Morning all!
Caretech Holdings ( £CTH ) – 345p – £375.6m – PER 9.2
Trading Update For The 12 Months To End September 2018 – In-line.
Looks priced about right here perhaps, considering the forecast growth and reasonable Dividend. However, I don’t think I could ever invest here due to the reliance on local authority annual fee negotiations. For this reason (and the fact Net Debt is also very high) I am going to move from Neutral to Avoid and cease coverage.
Mincon ( £MCON ) – 117p – £242m – PER 30.1
Trading Update For The 9 Months To End September 2018 – Optimistic 2019 performance will be in-line.
This seems like a cautious warning that 2019 will not be in-line. This was on my Watchlist at one time before I moved to Neutral a couple of months ago. I remain Neutral (at best) and would not be looking to invest here until seeing a much more bullish update than this.
Pendragon ( £PDG ) – 26.5p – £371.7m – PER 7.6
Interim Management Statement – Expecting FY PBT circa £50m.
Doesn’t seem to be much more in this update than the one issued last week – Still looks like anything from a 5% - 10% or so miss based on some forecasts and a 20%+ miss based on others. I remain Neutral (at best).
As always, all comment most welcome!
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