I Read The News Today Oh Boy! 19-Mar-2019 - Phew !!!!!!

Tuesday, Mar 19 2019 by

Morning all!

Bango ( Bango (LON:BGO) ) – 98.5p – £69m – PER 17.7

Results For The 12 Months To End December 2018 – Revenue up 60%, Loss reduced from -£3.9m to -£3.5m, Cash at £3.8m (down from £4.85m) – "Bango expects to generate sufficient cash to cover both the operational costs of the business and the continued investment in product development in the coming year".

Looks less of a gamble than it used to be but still not enough for me to get involved yet.

Bloomsbury Publishing ( Bloomsbury Publishing (LON:BMY) ) – 226p – £170m – PER 13.8

Trading Update For The 12 Months To End February 2019 – In-line with Net Cash circa £27m.

I reckon this is about fair value around this level.

Elcosoft ( Elecosoft (LON:ELCO) ) – 79p – £64.6m – PER 18

Results For The 12 Months To End December 2018 – Revenue up 11%, PBT up 8% with Adjusted EPS up just over 30%, the FY Dividend is up 13%.

Seems to be in-line, I remain on the sidelines having sold out in October last year.

Focusrite ( Focusrite (LON:TUNE) ) – 517p – £300m – PER 28.5

Trading Update For H1 For The Financial Year Ending August 2019 – Revenue seems to be up a couple of percent with profits ahead of last year too. Net Cash is up from £22.8m to £26.2m.

I held here previously but sold out in July 2018. Sure, there’s still a lot to like, the Net Cash, ROCE and Op Margin, for example. However, on a PER of almost 30 for a company forecast for almost no EPS growth over the next 2 years, it’s not for me at present.

Gym ( GYM (LON:GYM) ) – 202p – £279m – PER 17.4

Results For The 12 Months To End December 2018 – Revenue up 35.6%, Adjusted PBT up 19.4%, Adjusted EPS up just over 10% with the FY Dividend up just under 10%. The New Year has started in-line.

I think I would have expected more here, I will…

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Bango PLC (Bango) offers the Bango mobile payment platform. The Company's principal activity is the development, marketing and sale of technology to enable mobile phone users to make payments for digital content and media on smartphones and tablets. The Company's segments include End user activity and Platform fees. The End user activity segment includes the content access fees paid by end users for accessing chargeable content provided by digital merchants, adjusted to take account of whether Bango is agent or principal in the transactions. The Platform fees segment includes the amounts paid to Bango by digital merchants and others for package fees and other services, including analytics and operator connections. Bango Grid is a resource for Bango application store partners to plan their payments strategy. Bango Grid enables partners to find the statistics of every mobile operator globally, and a range of other payment methods. more »

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Bloomsbury Publishing Plc is a global publisher. The Company is involved in the publication of books and other related services. The Company operates through four publishing divisions: Adult, Children's & Educational, Academic & Professional, and Information. These divisions derive their revenue from book publishing, sale of publishing and distribution rights, management and other publishing services. It specializes in the humanities and social sciences, and publishes over 1,000 books and digital services each year. The Company's digital products include Berg Fashion Library, Bloomsbury Collections, Bloomsbury Fashion Central, Churchill Archive and Drama Online. The Company's subsidiaries include A & C Black Limited, Bloomsbury Publishing Inc, Bloomsbury Information Limited, Bloomsbury Professional Limited, Bloomsbury Australia PTY Limited, The Continuum International Publishing Group Limited and Osprey Publishing Limited, among others. more »

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Elecosoft plc is a United Kingdom-based company. The Company is focused on providing software and related services to the architectural, engineering, construction and digital marketing industries. The Company’s software programs cover project management, construction site management, estimating, timber engineering, 3D design and visualization, and cloud-based digital marketing solutions. more »

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

6 Posts on this Thread show/hide all

MrContrarian 19th Mar 1 of 6

My morning smallcap tweet: BON dons hair shirt again, size M.

