I Read The News Today Oh Boy! 25-Mar-2019

Monday, Mar 25 2019 by

Morning all!

Brady ( Brady (LON:BRY) ) – 56.5p – £47m – PER 48

Results For The 12 Months To End December 2018 – Revenue up 4%, Gross Profit up 15%, Net Cash at £4.6m (£4.1m last time).

Will take this off my Avoid list now and move it to Neutral.

IEnergizer ( iEnergizer (LON:IBPO) ) – 122p – £233m – PER 9.4

Trading Update – FY Revenue expected to be ahead with Operating Profit expected to be significantly ahead of market expectations – Due to focus on recurring high margin revenue streams.

Still lots to like here but still really hard to buy with a Spread >10% and Free Float <20%. I try and sneak an order in here (at a decent spread point) now and again but never get filled.

Microgen ( Microgen (LON:MCGN) ) – 442p – £270m – PER 21.5

Results For The 12 Months To End December 2018 – Revenue up 12%, Adjusted Operating Profit up 9%, Adjusted Basic EPS up 8%, the FY Dividend is up 6%.

I still see this as fairly priced (at best) here.

Medica Group ( Medica (LON:MGP) ) – 125p – £139m – PER 15.2

Results For The 12 Months To End December 2018 – Revenue up 15.6%, Gross Profit Margin up slightly to 49%, Adjusted Operating Profit up 12.8%, Adjusted EPS up 12%, FY Dividend of 2.25p (1.65p last time), Net Debt down from £5m to 0. Expects double digit Revenue growth this year again. CEO to step down at some point in 2019.

As an ex-holder I am not yet tempted back in here.

Quixant ( Quixant (LON:QXT) ) – 332p – £220m – PER 16

Results For The 12 Months To End December 2018 – Revenue up 5%, Adjusted PBT up 5%, Adjusted Diluted EPS up 14%, Net Cash up 40% (to $11.3m), the FY Dividend is up 19%.

As an ex-holder, I still quite like this but reckon it's probably about fairly priced about here.

Spectra Systems ( Spectra Systems (LON:SPSY) )…

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Brady plc is a United Kingdom-based provider of trading and risk management software to the global commodity and energy markets. The Company combines integrated and complete solutions supporting the commodity trading operation, from capture of financial and physical trading, through risk management, handling of physical operations, to back office financials and treasury settlement for energy, refined, unrefined and scrap metals, soft commodities and agriculture. The Company's business units are Commodities and Energy. Its clients include various financial institutions, trading companies, miners, refiners and producers, scrap processors, tier one banks, various London Metal Exchange (LME) Category 1, 2 clearing members, and other European energy generators, traders and consumers. It offers commodities solutions, energy solutions, credit risk, cloud services, and client services and support. more »

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iEnergizer Limited (iEnergizer) is an integrated software and service company. The Company provides content transformation services and business process outsourcing services. Its segments include Real time processing, Back office services, Content delivery and Others. The Company provides services across the entire customer lifecycle and offers a suite of content and publishing process outsourcing solutions (Content Services) and customer management services (Back Office Services and Real Time Processing) that include transaction processing, customer acquisition, customer care, technical support, billing and collections, dispute handling, and market research and analytics using various platforms, including voice-inbound and outbound, back-office support, online chat, mail room and other business support services. Its content and publishing services provide end-to-end solutions for information providers and all businesses involved in content production. more »

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Aptitude Software Group PLC, formerly Microgen PLC, is engaged in the provision of information technology (IT) services and solutions. The Company's software-based activities include software licenses, maintenance, funded development and related consultancy. The Company is engaged in Aptitude Software business. The Aptitude Software business provides a series of financial management software applications. The software is developed on the Aptitude technology platform, which facilitates the processing of business event-driven transactions and calculations. It is also engaged in Application Management business. more »

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  Is LON:BRY fundamentally strong or weak? Find out More »

6 Posts on this Thread show/hide all

MrContrarian 25th Mar 1 of 6

My morning smallcap tweet: Naked future for Majestic. The emperor's new clothes?

Majestic Wine (LON:WINE), IFG (LON:IFP), Litigation Capital Management (LON:LIT), Bonhill (LON:BONH), Leeds (LON:LDSG)

Majestic Wine (WINE) plans to focus on Naked Wines at the expense of Majestic. Will spend £6m PA more on Naked customer acquisition. Will be restructuring charges, largely offset by inflows from asset sales. Promises "a Naked face-to-face new customer recruitment channel." I suggest the slogan "Have you got the bottle?". Dividend at risk. Guides this FY in line.
Group (IFP) recommended offer of 193p, a 46% premium.
Litigation Capital Management (LIT) global cooperation agreement with a leading international law firm. Sounds like Clyde & Co.
Bonhill Group (BONH) £10m placing at 84p, an 8% discount, to fund a acquisition.
Leeds Group (LDSG) guides FY pretax below the Board's expectations.

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Beginner 25th Mar 2 of 6

Microgen (LON:MCGN) is also hiving off part of the company into a separate entity to be listed on AIM. The company has excellent management in place, and generally works for the benefit of shareholders.

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matylda 25th Mar 3 of 6

In reply to post #461433

Thanks re: Microgen (LON:MCGN) - In my haste I missed that.

Blog: Briefed Up
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smilingmickey 25th Mar 4 of 6

Hello Matylda
Re your comment about Spectra
Authentification/security seem growth markets to me. A Company operating in these markets should be well placed. Preservation of IP is key.

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garbetklb 25th Mar 5 of 6

In reply to post #461573

Spectra - a problem that I see with authentication / security is that there is little way that an outsider can assess the quality of the product / the competitive position. By their nature, contracts will often be confidential and there are unlikely to be any reviews etc.

Seems that any assessment is going to be strongly influenced by the results alone - and little way of assessing the competing products. The USD2m royalties from a banknote supplier (? De La Rue) is encouraging - but a big concentration of customer. Any idea what the underlying product is (apologies if this is obvious - I've not researched the company).

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matylda 25th Mar 6 of 6

Re: Spectra Systems (LON:SPSY) - When a paid for Broker note shows...

Revenue ($m) 12.2m 2017A 12.5m 2018A 12.2m 2019E 13.0m 2020E

EPS (c) 8.8c 2017A 9.8c 2018A 8.3c 2019E 9.1c 2020E

It's hard to be a Buyer. Add to that the nature of the contracts which are really unpredictable and quite secret squirrel it just makes it even harder.

Blog: Briefed Up
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