I Read The News Today Oh Boy! 23-Jan-2018

Tuesday, Jan 23 2018 by
24

Morning All!

Lakehouse ( Lakehouse (LON:LAKE) ) – 36.5p – £57.5m – PER 8.30

Preliminary Results For The 12 Months To End September 2017 – Whoever wrote this update should be shot, what a mess. I think… Revenue is down 3% to £290.3m, there’s a Profit (not sure how much) versus a loss last year and the final dividend is a third of what it was last year.

I am going to pass on this one for now as I am not exactly clear on what is being communicated here.

Velocity Composites ( Velocity Composites (LON:VEL) ) – 120p – £43.0m – PER n/a

Maiden Results For The 12 Months To End October 2017 – In-line. Revenue up 46% to £21.4m (2016: £14.6m) with Underlying Operating Profit of £0.9m (2016: £0.3m) – In-line with expectations. There’s Cash of £5.4m. 75% of 2018 revenues on contract, with 85% visibility overall.

Not sure about this at all, looks OK but this is confusing - Underlying EPS increased to 2.39p but reported Loss Per Share is 2.47p. I have to remain Neutral here for now, need a little more research.

Scisys ( SCISYS (LON:SSY) ) – 123.75p – £36.3m – PER 10.8

Trading Update For The 12 Months To End December 2017 – “The Directors expect the Company's trading results will comfortably meet current market guidance, both in respect of revenues and adjusted operating profit”. The order book is at record levels and strong across all sectors, entering 2018 with positive momentum across all divisions.

Still quite like this but with that Net Debt (almost 30% of Mkt Cap) I reckon it’s probably fairly priced here.

Ideagen ( Ideagen (LON:IDEA) ) – 102.13p – £204.5m – PER 22.7

Unaudited Results For The 6 Months To End October 2017 –  Revenue up 43% to £17.2m (£12.0m last time), Adjusted PBT up 56% to £4.1m (£2.6m last time) with Net Cash of £5.9m (£4.8m last time). Interim Dividend will be increased 15% (but it’s still less than 0.25% which is quite useless and pointless). Current trading remains robust and in line with management expectations.

Still quite like the look of this. I thought it was a bit rich on a PER of 19.8 but these latest numbers suggest there may still be an investment case here. For now though I will remain Neutral.

Flowtech Fluidpower ( Flowtech Fluidpower (LON:FLO) ) – 183p – £96.7m – PER 11.3

Trading Update For The 12 Months To End December 2017 – Revenue up 43% CC, to £77.9m (£53.8m last time). PBT to be in the range £8.6m to £8.8m (in line with market expectations). Dividend up 5%. Based on progress made this year, expects to meet market expectations for 2018 and 2019.

This is going on my Watchlist, 170p, may even snap some up this morning!

LoopUp ( LoopUp (LON:LOOP) ) – 392p – £164.9m – PER 58.5

Trading Update For The 12 Months To End December 2017 – Looks good, Revenue up 36% to £17.5m in FY2017 (FY2016: £12.8m), ahead of market expectations in spite of the currency headwind in the second half which saw the pound/dollar rate rise to $1.32 versus $1.23 at the start of the year. Profit margin up 2.2% and EBITDA up 161% to £3.5m. Net Cash of £2.9m.

Quite like this growth story but on a PER of 58.5 I just can’t bring myself to pay up here.

DotDigital ( dotDigital (LON:DOTD) ) – 98.13p – £290.3m – PER 28.4

Trading Update For The 6 Months To End December 2017 – Revenue up 25% to £18.8m, in line with management expectations (H1 2017: £15.0m) and EBITDA is also in line with management expectations.

Perhaps fairly priced here, I am going to add it to my Watchlist, 80p.

Elecosoft ( Elecosoft (LON:ELCO) ) – 42.75p – £33.1m – PER 15.3

Trading Update For The 12 Months To End December 2017 – Revenue and PBT to be significantly higher than last year and in-line with market expectations.

Quite like the look of this, it’s going on my Watchlist, 40p.

Have a great day all.


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Lakehouse plc is an asset and energy support services company. The Company is engaged in the construction, improvement, maintenance and provision of services to homes, schools, and public and commercial buildings. The Company's segments include Compliance, Energy Services, Property Services and Construction. Its Compliance segment delivers a range of services to local authority and housing association customers, and it is focused on gas, fire, electrics, air and water, and lift compliance activities. Its Energy Services segment, via its subsidiary Everwarm Ltd., provides domestic insulation, energy products and advice for social housing landlords, energy companies and the Scottish Government. Its Property Services segment provides planned refurbishment, repair and maintenance, and responsive maintenance for social housing providers. Its Construction segment delivers extension, refurbishment, rationalization and new build works in the education market, particularly schools. more »

LSE Price
40p
Change
-2.4%
Mkt Cap (£m)
64.6
P/E (fwd)
11.5
Yield (fwd)
3.0

Velocity Composites plc is a United Kingdom-based manufacturer of carbon fiber and ancillary material kits for use in the production of aircraft. The Company offers a full shape generation, shape management and nesting service. Its offerings include Structural Kits and Consumable Engineered Vacuum Bag Material Kits. Structural Kits are manufactured from film adhesives, high performance materials and rolls of woven and uni-directional glass and carbon fiber fabrics. Consumable kits are used during the process of applying the structural material to the tool to create a vacuum bag assembly. Consumable kits include breathers, vacuum bags, peel plies and release films. Breathers are engineered breathable 2D and 3D assemblies designed specifically for the customers’ tools, which allow trapped air and volatiles to escape evenly over the carbon fiber layup and create an even vacuum during the autoclave curing process. more »