Cambridge Cognition Holdings (LON:COG), Taptica International (LON:TAP), Bonmarche Holdings (LON:BON), NAHL (LON:NAH), APC Technology (LON:APC), Pelatro (LON:PTRO), Mulberry (LON:MUL)

Cambridge Cognition (COG) wins £1.3m order over 3 years.
Taptica (TAP) FY rev $277m, a big miss on Stockopedia's $302m but adj EPS 52.36c ahead of F/C of 48c. However TAP says earnings in line with management expectations. Outlook: as Feb trading stmt. I hold.
Bonmarche (BON) warns again. March weak, guides FY pretax -£5m to -£6.0m (was 0 to -£4m).
NAHL Group (NAH) FY pretax £9.8m, marginally short of the Board's expectations. Underlying EPS 18.2p (25p) but slashes FY div to 8.9p (15.9p). "Trading in the early part of the new year has improved, albeit our markets remain competitive." I hold.
APC Technology Group (APC) FD scarpers 'to pursue other challenges'. He is thanked.
Pelatro (PTRO) wins 5 year order from exisiting customer. Worth $500k in year 1.
Mulberry Group (MUL) FD leaves end June. He is thanked

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jonesj 19th Mar 2 of 6

Thank you Matylda.
The Learning Technologies (LON:LTG) PER quoted is the Stockopedia fwd 2019 value of 17.7, based on 2019 estimated profits.

However, the Stockopedia profit estimated for 2018 is £19.9m. The actual profit reported for 2018 seems a long way short of that. £4.17m after tax. None of the profit figures get close to £19.9m. So I would have to question the FWD earnings estimates quoted here & hence PER assumptions.

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andrea34l 19th Mar 3 of 6

Thanks for very thorough reports, Matylda and Mr C too.

How ANYONE could have any faith in investing in Bonmarche Holdings (LON:BON) at this stage is a total mystery to me.

I agree with all the comments where you say things are fair/over-valued (e.g. £ZOTE ). I struggle with any company such as Judges Scientific (LON:JDG) where eps and profit are up quite a bit but revenue shows only single-digit growth. I find the valuation of Focusrite (LON:TUNE) absolutely astonishing!! At the interim stage I thought Elecosoft (LON:ELCO) were fair-valued at best, organic growth here seems to be very low and the outlook vague. The market doesn't like the results, down 12%.

Kape Technologies (LON:KAPE) is one l I can never make up my mind about. On the face of it the results look pretty good, though the shares are down 4% at the mo and have gone down quite a bit of late. On the face of it continuing operations look good, but perhaps the conversion to a Saas model and stats therein mean moderated growth elsewhere or going forwards I don't know. The products seem very pertinent, and the latest acquisitions looks good. It's a bit of a muddy picture for me. 

I am very impressed by Softcat (LON:SCT) interims this morning, with operating profit/diluted eps up around 30% and revenue up 21% with the full year seen marginally ahead of expectations. I hold, this is my kind of share - ahead of expectations forecast, good growth in profit AND revenue, and "broad-based" performance.

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matylda 19th Mar 4 of 6

Cheers all!

Been doing a little more analysis since this morning and reading some new Broker notes...

Learning Technologies (LON:LTG) (I hold) - Yes, as the market reaction has been positive I am hopeful of seeing new forecasts and updates tomorrow on Stocko - Finding it tricky to make sense of the adjustments/acquisitions etc. versus Stocko data.

If you put a gun to my head I would rather be Short Judges Scientific (LON:JDG) and Focusrite (LON:TUNE) (I used to hold) than Long - I think their valuations are crazy.

Elecosoft (LON:ELCO) - I reckon is worth at least 100p, I would probably be a buyer on further weakness.

Kape Technologies (LON:KAPE) (I hold) - I reckon is worth at least 200p - A good Cash pile (30% of Mkt cap) with EPS growth of circa 40% forecast for 2019E and 2020E on a PER <20 - Still analysing as to what I perhaps have missed here (the obvious based on Stocko data is the terrible ROCE and Op Margin) as it looks a bargain at present.

Softcat (LON:SCT) - Not a share I look at.

Blog: Briefed Up
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Edinburgh Investor 7th Apr 5 of 6

Kape Technologies (LON:KAPE) been on my watchlist for a while, beaten down into to low 80’s could be a good buying opportunity or something more sinister?

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matylda 8th Apr 6 of 6

In reply to post #466726

I'm still in there - Just about ! Can't see why it's so beaten up

Blog: Briefed Up
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