I Read The News Today Oh Boy! 15-Apr-2019

Monday, Apr 15 2019 by
14

Morning all!

Carr's ( Carr's (LON:CARR) ) – 156p – £143m – PER 10.7

Interim Results For The 26 Months To 2nd March 2019 – Revenue up 3%, Adjusted PBT up 4.5% and Adjusted EPS up 2.2% - FY outlook remains unchanged.

Not enough to get me any more interested.

Filta Group ( Filta Group (LON:FLTA) ) – 230p – £67m – PER 19.5

Results For The 12 Months To End December 2018 – Revenue up 23%, Gross Margin at 49.8% (49.2% last time), PBT £1.7m (£1.6m last time), Basic EPS of 4.86p (2.9p last time) and the Total Dividend is up 26%.

I am Long here, will check the market reaction to these results as the EPS figure seems a little strange to me, was expecting 5.4p versus 5.1p last time.

IG Design ( IG Design (LON:IGR) ) – 600p – £470m – PER 19

Trading Update For The 12 Months To End March 2019 – FY to be in-line, Net Cash up.

Sold out here recently believing 500p or so to be fair value, looks like I may have been wrong there!

Redcentric ( Redcentric (LON:RCN) ) – 78p – £116m – PER 14.6

Trading Update For The 12 Months To End March 2019 – In-line with Net Debt down from £27.6m to £17.6m.

Could be value here after being beaten up this past couple of years. Tempting enough to go on the Watchlist.

Robert Walters ( Robert Walters (LON:RWA) ) – 596p – £452m – PER 11.6

Trading Update For The 3 Months To End March 2019 (Q1) – Solid start, in-line.

I reckon this is fairly valued (at best) around this level.

Sanderson ( Sanderson (LON:SND) ) – 93.5p – £56m – PER 10.9

Trading Update For The 6 Months To End March 2019 – Ahead of managements expectations.

An ex-holding which I considered fairly valued around this level – This ahead of may change that though so I will keep an eye out for upgraded Broker…

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Carr's Group plc is engaged in the agriculture and engineering activities. The Company's segments are Agriculture and Engineering. The Agriculture segment includes the sale of animal feed and feed blocks together with retail sales of farm equipment, fuels and farm consumables. The Engineering segment includes the design and manufacture of bespoke equipment for use in nuclear, oil and gas, and petrochemical industries. Its products include manipulators, robotics, specialist fabrication and precision machining. The Company's agriculture division develops and supplies a range of branded animal nutrition products into the livestock industries, as well as services the United Kingdom farming and rural communities through a network of retail stores and fuel businesses with manufacturing locations in the United States, United Kingdom and Europe. It is focused on the design and manufacture of pressure vessels and steel fabrications. more »

LSE Price
132p
Change
-1.5%
Mkt Cap (£m)
123.2
P/E (fwd)
8.9
Yield (fwd)
3.7

Filta Group Holdings plc is a provider of various services to national and independent commercial kitchen operators and owners. The Company's principle service is FiltaFry, which is the micro-filtration of cooking oil, the vacuum-based cleaning of deep fryers and full Fryer Management. Its business operations are within the United Kingdom and the United States. The United States operations are operated as a franchise network, while the United Kingdom activities are operated under both franchise and direct sale business models. In addition to FiltaFry, Franchise Owners offer other fryer management services provided and managed by it, including waste cooking oil collection and removal (FiltaBio) and the supply of cooking oil (FiltaGold) and non-fryer related kitchen services, including the provision and servicing of moisture absorption panels for refrigeration units (FiltaCool). Its drain-related services include live bacteria drain dosing. The Company has over 180 Franchise Owners. more »

LSE Price
171p
Change
 
Mkt Cap (£m)
49.7
P/E (fwd)
15.6
Yield (fwd)
2.1

IG Design Group plc, formerly International Greetings plc, is engaged in the design, manufacture and distribution of gift packaging and greetings; stationery and creative play products, and design-led giftware. The Company's geographic segments include UK and Asia; Europe; USA, and Australia. The Company sells its products in over 150,000 stores across approximately 80 countries. It also offers a portfolio of licensed and customer bespoke products suitable for sale through multi channel distribution. The Company's products include crackers, pens and pencils, stickers, single cards and gift wrap. The Company offers its products under the brands A Star, B Stationery, Papercraft and Pepperpot. Its subsidiaries include Artwrap Pty Ltd, International Greetings UK Ltd, International Greetings USA, Inc, International Greetings Asia Ltd, The Huizhou Gift International Greetings Company Limited, Hoomark BV, Anchor International BV and Hoomark S.p.z.o.o. more »

LSE Price
584p
Change
 
Mkt Cap (£m)
459.1
P/E (fwd)
17.8
Yield (fwd)
1.9



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


5 Posts on this Thread show/hide all

MrContrarian 15th Apr 1 of 5
1

My morning smallcap tweet:

Impact Healthcare REIT (LON:IHR), Sanderson (LON:SND)

Impact Healthcare (IHR) placing to raise at least £25m, at 106p, a 2.3% discount.
Sanderson Group (SND) guides H1 ahead of management's expectations with rev up 16%, adj operating profit up by over 30%.

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andrea34l 15th Apr 2 of 5
2

I can't get my head around the Filta Group (LON:FLTA) valuation - I think the Stocko PER number is rubbish and would advise not to take this as gospel! Even if they grow eps 68% this coming year the PER is still 28. I find turnover growth at the largest division of only 11% a bit worrying, and also find the statement "...we anticipate a slowdown in new franchise sales as our territory coverage gets closer to maturity in the US..." curious - the USA is geographically HUGE, how can such a small-turnover company have already reached maturity here?!?

I agree with your comments about Carr's (LON:CARR) as, after a brief spell where things looked rosy, proceedings have now become very sedate indeed. The previous trading update indicated things were somewhat mixed.

I consider the valuation of Robert Walters (LON:RWA) a little excessive compared to Pagegroup (LON:PAGE) (which I hold).

Sanderson (LON:SND) is one of my larger holdings, and I'll likely top up today on this; I think the valuation is ludicrously low, I wonder if it is held back by the software being retail-sector orientated (which is obviously struggling) but I would have thought that retailers would want the most efficient systems possible...

IG Design (LON:IGR) is also another large holding of mine. The trading update looks fine to me, and I think the US acquisition is a big boost to them. I see the price is down a bit after a spike last week.

I remain wary of XP Power (LON:XPP) with this update seeming to provide little more cheer than the last time.

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Weasel 15th Apr 3 of 5

Filta Group (LON:FLTA) Share Based Payments (SBP) get me. The made an Operating Profit of £1.8m and had SBP's of £300k, that is only marginally less than they paid out in dividends. 'Excessive' would be an understatement.

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herbie47 15th Apr 4 of 5
1

In reply to post #469331

I think Stockopedia PER is based on the 2019 Profit of £3.5m for Filta Group (LON:FLTA), whether that is accurate I don't know. The forecast of 152% growth in EPS for 2018 looks way off, if I'm reading the figures correctly, I must say the figures could have been better presented.

Sanderson (LON:SND) looks good, has been on my watchlist for a while now.

I agree XP Power (LON:XPP) update is disappointing, looking to sell my holding.

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matylda 15th Apr 5 of 5
2

Filta Group (LON:FLTA) - I sold out today - Just way too confusing, I think the share based stuff is related to an acquisition, there's simpler shares out there than this.

Blog: Briefed Up
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