly priced around the 1200p – 1400p mark.

Flybe ( Flybe (LON:FLYB) ) – 11.7p – £25.3m – PER n/a

Results For The 6 Months To End September 2018 and – Formal Sale Process Announcement

I just can’t be bothered anymore (no idea what will happen here) – It’s finally going on my Avoid list and I will cease coverage.

Renold ( Renold (LON:RNO) ) – 34.6p – £78.0m – PER 6.73

Interim Results For The 6 Months To End September 2018 – Revenue up 6.3%, Underlying Adjusted Operating Profit up 36.7% - Looking forward to continuing momentum into H2.

I remain Neutral but will keep an eye out for Broker updates as this is starting to look more attractive given the current valuation.

Speedy Hire ( Speedy Hire (LON:SDY) ) – 58.2p – £304.9m – PER 11.5

Results For The 6 Months To End September 2018 – Revenue up 6.5%, PBT up 120%, Adjusted EPS up about 20%+ and ROCE up from 9.5% to 12.3%. Confident FY will be in-line with expectations.

This is looking much more reasonable now and seems to be well into recovery mode – I remain Neutral though as not sure there’s not perhaps still a bump or two to come.

Marshall Motor Holdings ( Marshall Motor Holdings (LON:MMH) ) – 147p – £114.5m – PER 6.15

Trading Update – 2018 Underlying PBT now expected to be ahead of last year.

I remain wary of the industry and remain Neutral here – 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).  Almost talking myself into buying now!

Dods ( Dods (LON:DODS) ) – 10.3p – £35.2m – PER 22.2

Unaudited Interim Results For The 6 Months To End September 2018 – Revenue up 7%, PBT halved, Basic EPS 11p (from 27p). Ouch! There’s, probably rightly so, been a bit of a Board shuffle.

Still looks expensive on a PER of 22.2, I remain Neutral.

Seeing Machines ( Seeing Machines (LON:SEE) ) – 5.84p – £133.5m – PER n/a

AGM Statement – Moving to pure OEM (and Tier 1 supplier (whatever that means)) – Looking “forward to addressing the considerable market opportunities in all our businesses in 2019 and will continue to invest in engineering and sales resources to support all these activities”.

Still no idea if this is the next big thing or not, still too much of a cash burning gamble for me – The statement highlighted above makes me wonder if they’ll be needing even more Cash! I remain Neutral.

As always, all comment most welcome!


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AB Dynamics plc is a holding company, which is engaged in the provision of testing systems to the global motor industry. The Company is a designer, manufacturer and provider of testing and measurement products for vehicle suspension, brakes and steering to the global automotive research and development sector. Its geographical segments include the United Kingdom, Rest of the European Union, North America and Rest of the World. It designs and manufactures specialized testing systems to produce equipment for its customers to develop suspension, brake, chassis and steering systems; evaluate vehicle dynamics and safety systems on the track; employ driver in loop simulation for prototyping; develop and evaluate the next generation of safety systems in vehicles; test and evaluate the technology for use in future driverless cars/autonomous vehicles, and carry out end-of-line noise/vibration (NVH) testing of power train assemblies. more »

LSE Price
1454.5p
Change
-0.2%
Mkt Cap (£m)
284.7
P/E (fwd)
27.2
Yield (fwd)
0.3

Avon Rubber p.l.c. is a United Kingdom-based technology group. The Company specializes in respiratory protection systems and milking point solutions through its two businesses, Avon Protection and milkrite InterPuls. The Company designs, tests and manufactures specialist products and services. Avon protection is the advanced chemical, biological, radiological and nuclear (CBRN) respiratory protection systems for the military, law enforcement and fire markets. The milkrite InterPuls is providing complete milking point solutions to customers across the world. more »

LSE Price
1295p
Change
-0.4%
Mkt Cap (£m)
403.3
P/E (fwd)
17.0
Yield (fwd)
1.7

Dods (Group) Plc is a United Kingdom-based content, media services and events company delivering information and analysis across multiple platforms. The Company's principal activity is the curation and aggregation of information and data and the provision of services through a combination of online information and digital services, training courses, conferences and events, publications and other media. The Company is engaged in the provision of information and insights into the political and public policy environments around the United Kingdom and European Union. Its portfolio of brands, products and services include Digital & Print Media, Events, and Information & Insight Services. Its print, Web and social media operations deliver news, comment and expert analysis, while providing channels for its customers to engage with senior decision makers. Its engagement events include exhibitions, summits and round tables. It operates primarily in the United Kingdom, Belgium and France. more »

LSE Price
8.88p
Change
 
Mkt Cap (£m)
30.3
P/E (fwd)
n/a
Yield (fwd)
n/a



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1 Post on this Thread show/hide all

MrContrarian 14th Nov 1 of 1
4

My morning smallcap tweet: Flybe sale, the whole lot.

Flybe (LON:FLYB), Science in Sport (LON:SIS), Cambridge Cognition Holdings (LON:COG), Falanx (LON:FLX), Marshall Motor Holdings (LON:MMH), Ab Dynamics (LON:ABDP)

Flybe Group (FLYB) yet another airline sale, of itself this time. Looking at "further capacity and cost saving measures, initiatives to strengthen the balance sheet and preserve cash resources, as well as a potential sale of the Company". Also H1 adj pretax £14m (£9.4m). Excluding the impact of the E195 onerous lease, adjusted pretax £9.9m (£9.2m, slightly ahead of guidance given in the October. Outlook: weak £ and higher fuel prices have driven up the cost per seat, softening of market growth. Despite this, bookings remain up.
Science in Sport (SIS) Buys PhD Nutrition for £32m. £29m placing at 60p, a 14% discount. PhD has rev of £20.8m and adjusted EBITDA of £2.8m PA.
Cambridge Cognition (COG) $750k contract over 1 year. It's the largest eCOA contract won.
Falanx Group (FLX) H1 rev £2.2m up 51%, slightly lower than mgmt expectations. Has regained strong momentum in existing business activities during H2.
Marshall Motor Holdings (MMH) better than anticipated trading during October 2018 and a more positive outlook for the remainder of the current financial year. Now guides continuing underlying FY pretax up YoY.
AB Dynamics (ABDP) FY rev up 51%, adj pretax up 45%, EPS up 74% to 36.29p but a miserly 10% FY div inc to 3.665p.

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