I Read The News Today Oh Boy! 24-Sep-2019

Morning all!

Alliance Pharma ( £APH ) – 73p – £377m – PER 14

Interim Results For The 6 Months To End June 2019 – Revenue, PBT and EPS all up 20% or so, the Interim Dividend is up 10%. H2 started well, expecting FY to be in-line.

Still looks fairly priced around the 70p level.

Animalcare ( £ANCR ) – 134p – £80m – PER 11

Interim Results For The 6 Months To End June 2019 – Remains in-line with FY expectations.

150p or so looks about reasonable value here to me so, at this valuation, not enough in it for me.

DX Group ( £DX. ) – 14p – £79m – PER 20

Interim Results For The 6 Months To End June 2019 – Turnaround progressing well, H1 slightly ahead, confident of meeting short and long term goals.

Will not be getting involved just yet but now look forward more so now to seeing FY actuals.

Elecosoft ( £ELCO ) – 79p – £65m – PER 18

Interim Results For The 6 Months To End June 2019 – Revenue up 20%, Adjusted Operating Profit up 20% and EPS up 11%, the Interim Dividend is up 7%. Cautiously optimistic for remainder of the year.

Still not enough value at this level to tempt me.

Flowtech Fluidpower ( £FLO ) – 125p – £76m – PER 8

Interim Results For The 6 Months To End June 2019 – Revenue up 5.7%, Underlying PBT up 3.3% with EPS down -10.7% and the Interim Dividend is up 5%. Brexit impacts and FY PBT to be circa £11m.

Looks to be a potential miss of circa 10% or so, as an ex-holding I will keep a lookout for updated Broker notes.

Hotel Chocolat Group ( £HOTC ) – 370p – £417m – PER 40

Interim Results For The 6 Months To End June 2019 – Revenue up 14%, PBT, EPS and the Interim Dividend all up 10% or so. Continues to trade in-line.

Again, I don’t get the valuation here at all, perhaps I have missed something, if anything the only position I would still consider here is a Short.

Knights Group ( £KGH ) – 308p – £226m – PER 19

AGM Statement – Good start to the year, confident of delivering FY expectations.

Still quite like this and will be keen on seeing updated Broker notes this morning, remains on my Watchlist for now.

Minds Machines ( £MMX ) – 6p – £53m – PER 19

Interim Results For The 6 Months To End June 2019 – Registrations up 19%, Revenue up 39%, Profit and EPS moved to positive. Trading remains in-line, buy back in place, considering progressive Dividend policy.

Looks positive but I remain on the side-lines for now, probably because I really don’t understand it enough.

Park ( £PARK ) – 53p – £99m – PER 10

Trading Update For The First 5 Months – In-line,

Could still be OK as an income play (6%+ Yield and decent Net Cash – But, it’s not for me at present.

S & U ( £SUS ) – 2100p – £253m – PER 8

Interim Results For The 6 Months To End July 2019 – Revenue up 7%, PBT and EPS up 3%, the Interim Dividend is up 6%. More encouraging place than a year ago.

Again, I still quite like this but the sector and Net Debt keep me away at present.

Ten Entertainment ( £TEG ) – 230p – £150m – PER 11

Interim Results For The 6 Months To End June 2019 – Revenue up 9.6%, PBT up 14.2%, EPS up 22.1%, the Interim Dividend is up 12.1%. Guide on 4-6% LFL growth.

Sounds rather cautious to me and I will not be taking any further interest at present.

As always, all comment most welcome!