I Read The News Today Oh Boy! 21-Aug-2018

Tuesday, Aug 21 2018 by
13

Morning all!

Hostelworld ( Hostelworld (LON:HSW) ) – 292p – £279.1m – PER 15.3

Interim Results For The 6 Months To End June 2018 – Bookings up 2% and with no monetary figures in the lengthy preamble we find… Revenues are down 9% to 42.6m Euro with PBT down from 10.3m Euro to 7.6m Euro (similar hit to EPS). The Interim Dividend is also down slightly (in-line with policy).

Last time I wrote “I still don’t believe in the long term outlook for Hostelworld and remain underwhelmed by the growth, considering the PER is almost 20”. Even on a PER of 15.3 now I still can’t get away from Neutral here.

Tracsis ( Tracsis (LON:TRCS) ) – 633p – £179.4m – PER 25.5

Trading Update For The 12 Months To End July 2018 – Trading has been strong with Revenues ahead of expectations at circa £40m with Adjusted Profit also expected to be ahead. Cash is also up from £15.4m to £22m. “The Group remains well positioned for further growth as we enter the new financial year, with a good pipeline of organic sales opportunities, M&A prospects and positive industry growth drivers”.

Tempting as it is, I just find the valuation a little too high here – I remain Neutral, keen on seeing the actual results (in November).

Game Digital ( GAME Digital (LON:GMD) ) – 27.55p – £47.6m – PER n/a

Trading Update – A mixed update which is more confusing (to me) than it is useful.

I sold half my holding after it doubled in value and I sold the remainder recently because I honestly couldn’t work out where this was heading – This latest update kind of fits in with that view (confusing), even though they have loads of Cash sitting there. I just have no idea what’s going to happen here, where it’s going or what they will do with that Cash.

Angling Direct ( Angling Direct (LON:ANG) ) – 83.5p – £35.9m – PER 34.3

Trading Update For The 6 Months To End July 2018 – Revenue ahead of management's expectations (up by 56%) at £21.94m in the 6 months to end July. German website launched in June and encouraged by initial results, other European websites to later this year.

Quite a lot to like here but it’s fishing equipment! Just feel Amazon could gobble the on-line side up quite easily if it wanted to and that the retail side is probably running at a tiny profit/loss. I remain Neutral.

As always, all comment most welcome!


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Angling Direct plc is a United Kingdom-based fishing tackle retailer company. The Company is principally focused on selling fishing tackle products and related products through retail stores and also online via its own Website (www.anglingdirect.co.uk). The Company’s product categories include reels, terminal tackle, rods, bait and additives and bivvies and shelters. The Company fishing tackles products, including capital items, consumables, luggage and clothing. Theses all fishing tackle products sells under its own brand Advanta. The Company operates approximately 15 retail stores. The Company has developed angling superstores. more »

LSE Price
69p
Change
-0.7%
Mkt Cap (£m)
44.6
P/E (fwd)
n/a
Yield (fwd)
n/a

Hostelworld Group plc is an Ireland-based company, which provides hostel-focused online booking platform. The Company operates through over 20 different languages by connecting young travelers with hostels around the world through its brand Hostelworld and supporting brands Hostelbookers and Hostels.com. The Company, through its subsidiaries, provides software and data processing services that facilitate hostel, hotel and other accommodation across the world, including ancillary online advertising revenue. The Company focuses on hostels, which maintains a global hostel database with over 13,000 hostels and approximately 22,000 other forms of budget accommodation available across the world. The Company builds a progressive internal training policy that includes ongoing skills training, personal development training plans and management development. The Company has over eight million reviews across approximately 33,000 properties in over 170 countries. more »

LSE Price
189.4p
Change
 
Mkt Cap (£m)
181
P/E (fwd)
12.4
Yield (fwd)
6.2

GAME Digital plc is a retailer of video games. The Company operates approximately 580 stores across the United Kingdom and Spain. The Company's segments include UK, Spain, and Events, Esports & Digital. Its UK and Spain segments are engaged in the sale of hardware, software, accessories and digital. Its Events, Esports & Digital businesses include SocialNAT and Ads Reality Limited (Ads Reality). The Company's activities include multichannel retailing and merchandising; supply chain management and distribution; software and technology development; marketing and customer relationship management (CRM); sourcing and procurement from suppliers, as well as range of individual customers; event management and production, and training, development and employee engagement. The Company's subsidiary undertakings include Game Retail Limited, Game Stores Iberia SLU, Multiplay (UK) Limited, Game Esports and Events Limited, and Game Digital Solutions Limited. more »

LSE Price
26.15p
Change
3.8%
Mkt Cap (£m)
45.2
P/E (fwd)
n/a
Yield (fwd)
n/a



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


4 Posts on this Thread show/hide all

MrContrarian 21st Aug '18 1 of 4
4

My morning smallcap tweet:

Angling Direct (LON:ANG), Tracsis (LON:TRCS), IXICO (LON:IXI), GAME Digital (LON:GMD)

Angling Direct (ANG) H1 trading: rev up 56%, head of management's expectations.
Tracsis (TRCS) Guides FY rev up 16%, ahead of market expectations. Expects EBITDA and adj profit ahead of market expectations.
Ixico (IXI) FY expected to be ahead of market expectations with rev at least £5.1m, up 24%.
Game Digital (GMD) H1 Gross Transaction Value down 1.6%, FY up 1.8%. FY rev down 0.4%. Worse, "trends of the first half continue during the last six months, with strong sales of lower-margin Digital and Hardware, and continued challenges in the Preowned business that have impacted on the overall gross profit rate." BELONG rollout at Sports Direct going well. They don't say if it's in line overall but does not sound good.

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rhomboid1 21st Aug '18 2 of 4
4

Morning Matylda

Fwiw It hasn’t got £58m in the bank...most of the time hence;

‘ the Group has access to combined facilities across the UK and Spain of up to £130 million, increasing up to £169 million over the peak period.‘

Last time I looked the finance charge in the accounts suggests average 50m debt..but it was impossible to tell because the company apparently think shareholders don’t need to know their average indebtedness...which in itself is a red flag

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matylda 21st Aug '18 3 of 4

In reply to post #392209

Apologies, I do have a note on this, I blame my early morning haste :) - Thank you you for correcting me.

Blog: Briefed Up
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rhomboid1 21st Aug '18 4 of 4

For clarity I’m now confused & posted this on another Board

‘I’m still struggling with this net cash figure...2017 annual Report note 9 says finance costs of £1.2m on overdrafts & loans...are we saying that is all a facility fee ...and they actually roll with £50m cash minimum....in which case why only £100k in interest income? That equates to only 0.2% which sounds way too low for a minimum 50m balance. They could be a lot clearer eg

httP://www.gamedigitalplc.com/~/media/Files/G/Game-Corp-V2/documents/results-reports-presentations/2017/full-year-results-presentation-2016-17-v1.pdf

..that says the U.K. ABL facility was undrawn in the year ...but doesn’t say what the situation in Spain was ...a simple monthly cash graph would help enormously’

Cheers

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