I Read The News Today Oh Boy! 20-Nov-2018

Tuesday, Nov 20 2018 by

Morning all!

Focusrite ( Focusrite (LON:TUNE) ) – 421.5p – £244.9m – PER 24.5

Results For The 12 Months To End August 2018 – Revenue up 13.7% (CC) to £75.1m, Adjusted Operating Profit up 22.6% with Adjusted Diluted EPS up 22.3% - The Total FY Dividend is up 22.2% and Net Cash stands at £22.8m (£14.2m last time).

Priced about right perhaps? I remain Neutral – Loads of Cash!

Accsys Technologies ( Accsys Technologies (LON:AXS) ) – 104.5p – £123.2m – PER n/a

Interim Results For The 6 Months To End September 2018 – Revenue up 10% or so and still making a loss.

Still continues to grow Revenue but the Profit is still lagging (or lacking, whichever you want). Seems to have enough Cash to see it through to profitability – But even the 2019 (Profit) forecast (on Revenue of £74.1m) is forecast as just £2m. Still not for me.

Bonmarche Holdings ( Bonmarche Holdings (LON:BON) ) – 81.4p – £40.7m – PER 8.27

Interim Results For The 6 Months To The 29th September 2018 – Revenue in-line with last year, LFL sales down -1%, on-line up 28.9% (12% of total sales (9% last year)). Profit and Net Cash are both down – The Interim Dividend is unchanged. FY to be in-line IF Black Friday and Christmas go well.

Still a mixed bag here but still a decent yield. Still a tough call to get involved especially if Black Friday and Christmas do not deliver - I remain Neutral.

CML Microsystems ( CML Microsystems (LON:CML) ) – 461p – £79.0m – PER 17.6

Results For The 6 Months To End September 2018 – Revenue down -6%, PBT up 2%, Basic EPS up 8%, Net Cash of £13.54m, the Interim Dividend will be 2p (same). Warns FY Revenue may miss but Profit should not.

I still don’t see the value here at present, I remain Neutral.

Eckoh ( Eckoh (LON:ECK) ) – 37.25p – £94.1m – PER 40.5

Unaudited Results For The 6 Months To End September 2018 – Revenue down -2% and…

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Accsys Technologies PLC is a chemical technology company. The Company is focused on the development and commercialization of a range of transformational technologies based upon the acetylation of solid wood and wood elements (wood chips, fibers and particles) for use as construction materials. Its segments include Licensing, Management and Business Development; Manufacturing, and Research and Development. It is engaged in the production and sale of Accoya solid wood, and licensing of technology for the production and sale of Accoya wood and Tricoya wood elements through its subsidiaries. The Accoya solid wood and Tricoya wood elements technologies are manufactured through the Company's acetylation wood modification process. Accoya wood is used for windows, external doors, siding, decking, structural and civil engineering projects. Tricoya Wood Elements are used in Facade cladding/siding and other secondary exterior applications; window components, and door skins and wet interiors. more »

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Bonmarche Holdings plc is a multi-channel retailer of womenswear and accessories. The Company offers clothing and accessories in a range of sizes for women through its own store portfolio, Website, mail order catalogues and through the Ideal World TV shopping channel. The Company's subsidiaries include Bluebird UK Topco, Bluebird UK Holdco and Bonmarch Limited. The Company has approximately 310 stores across the United Kingdom. more »

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CML Microsystems Plc designs, manufactures and markets a range of semiconductor products for use in communications and data storage industries. The Company offers semiconductor products for professional applications within the storage, wireless and wireline communications market areas. It operates in the United Kingdom, the United States, Germany, Singapore and Taiwan. The Company offers semiconductor products for storage applications, such as Industrial flash memory cards (CompactFlash, secure digital (SD) card, multi-media card); solid state drives (SSDs), embedded storage and special function cards. It offers semiconductor products for wireless applications, such as professional and industrial analogue/digital radios (voice centric); wireless data products (radio modems, pagers, telemetry and marine safety). It offers semiconductor products for wireline telecom applications, such as security alarm panels, point-of-sale, health monitors, meter reading and telephone exchange. more »

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

5 Posts on this Thread show/hide all

MrContrarian 20th Nov '18 1 of 5

My morning smallcap tweet:

ClearStar Inc (LON:CLSU), SRT Marine Systems (LON:SRT), Bonmarche Holdings (LON:BON), Ilika (LON:IKA)

ClearStar (CLSU) wins contracts worth $1m PA from 2019.
SRT Marine Systems (SRT) H1 broadly in line with rev up 10%, pretax -£1.3 million (-£1.8m [pre-exceptional]). That's slightly better than the H1 trading RNS in Oct. Jam tomorrow: "expect the second half to see significant systems deliverables from multiple contracts and associated revenues as well as a solid contribution from our transceivers business."
Bonmarche (BON) H1 in line. Outlook iffy: online good but "store LFLs have remained weak, and traditional autumn/winter categories have had a slow start to the season. Providing that sales during the key Black Friday through to Christmas trading period meet expectations, the Board maintains the [FY] guidance."
Ilika (IKA) finds supplier that can make its Stereax thin film solid-state cells. In PR-flannel, it's a "manufacturing partnership".

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Effortless Cool 21st Nov '18 2 of 5

Matylda - Why did you sell your £MACF?

I though yesterday's update was great and have added.

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matylda 21st Nov '18 3 of 5

In reply to post #420724

This is my note...

Macfarlane ( Macfarlane (LON:MACF) ) – I estimated a 100p 2 year price target here applying my usual analysis approach for Growth and Value at the time of the last update. I should have sold then but kept it on my potential Sell in a market downturn list – So, it was sold (late).

I have EPS growth at 2018E 15% and 2019E 9% and on a PER of 12 or so I just thought 100p was a fair price (based on a 2.5% yield) - I decided to sell at about 93p.

As a note - Much of my valuation analysis is based around the PEG (a la Peter Lynch).

Blog: Briefed Up
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Effortless Cool 21st Nov '18 4 of 5

Fair enough, and thanks for replying - it's always interesting to get insight into other people's motivations for trading shares you own. FWIW, my valuation model suggests a fair price around 115p. I expect the pension deficit to be cleared by the first half of next year and net debt to eliminated (assuming no more acquisitions) during 2020.

With on-line retail continuing to steamroll bricks and mortar, Macfarlane (LON:MACF) remains a long-term hold for me, adding on weakness.

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matylda 21st Nov '18 5 of 5

In reply to post #420764

Grand - For what it's worth, seems a fair enough view to me, wishing you well with your holding.

Blog: Briefed Up
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