I Read The News Today Oh Boy! 15-Dec-2017

Friday, Dec 15 2017 by

Morning All!

Luceco ( Luceco (LON:LUCE) ) – 232.5p – £373.9m – PER 17.9

Trading Update For The Year To End December 2017 – Hit by a fall in Gross Margin (RMB exchange rate, GBP weakness, increased commodity costs (and not being able to count (stock))) - Expects PBT of £13.2 versus market expectations of £16.7m. Revenue forecasts for 2017 and 2018 to be in-line.

Surprised there was no follow up announcement of board changes, I am staying well away from this. It may not be complete incompetence but for me, there’s a fair degree of it.

Fulham Shore ( Fulham Shore (LON:FUL) ) – 11.75p – £67.1m – PER 17.3

Unaudited Interim Results For The 6 Months Ended 24 September 2017 – LFL Revenue up to £27.5m from £19.5m, Profit up to £0.6m from £0.5m. Classed as “satisfactory” the outlook sounds more pessimistic than optimistic.

After a 50% fall from 2017 highs this is still way too expensive for me.

Trinity Mirror ( Trinity Mirror (LON:TNI) ) – 71.75p – £196.2m – PER 2.11

Trading Update – In-line. Buy Back of 10m shares in November. Pension scheme contributions to rise £8m to £44m for the next 10 years.

Really cheap now. The pension deficit is HUGE and it seems this is priced to reflect the fact the print sector is in terminal decline. However, there will probably be a need for print for the next few years and that pension contribution is around the 50% of PBT mark. The circa 8% Dividend is well covered and there’s no mention so far of it being cut. Interesting enough but will wait to see the next results.

SThree ( SThree (LON:STHR) ) – 356p – £462.9m – PER 13.3

Trading Update For The Financial Year To End November 2017 – Seems to growing albeit at a slow pace.

Stockopedia loves it (StockRank 98) but even on a PER of 13.3 I don’t see the value here.

Telit Communications ( Telit Communications (LON:TCM) ) – 158.25p – £206.8m – PER 10.1

Trading Update – In-line but…

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Luceco plc offers a range of brands, including Luceco, BG Electrical, Masterplug and Ross. The Company's products include Luxpanel, Epsilon and ambient lighting. Luceco light emitting diode (LED) lighting provides commercial and domestic lighting solutions. BG Electrical is a wiring accessory manufacturing brand, which serves electrical trade and specifiers. BG Electrical's products include White Rounded Edge, Nexus Flaplate Screwless, Nexus Metal, Nexus Storm, Nexus Grid and Metal Clad. Masterplug supplies portable power equipment through do-it-yourself (DIY) outlets and street retailers. Masterplug offers products under various categories, including indoor power, such as plugs and adaptors, sockets, chargers and cables; outdoor power, such as case reel, weatherproof box and extension leads, and workpower, such as trailing sockets, inline connectors, cassette reels and cable reels. Ross offers a range of audio visual and home entertainment products. more »

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The Fulham Shore PLC is engaged in the management and operation of The Real Greek, Franco Manca and Bukowski restaurants in the United Kingdom. The Real Greek food centre serves dishes of Greece and the Eastern Mediterranean. Franco Manca serves Neapolitan sourdough pizza, which is baked in a wood burning brick oven. Bukowski is a London-based, charcoal-grill restaurant and bar, serving breakfasts, burgers and grills. The Company operates 45 restaurants, comprising 32 Franco Manca, 12 The Real Greek, and one Bukowski Grill franchise in Soho. The Company’s subsidiaries include Kefi Limited, FM6 Limited and Souvlaki & Bar Limited. more »

