I Read The News Today Oh Boy! 26-Feb-2019

Tuesday, Feb 26 2019 by
18

Morning all!

Air Partner ( Air Partner (LON:AIR) ) – 85.5p – £44.6m – PER 8.8

Trading Update For The 12 Months To End January 2019 – Seems in-line and steady as she goes, with the usual caveat about the airline business.

This update seems rather uninspiring and even on a lowly valuation I am not quite tempted.

Augean ( Augean (LON:AUG) ) – 84p – £87.2m – PER 9.3

Results For The 12 Months To End December 2018 – Looks pretty good but there is still that outstanding issue with HMRC (£30m or so).

I still cannot be tempted here whilst that outstanding issue with HMRC remains.

Devro ( Dev Clever Holdings (LON:DEV) ) – 171p – £285m – PER 10.2

Results For The 12 Months To End December 2018 – Not the easiest of statements to read but basically seems quite flat.

That Net Debt is still enought to put me off (now almost 50% of the current Market Cap and over 3x Operating Profit).

Hotel Chocolat Group ( Hotel Chocolat (LON:HOTC) ) – 306p – £345m – PER 29

Interim Results For The 26 Weeks To The 30th December 2018 – Revenue up 13%, PBT and EPS up 7%, Net Cash up to £21.8m (from £18.3m) and the Interim Dividend sees no change. Recent trading including Valentines inline with the Board's expectations.

A decent update but I still can't see how this justifies a PER of almost 30.

Lighthouse Group ( Lighthouse (LON:LGT) ) – 26.5p – £34m – PER 14.7

Results For The 12 Months To End December 2018 – Revenue down slightly, PBT up 5%, FY Dividend up 67% and Net Cash is up about 10% or so to £9.55m.

Still seems (perhaps) fairly priced around this level to me.

Synectics ( Synectics (LON:SNX) ) – 197.5p – £35m – PER 11

Results For The 12 Months To End November 2018 – Revenue up ever so slightly (£71.2m), PBT down slightly, Underlying Diluted EPS down from…

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Air Partner plc is a United Kingdom-based aviation services company. The Company provides worldwide solutions to industry, commerce, governments and private individuals. The Company has two divisions: Charter division comprising air charter broking and remarketing and the Consulting & Training division comprising the aviation safety consultancies, Baines Simmons, Clockwork Research and SafeSkys, as well as Air Partner's Emergency Planning Division. In addition for reporting purpose, the Company is structured into four divisions: Commercial Jets, Private Jets, Freight (Charter) and Consulting & Training (Baines Simmons, Clockwork Research, SafeSkys and Air Partner's Emergency Planning Division). more »

LSE Price
89p
Change
5.2%
Mkt Cap (£m)
44.2
P/E (fwd)
9.3
Yield (fwd)
6.9

Augean PLC is engaged in the provision of specialist services focused on hazardous waste. The Company operates through five segments: Energy and Construction, which includes a site at Cooks Hole in Northamptonshire where minerals are extracted and also generates energy as electricity from closed landfill cells and operates over three hazardous and non-hazardous landfill operating sites; Radioactive Waste Services, which provides waste disposal services of low level radioactive wastes and naturally occurring radioactive material produced in the United Kingdom; Augean Integrated Services; which operates a High Temperature Incinerator at Sandwich, East Kent and a site in Cannock focused on Total Waste Management solutions; Augean North Sea Services, which provides waste management and waste processing services to offshore oil and gas operators, and Industry and Infrastructure, which provides specialist industrial cleaning services and operates over three waste processing sites. more »

LSE Price
97p
Change
 
Mkt Cap (£m)
100.7
P/E (fwd)
11.0
Yield (fwd)
n/a

Devro plc is a United Kingdom-based manufacturer of collagen products for the food industry. The Company conducts its operations through three segments: Americas, Asia-Pacific and Europe. The Americas segment includes the Company's operations in North America and Latin America. The Asia-Pacific segment includes the Company's operations in Australia, New Zealand, Japan, China and the rest of South East Asia. The Europe segment includes the Company's operations in Continental Europe, the United Kingdom, Ireland and Africa. The Company's collagen casing is used to manufacture all varieties of sausage. The Company sells directly to food manufacturers and via agents and distributors. The Company's products include edible casings, such as Devro Fresh Butchers, Devro Fresh Link and Devro Fresh Premium; non-edible casings, such as Cutisin; films, such as Edicol A and Edicol MX, and plastics, such as Ralex Mini Ralen, Ralex Mini Smoke and Ralex Ralex. more »

LSE Price
187.6p
Change
1.3%
Mkt Cap (£m)
309.2
P/E (fwd)
10.8
Yield (fwd)
5.1



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


4 Posts on this Thread show/hide all

andrea34l 26th Feb 1 of 4
4

I agree, the valuation of Hotel Chocolat (LON:HOTC) is pure nonsense! Growth is clearly slowing dramatically, at this stage last year underlying EBITDA was up 22% and now it is up 10%!!! The dividend is also stagnant, which I think is never a good sign. While I occasionally buy three of the small bags for a total of £10, I really wonder who buys the more expensive products, and why in fact customers are charges significantly more per-chocolate just to have them in a pretty cardboard box - why would I buy 8 chocolates in a box for £8 or get about 18 in my three bags for £10?? The stocko picture is just appalling too.

I quite like the results from James Fisher and Sons (LON:FSJ) with all divisions showing good growth, organic revenue growth +12% and underlying operating profit +19%. PEG is also only 0.57. But brokers are not overly enthusiastic (3 hold, 1 strong buy) and for some reason the magic formula is only C+ :-/

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MrContrarian 26th Feb 2 of 4
2

My morning smallcap tweet: XLM not excellent

Corero Network Security (LON:CNS), XLMedia (LON:XLM), LXB Retail Properties (LON:LXB)

Corero Network Security (CNS) wins orders totalling $1.6m.
XLMedia (XLM) 2019 has started in line with management's expectations but will cease involvement in much of its existing Media activities. $11-13m write off, guides FY rev cut by ~$30m, adj EBITDA by ~$6-7m.
LXB Retail Properties (LXB) FY. Guides final return of capital ~2p. "It has not yet been possible to conclude a final settlement with Highways England covering the road works completed in June 2017 and neither do we currently have an agreed final contract sum for the works required following the recent road safety audit. The delay is compounded by the public difficulties of the contractor, Interserve. As a consequence, the highways performance bond will need to be cash collateralised beyond the anticipated life of the Group." I hold.

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wilkonz 3rd Mar 3 of 4

Lighthouse Lighthouse (LON:LGT) shares now 24.8 to buy (spread 0.8 pence or 3%). Simon Thompson recommends them in this weeks Investors Chronicle. Profits likely to rise in 2019 and dividend likely to increase from 0.7 per share to 0.8. The numbers look good for value investors and there is no debt. I do not own any of these shares but may invest soon.

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matylda 3rd Mar 4 of 4
1

In reply to post #454078

Thanks for the update.

I actually did further analysis and have a Bullish view here too.

Not just because Profits and the Dividend are forecast (Finncap Broker note 26-Feb) to rise (6.7% and 14.3% respectively), more so that when you strip out the Net Cash here (about 30% of current Market Cap), it looks like really good value.

A pity I didn't act on my view last week now the ST effect will come into play on Monday !

Much appreciate the update.

Blog: Briefed Up
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