LSE Price
57.5p
Change
-5.0%
Mkt Cap (£m)
21.7
P/E (fwd)
19.4
Yield (fwd)
n/a

SCISYS PLC is a United Kingdom-based company, which is engaged in developing information technology (IT) services. The Company develops application solutions and products, and provides supporting services. The Company provides IT services to corporations and public sector organizations through four divisions: Space; Enterprise Solutions & Defence (ESD); Media & Broadcast (M&B), and Xibis Ltd. The Space division provides various aspects of a space system, from fundamental research and onboard software solutions, to supplying ground segment infrastructure and services. The ESD division provides software solutions across various markets, including defense, security, marine, public sector and commercial. The M&B division is a supplier of digital radio production, archiving, asset-management and playout solutions. The Xibis Ltd division offers Web and application solutions, support and hosting services to range of sectors including retail, education, technology and transport. more »

LSE Price
190.5p
Change
 
Mkt Cap (£m)
56.2
P/E (fwd)
14.8
Yield (fwd)
1.3



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12 Posts on this Thread show/hide all

MrContrarian 23rd Jan 1 of 12
3

My morning smallcap tweet:

LoopUp (LON:LOOP), Oncimmune Holdings (LON:ONC), Harwood Wealth Management (LON:HW.), Lakehouse (LON:LAKE)

LoopUp Group (LOOP) FY trading - rev(cont) up 36%, ahead of market expectations.
Oncimmune (ONC) update. New distribution agreement for Turkey, min £630k over 3 years. EarlyCDT-Lung test: "an increasing number of distributors requiring Oncimmune to enter individual direct contracts with each institution where blood is taken. These contracts are taking in the region of two to three months to execute. Over time we expect "finger stick" collection to make the test more accessible but currently a significant proportion of the market still relies on blood draw. This requirement for individual contracts has had an impact on the speed with which we are able to build sale"
Harwood Wealth Management (HW.) FY EPS 1.19 (0.24). Group "has performed ahead of expectations". Final div 2.24p (2p).
Lakehouse (LAKE) FY underlying rev (cont) -3%. Underlying EPS 3.7p (5.2p). Final div 0.5p. Frameworks up 22% at £1.9bn, order book up 19% at £631m. Net debt £1.3m (£20.6m), significantly ahead of expectations. "Lakehouse had an excellent year". Hmm. A better year.

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mrosbiston 23rd Jan 2 of 12

is it just me or were a lot of these trading updates not on the calendar (investigate and/or LSE)

would really love a comprehensive calendar

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matylda 23rd Jan 3 of 12
1

In reply to post #302868

Yes - Many of them were not on any calendar, I have yet to find a reliable calendar.

Blog: Briefed Up
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mrosbiston 23rd Jan 4 of 12

most major providers all seem to use the same stockmarketwire service. Even a £2000 a month bloomberg terminal doesn't have a decent small cap calendar.

i can only think that most companies do not promote in advance the date of the statement. which explains the general lack of front running.

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mrosbiston 23rd Jan 5 of 12
2

thanks again for all you do - the analysis is really excellent and v useful as a reference point for any research i do.

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Howard Adams 23rd Jan 6 of 12

In reply to post #302823

Hi MrContrarian

I read your updates with great interest, many thanks for your continuous postings.

I wonder do you have any insights as to why Harwood Wealth Management (LON:HW.) has dropped -10% (approx at time of typing) today on what seems to be a positive update? (I do not hold).

Further, Impax Asset Management (LON:IPX), a similar type of company, has also dropped -10% (approx at time of typing) today on no announcements but quite a positive one a little while ago? (I do hold a little, a recent buy into this firm).

Is there some link between these two perhaps, do you think? Do you have any insights you might be kind enough to offer?

Regards
Howard

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MrContrarian 23rd Jan 7 of 12

In reply to post #302973

Howard,

Not companies I follow, so no idea.

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garbetklb 23rd Jan 8 of 12
4

Can I add my thanks to Matylda & Mr C - very helpful to get quick snapshot views to compare with my own.
Andy

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Howard Adams 23rd Jan 9 of 12

In reply to post #302988

Hi MrContrarian

Ok, many thanks.

Regards
Howard

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IGotPoesJacket 23rd Jan 10 of 12

LoopUp (LON:LOOP) - I don't get it. What does it do that Skype for Business doesn't do?
If you've got exchange online and Office 365 there doesn't seem to be a point in this product. I have zero interest on a pe of nearly 60.

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nicktudor 24th Jan 11 of 12
1

Scisys (LON:SSY) flagged in their update that debt had reduced to £5.9m at Dec 31st due to healthy cash flows so now down to approx 16% of market cap vs 30% detailed above. Given the modest current rating I think that the risk/reward here is excellent.

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matylda 24th Jan 12 of 12

Re: LoopUp (LON:LOOP) - That's kind of on my mind too.

Re: SCISYS (LON:SSY) - Thanks, in my morning haste I always miss some things and make some typo's. That does make SSY slightly more attractive.

Blog: Briefed Up
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