I Read The News Today Oh Boy! 16-Jan-2019
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 Debt.
Seeing Machines ( £SEE ) – 4.3p – £98m – PER n/a
Trading Update For The 6 Months To End December 2018 – FY 2019 Revenue to be in-line with 2018 – Remains unchanged.
Not much to change my mind here, I remain Neutral.
Somero Enterprises ( £SOM ) – 293p – £164m – PER 9.4
Trading Update For The 12 Months To End December 2018 – Revenue and EBITDA moderately ahead of market expectations, Net Cash to be significantly ahead (circa $25m). Confident of profitable growth in 2019. There's also an acquisition which will have a slight positive impact on 2019 earniings.
As a previous holding I still quite like. I will keep an eye out for changes in the current (modest) EPS growth forecasts of 3% and 6% in the next 2 years.
Van Elle Holdings ( £VANL ) – 80p – £64m – PER 7.2
Interim Results For The 6 Months To End October 2018 – Revenue down -18.4%, Underlying PBT down -48.1% and Underlying EPS down -48.2%.
I still don't like the look of this at present.
Works Co Uk ( £WRKS ) – 136p – £84m – PER 12.2
Interim Results For The 26 Weeks To 28th October 2018 – Revenue up 15%, Adjusted LBT same as last time (-£4.4m).
First coverage here for me, I will wait for further updates (most keen to see profitability).
As always, all comment most welcome!
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3 comments
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.
Thanks Andrea, in basic agreement there although the Norcros (LON:NXR) Net Debt is a bit rich for me.
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.