Morning all!
CMC Markets ( CMC Markets (LON:CMCX) ) – 98p – £283m – PER 12
Q1 Trading Update – LFL Net operating income up but costs marginally higher. Early in the year but still guides FY in-line.
Perhaps there’s value here but the potential of additional regulation still keeps me away from the sector in general.
Discoverie ( Discoverie (LON:DSCV) ) – 438p – £352m – PER 14.7
Q1 Trading Update – Q1 Trading strong, on track to deliver FY in-line with expectations.
Looks way overvalued on a 1 and 2 Year view. Based on the latest Broker note this morning, in my opinion, this looks way overvalued on a 1 Year and 2 Year view.
Findel ( Findel (LON:FDL) ) – 239p – £203m – PER 8
Trading Update For The 16 Weeks To 19 July 2019 – Solid start, FY unchanged.
Looks fairly valued on a 1 Year view but with such huge Net Debt I cannot get interested. Based on the latest Broker note this morning, in my opinion, this looks fairly valued on a 1 Year but overvalued on a 2 Year view - Net Debt is HUGE at 100%+ of current Market Cap and almost 8x PBT 2020E.
Gordon Dadds ( Gordon Dadds (LON:GOR) ) – 150p – £43m – PER 6.5
Results For The 12 Months To End March 2019 – Revenue up 69% to £52.6m (£31.2m), Adjusted PBT up 141% to £5.9m (£2.5m), Adjusted Diluted EPS up 79% to 18.8p (10.5p), Total Dividend up 50% to 6p (4p). Integration of Ince now complete and the opportunity to cross sell by practice area and geography is huge.
I am Long here and remain so based on these results and the opportunities ahead. Based on the latest Broker note this morning, in my opinion, this still looks way undervalued on a 1 Year and 2 Year view with a reasonably well covered 5% yield.
Medica Group ( Medica (LON:MGP) ) – 134p – £145m – PER 14.2
