I Read The News Today Oh Boy! 16-Jan-2019

Wednesday, Jan 16 2019 by
20

Morning all!

1PM ( £OPM ) – 46p – £40.3m – PER 6

Results For The 6 Months To End November 2018 – Revenue up 15%, Basic EPS up 12%, first Interim Dividend declared, well positioned for further growth.

I am Long here and this seems quite encouraging, will remain Long subject to market reaction here.

City Pub ( £CPC ) – 197p – £120m – PER 20.9

Trading Update For The 12 Months To End December 2018 – LFL up 1.6%, Revenue of £45.6m, in-line with market expectations. Opmitistic for 2019.

Still looks priced about right here.

EKF Diagnostics ( £EKF ) – 31.3p – £142m – PER 24.1

Trading Update For The 12 Months To End December 2018 – EBITDA to be comfortably ahead of market expectations with Net Cash of £9.4m (£7m last time).

I still can't see value here, will keep an eye out for Broker notes though.

Finsbury Food ( £FIF ) – 93p – £120m – PER 8.4

Trading Update For The 6 Months To End December 2018 – Revenue flat at best.

With the price down -7.5% yesterday perhaps this was to be expected. Not for me at present.

Getbusy ( £GETB ) – 34p – £16.5m – PER n/a

Trading Update For The 12 Months To End December 2018 – Revenue up 20%, Cash £2.5m (both ahead of expectations) and EBITDA in-line (actual Profit?).

I remain Long here and will wait to see actuals – Was unable to sell out in an illiquid market, now paying the price!

Headlam ( £HEAD ) – 400p – £338m – PER 9.3

Trading Update For The 12 Months To End December 2018 – Seems to be in-line with market expectations. Expects next years Revenue to be in-line with this year (market weakness) with Underlying PBT expected to be lower (guides £39m - £41m).

I still expect to see more drift in the share price here, not for me at present.

Nocros ( £NXR ) – 195p – £157m – PER 6.0

Trading Update And Acquisition – Buys South African Plumbing company for £12.1 (cash and existing facilities), to be earnings enhancing immediately. Current trading is challenging but in-line.

Would be tempting if it wasn't for that HUGE Net…

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Norcros Plc is a holding company for the Norcros Group. The Company's principal activities include development, manufacture and marketing of home consumer products in the United Kingdom and South Africa. The Company's segments include UK and South Africa. The Company has six United Kingdom businesses, including Triton Showers, Vado, Croydex, Abode, Johnson Tiles and Norcros Adhesives, and three businesses in South Africa, including Johnson Tiles South Africa, TAL and Tile Africa. The Company is focused on showers, taps, bathroom accessories, tiles and adhesives. In the United Kingdom, the Company offers a range of bathroom and kitchen products both for domestic and commercial applications. The Company offers mixer showers and accessories; tile and stone adhesives; taps, bathroom accessories and valves; bathroom furnishings; ceramic wall and floor tiles; kitchen sinks; tile adhesives, pourable floor coverings and tiling tools through its United Kingdom and South Africa business. more »

LSE Price
194.55p
Change
-1.1%
Mkt Cap (£m)
158
P/E (fwd)
6.1
Yield (fwd)
4.5

Finsbury Food Group Plc is a United Kingdom-based bakery manufacturer. The Company is engaged in producing a range of cakes, bread and bakery snack products for retailers and the foodservice channel. The Company's segments include UK bakery, Overseas and Group Operations. The Company's UK Bakery segment manufactures and sells bakery products to the United Kingdom's multiple grocers and foodservice sectors. The UK bakery segment primarily includes the operations of Memory Lane Cakes Ltd, Lightbody Group Ltd, Campbells Cake Company Ltd, Johnstone's Food Service Ltd, Fletchers Bakeries Ltd and Nicholas & Harris Ltd. The Overseas segment is engaged in the distribution of the Company's product manufactured in the United Kingdom along with the sale of third party products primarily to Europe. Kara is the Company's foodservice brand. Its licensed brands include Disney, Thorntons, Weight Watchers, Vogel's, Village Bakery and Cranks. more »

LSE Price
84.45p
Change
-0.1%
Mkt Cap (£m)
110.2
P/E (fwd)
7.6
Yield (fwd)
4.3

1pm plc is a holding company. The Company provides financial services to the United Kingdom businesses. The Company finances a range of business assets to small and medium sized enterprises (SMEs). The Company offers small business loans, lease finance and hire purchase. The Company's leasing portfolio consists of a mixture of sectors and assets, such as garages, cleaners, fish and chip shops, and beauty salons. The Company offers equipment finance and hire purchase finance for various assets, such as Beauty equipment; Cleaning equipment; Manufacturing equipment; Medical equipment; Gym equipment; Catering/kitchen equipment; Restaurant/cafe/pub equipment; Copiers, faxes, scanners, projectors and printers; Security systems; Construction equipment; Furniture; Computers/Servers and hardware, and Telecoms equipment. The 1pm SME loan product is available to various businesses. The money borrowed can be used for various purposes, such as Audit fees, cash flow and Website design. more »

LSE Price
47p
Change
1.1%
Mkt Cap (£m)
40.7
P/E (fwd)
5.8
Yield (fwd)
2.2



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


3 Comments on this Article show/hide all

MrContrarian 16th Jan 1 of 3
3

My morning smallcap tweet:

Somero Enterprises Inc (LON:SOM), Norcros (LON:NXR), M Winkworth (LON:WINK), EKF Diagnostics Holdings (LON:EKF)

Somero Enterprises (SOM) guides FY rev moderately ahead of market expectations, EBIDTA also. Net cash 'more significantly ahead' of market expectations of $25m. Also makes small acqusition. I hold.
Norcros (NXR) acquires South African based RAP Plumbing Supplies for £9.7m plus £2.4m earn out. Earnings enhancing immediately. Trading is in line. I hold.
M Winkworth (WINK) guides FY rev within 5% of market expectations (I assume below!) but pretax slightly ahead of expectations of £1.4m.
EKF Diagnostics (EKF) guides FY adj EBITDA comfortably ahead of market expectations. H2 cash generation very strong with net cash at the end of the year of £9.4m.

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andrea34l 16th Jan 2 of 3
4

One interest I suppose in Somero Enterprises Inc (LON:SOM) is the dividends, which Stocko has down as 7%. I used to hold, but I can't get over their persistent failure to make headway in China. On a current PER of around 10 I guess they are good value though.

I hold 1pm (LON:OPM) and I figure I will continue to do so after these results - a PER of around 6 still seems just ludicrous to me; happy to see the start of interim dividends :-)

I used to hold EKF and sold at about 38. They would have been a good buy at 25ish a few months ago but, as with you Matylda, I don't see value. The PER is at least 24. I think they are a share for frothy markets.

I have held Norcros (LON:NXR) for some time, and will continue to do so, considering the modest rating with good dividends.

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matylda 16th Jan 3 of 3

In reply to post #436883

Thanks Andrea, in basic agreement there although the Norcros (LON:NXR) Net Debt is a bit rich for me.

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