Morning all!

Brady ( £BRY ) – 56p – £47m – PER 25

Trading Update – Expects FY Revenue to be circa £19m which looks like a miss of 20%+ and this will have an impact on EBITDA.

I said last time that it makes sense to wait and see actuals here – I stand by that. Latest Broker note this morning indicates negative EPS forecast for 2019E (no forecasts available for 2020E).

Costain ( £COST ) – 145p – £157m – PER 5

Interim Results For The 6 Months To End June 2019 – Everything down here (as expected), still expect to deliver on previously revised FY expectations.

Not sure how much of this is already in the price but I am not going to be trying to pick the bottom here in this low margin business. Latest Broker note this morning indicates negative EPS growth (-27%) forecast for next year and a an increase (15%) for the year after – So not a new EPS high.

Empresaria ( £EMR ) – 64p – £31m – PER 5

Interim Results For The 6 Months To End June 2019 – Revenue flat, Adjusted PBT down -21% with EPS down -34%, still expects to deliver FY market expectations for profit.

Fairly valued here (at best).

Hostelworld ( £HSW ) – 162p – £155m – PER 10

Interim Results For The 6 Months To End June 2019 – Seems like Revenue down circa -10%, EBITDA, EPS and Dividend down circa -15% and expects FY EBITDA to be below 2018.

I really don’t see this business succeeding in a race it is already losing, if I was to take any position here it would be a Short, except I suppose there is a possibility of a bid from one of the leaders in the race (or are they actually bothered?).

As always, all comment most welcome!

Unlock the rest of this Article in 15 seconds

or Unlock with your email

Already have an account?
Login here