Morning all!
Empresaria ( £EMR ) – 68p – £33m – PER 5.5
H1 Trading Update – Revenue up 6%, on course to deliver FY PBT in-line with market expectations.
Looks perhaps fairly valued here on a 2 Year view considering the Net Debt, Yield and Growth. Based on the latest Broker note this morning, in my opinion, this looks way overvalued on a 1 Year view and about fairly valued (at best) on a 2 Year view.
Headlam ( £HEAD ) – 446p – £378m – PER 11.4
Trading Update For The 6 Months To End June 2019 – Revenue up 3.3% (2% LFL), seems FY should be in-line.
My view hasn’t really changed here “The growth here is not exactly stellar but the yield and ability to pay that yield seems to be providing support – A potential for income (with small growth perhaps)”.
Quartix ( £QTX ) – 284p – £136m – PER 24
Interim Results For The 6 Months To End June 2019 – Revenue down -3% with PBT down from £3.9m to £3.2m, Diluted EPS is down from 6.86p to 5.67p, Net Cash is up from £4.9m to £5.1m and an Interim Dividend of 2.4p is proposed. Expects to meet FY expectations.
All round metrics forecast as lower this year than last with only a slight rise the year after – I remain on the side-lines. Based on the latest Broker note this morning, 2019E and 2020E Revenue is set to be flat with EPS down -20% and then up 6% respectively.
Sopheon ( £SPE ) – 940p – £95m – PER 18.1
Trading Update For The 6 Months To End June 2019 – H1 Revenue to be $13.7m versus $15.9m last time, EBITDA expected to be $2m versus $4.1m last time. Expects FY Revenue to be similar to last year.
EPS was forecast to fall -3% this year on Revenues up 11% so I would expect his to be revised now, not for me at present. Based on the latest Broker note this morning, 2019E Revenue is set to be flat with EPS now down -30% (it’s forecast to recover a rather optimistic 40% the year after (with a 19% increase in Revenue)).
Van Elle Holdings ( £VANL ) – 35p – £28m – PER 5.1
Results For The 12 Months To End April 2019 – Revenue down…