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Reach plc, formerly Trinity Mirror plc, is a national and regional news publisher. The Company is engaged in producing and distributing content through newspapers and associated digital platforms. It operates through four segments: Publishing, which includes all of its newspapers and associated digital publishing; Printing, which provides printing services to the publishing segment and to third parties; Specialist Digital, which includes its digital recruitment classified business and its digital marketing services businesses, and Central, which includes revenue and costs not allocated to the operational divisions. The Publishing segment publishes paid-for national newspapers and paid-for and free regional newspapers, and operates a portfolio of related digital products. The Printing segment operates five print sites with approximately 20 full color presses. Trinity Mirror Digital Recruitment operates three specialist job boards: GAAPweb, TotallyLegal and SecsintheCity. more »

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7 Posts on this Thread show/hide all

MrContrarian 15th Dec '17 1 of 7

My morning smallcap tweet:

Telit Communications (LON:TCM), WH Ireland (LON:WHI), Hornby (LON:HRN), Plant Impact (LON:PIM), Gaming Realms (LON:GMR), Ceres Power Holdings (LON:CWR)

Telit Communications (TCM) FY trading in line. Cost cutting- "Telit intends over time to reduce the number of its R&D centres and that any future growth in R&D spend will be focused in low-cost centres. The Group is also reducing its sales and general administrative cost base...reduce its cash operating expenses in the coming financial year by more than $10m, some 7% less...10% annuualised." Will cost $9m cash plus $16m non-cash writedown. Negotiating waiver of potential breaches of its covenants as at 31 December 2017. and to amend covenants.
W.H. Ireland Group (WHI) Warns. Recent 12 months rev up, expects this momentum to continue but "Costs associated with the transition to the new model and MIFID II regulatory changes were higher than anticipated...have adversely affected profitabilit. Duplicated costs incurred during the period will decline significantly in 2018." No numbers! Have to wait to 29 Jan for them to find a calculator. Extended FY runs to end March.
Hornby (HRN) CFO leaves end Dec. External candidate is new CFO.
Plant Impact (PIM) New Brazil distributor for products other than Veritas. CFO appointed.
Gaming Realms (GMR) 10 year services agreement with Jackpotjoy for the supply of various real money services including Slingo . Borrows £3.5m from Jackpotjoy as a 5y secured convertible. Maximum dilution is 12%.
Ceres Power (CWR) H1 trading. Guides rev up 80% to £3m. Signs Technology Assessment Agreement with a leading global OEM. "Ceres will provide the SteelCell® technology at the stack and system level for evaluation for combined heat and power applications. If successful, this would lead on to a Joint Development with the OEM partner in 2018."

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timarr 15th Dec '17 2 of 7

SQS Software Quality Systems AG (LON:SQS) takeover is a nice early Christmas present:


Under the terms of the Offer, SQS Shareholders who accept the Offer will be entitled to receive 825 pence in cash for each SQS Share (the "Offer Price").


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matylda 15th Dec '17 3 of 7

In reply to post #254523

Enjoy :)

Blog: Briefed Up
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timarr 15th Dec '17 4 of 7

In reply to post #254548

Originally bought in 2007. It's been a slow burner :)


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cig 15th Dec '17 5 of 7

In reply to post #254558

Bought in May. :-) Now need to find out what to do with the proceeds. Have you found something?

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matylda 15th Dec '17 6 of 7

In reply to post #254568

Wouldn't mind one of the new Surface Pro's - Is that what you meant?

Blog: Briefed Up
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timarr 15th Dec '17 7 of 7

In reply to post #254568

Hi cig

Your CAGR looks a lot better than mine :)

But I suppose it might just cover the kids' Xmas presents ...

To be honest I'm not buying a lot at the moment and what I am seems to be pivoting away from growth stocks into what looks suspiciously like value. But for the most part I'm content to let cash build up and see what the New Year brings. I don't really buy the "bull market market must end because it's been going for a long time" argument, but with the political uncertainty around Brexit and timescales shortening I'd prefer to buy outside the UK rather than inside at the moment.

Although my last European purchase was about as badly timed as you can get - Vestas Wind Systems :-/

Genius at investing I am not. But patient I am.


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