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!
