I Read The News Today Oh Boy! 17-Oct-2017

Tuesday, Oct 17 2017 by
22

Morning All!

Orchard Funding (ORCH)

99.5p - £21.2

Final Results For The 12 Months To End July 2017 – Revenue up 31.4% to £4.56m from £3.47m last time. Profits (after tax) up 34.0% to £1.34m and EPS up 33.2% to 6.26p (4.70p last time). Lending is up 30.5% and Barclays have increased facilities from £10 million to £15 million – And more from another bank (no mention how much). 2p Final Dividend proposed. Board “looks forward to the year ahead with cautious optimism”. On a PER of 15 looks like the market should like this update.

B.P. Marsh & Partners (BPM)

260p - £72.7m

Interim Results For The 6 Months To End July 2017 – This “niche venture capital provider” seems to be flying - NAV per share up to 304p (31 Jan 2017: 273p, 31 July 2016: 253p), Portfolio value up 24.6% with a 12.8% total shareholder return (31 July 2016: 5.8%). Significant rise in profit after tax (unaudited) of £10.2m (31 July 2016: £4m) - £8.6m still available for investment. Not really my area this but it is tempting here to open an initial position.

Note - There's no StockRank data as it's classed as an "Investment Trust".

DotDigital (DOTD)

73p - £215.8m

Final Results For The 12 Months To End June 2017 – Revenue up 19% to £32.0m from £26.9m, PBT up 30% to £8.1m from £6.2m and EPS up by 32% to 2.42p from 1.83p. Strong cash generation from operations of £8.8m with net cash position of £20.4m up 18% as at 30 June 2017. Revenue per user is up 24% and revenues outside the UK are up 48% (23% of total Revenue). There’s a lot to like here - On a PER of 26.7 it might still be reasonable value here (although Stockopedia doesn’t think so (Value = 10)), especially if this growth can be sustained. Q1 progress is reported as “in-line with plan” and the board is confident of “achieving our ambitious growth plans”.

Note – Proposed Dividend of 0.55p per share is an increase of 25%+ compared to 0.43p last time.

Hornby (HRN)

33p - £27.9m

Trading Statement & Directorate Change - Up about 20% this month, this update could put a dampener on that! The interim…

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Orchard Funding Group plc is a finance company. The Company specializes in insurance premium finance and the professional fee funding market. The Company provides funding and funding support systems to insurance brokers and professional firms through the trading subsidiaries. The Company's segments include insurance premium funding and professional fee funding. The Company provides finance to clients of insurance brokers. The Company has two businesses: Bexhill UK Limited and Orchard Funding Limited. Bexhill UK Limited provides insurance premium funding to the United Kingdom insurance brokers. Bexhill UK Limited provides credit to limited companies, partnerships and consumers. Orchard Funding Limited provides professional customized fee funding solutions to accounting firms, professionals and small businesses, enabling them to provide extended credit to their business clients. more »

LSE Price
85.5p
Change
 
Mkt Cap (£m)
18.3
P/E (fwd)
14.6
Yield (fwd)
3.7

B.P. Marsh & Partners PLC is a United Kingdom-based specialist investor in early stage financial services intermediary businesses. The Company invests in various business, including insurance intermediaries, financial advisors, wealth and fund managers and specialist advisory and consultancy firms. It invests amounts of up to £5m in the first round. Its investment stage ranges from start up to more developed. It considers investment opportunities based in the United Kingdom, Europe, North America and Internationally. Its portfolio includes Asia Reinsurance Brokers Pte Limited, ATC Insurance Solutions PTY Limited, Bastion Reinsurance Brokerage (PTY) Limited, The Fiducia MGA Company Limited, CBC UK Limited, LEBC Holdings Limited and Summa Insurance Brokerage, S. L. GAM London Limited and Rathbone Investment Management Limited are the Company's investment managers. more »

LSE Price
297p
Change
0.3%
Mkt Cap (£m)
110.8
P/E (fwd)
n/a
Yield (fwd)
n/a

dotdigital Group Plc is a United Kingdom-based company, which is engaged in providing software as a service (SaaS) and managed services to digital marketing professionals. The Company offers dotmailer, which provides e-mail and multi-channel marketing automation platform with various tools that enable marketers to create, manage, execute and evaluate various campaigns. In addition to its automation technologies, the Company also provides multi-channel marketing consultancy and services for businesses seeking to manage customer acquisition, conversion and retention. The Company also has pre-built integrations with e-commerce platforms and customer relationship management (CRM) products, such as Magento and Salesforce. dotmailer helps in using contact data to design, test and send automated campaigns. The Company's subsidiaries include dotmailer Limited, dotsearch Europe Limited and dotmailer Inc. Through its subsidiaries, it is engaged in providing Web- and e-mail-based marketing. more »

LSE Price
106.25p
Change
-0.7%
Mkt Cap (£m)
318.2
P/E (fwd)
25.6
Yield (fwd)
0.9



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


3 Posts on this Thread show/hide all

MrContrarian 17th Oct '17 1 of 3
3

My morning smallcap tweet:

Batm Advanced Communications (LON:BVC), Hornby (LON:HRN), Cloudcall (LON:CALL), RhythmOne (LON:RTHM)

BATM Advanced Communications (BVC) has been awarded a proof-of-concept contract to be the main supplier of cyber monitoring and detection systems for a European defence agency. Worth $350k, paid end of Q1 2018.
Hornby (HRN) warns again as new CEO rules end to discounting large quantities of stock. Material hit to profit this FY.
CloudCall (CALL) placing of up to £5.7m at a small 5% discount "to capitalise on near term growth opportunities". Nothing to do with millions of cash going out the door every year.
Rhythmone (RTHM) H1 trading in line. Continued profitability on an adjusted bullshit earnings(1) basis. Fill your boots.

Note 1: bullshit earnings = EBITDA.

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Clementwether 17th Oct '17 2 of 3
2

Orchard Funding is an interesting niche lender (insurance premiums and professional fees). Default rate is very low (one bad debt this year, zero in 2016). In the past they have talked about a banking license application, but that has not been mentioned for a while. They have a P2P site that they are proud of, but seems not to be a material source of funding. Platforms are rated higher than lenders so interesting opportunity though. Overall they look prudent and there seems room to continue growth.

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Mike888 17th Oct '17 3 of 3

In reply to post #229443

Just replace adjusted EBITDA with BSE, we'll all know what you mean, :-)

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