Morning all!

Animalcare ( Animalcare (LON:ANCR) ) – 158p – £94m – PER 13

Trading Update For The 6 Months To End June 2019 – In-line with Net Debt down slightly, seems FY will be in-line too.

In-line makes this seem fairly valued (at best) around this level.

Beeks Financial Cloud ( Beeks Financial Cloud (LON:BKS) ) – 89p – £45m – PER 21

Trading Update – 2 Tier 1 clients signed and confirmed FY to end 2019 has traded in-line.

Sold out here after the interims and estimating a fair value circa 100p – I wonder if these new clients mean others will now be knocking down the door and if so, what will the lead times be? Based on the latest Broker note this morning, in my opinion, this still looks overvalued on a 1 Year and way undervalued on a 2 Year view – I am not a buyer as I just have no idea if or when those additional Tier 1 clients will come on board.

Colefax ( Colefax (LON:CFX) ) – 510p – £46m – PER 13.1

Results For The 12 Months To End April 2019 – Revenue flat at £86.36m (in a challenging trading environment), PBT up 8% to £5.10m (£4.72m last time), EPS up 3.2% to 39.3p (38.1p last time), Net Cash at £9.5m (£9.2m last time) with the Total Dividend up 4%.  Trading environment remains challenging into this year.

Plenty of Cash and seems well managed but just can’t see where growth is going to come from so it’s not for me at present.

Dotdigital ( dotDigital (LON:DOTD) ) – 101p – £296m – PER 23.3

Results For The 12 Months To End June 2019 – Revenue up 19% to £51.3m (£43.1m) with £42.5m organic, Adjusted EBITDA expected to be slightly ahead of market expectations. Momentum has continued into the new financial year.

I still reckon this is fairly priced around this level.  Based on the latest Broker note this morning, in my opinion, this still looks overvalued on a 1 Year and 2 Year view.

DX Group (

I finally sold out of Norcros (LON:NXR) at the current level; I am put off now by the zero lfl growth, which I see as a new negative