Morning All!

Instem (INS)

26-Sep-2017 – Mkt Cap £26.9m – 169.5p

Interim Results For The 6 Months Ended June 2017 – Revenues up 13% and made a Loss for the period versus a Profit last time – Expects to still hit full year market expectations.

Analysis & View – Revenues are rising nicely but Profits are not consistent. Forecasts look good.  Has Cash (around 10% of Mkt Cap) but ROCE and Operating Margins are poor.  If the forecasts are hit this could be a winner – I will wait for further updates (as this one does not sound too upbeat) and remain NEUTRAL for now.

Universe (UNG)

26-Sep-2017 – Mkt Cap £20m – 8.63p

Interim Results For The 6 Months Ended June 2017 – Revenue (slightly), Profits (halved) and EPS (halved) all down. And this sounds like a warning to me…

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Analysis & View – Revenues are slow growing with Profit progressing slightly faster, around 10% per annum perhaps. ROCE is decent for the sector (at 8.7%) and there’s Cash too (10% of Mkt Cap). On a PER of 9 I was going to say this seems about fairly priced here – I am not so sure now (after this update) and I am AVOIDING for now.

GYG (GYG)

26-Sep-2017 – Mkt Cap £63m – 135p

Interim Results For The 6 Months Ended June 2017 – Revenue up 19% with a Loss of 1m Euro versus 0.6m last time – Due to 3.2m of exceptional items, mainly related to the recent IPO. So, it would have made a Profit then, of perhaps 2m Euro or so!

Analysis & View – Revenues seem to growing (and forecast to grow) around 10%. Operating Margin and ROCE are poor. With Net Debt of 15% of Mkt Cap and on a PER of 13 - This seems a little rich to me. I am NEUTRAL for now.

Netcall (NET)

26-Sep-2017 – Mkt Cap £67.4m – 48.5p

Final Results For The 6 Months Ended June 2017 – An uninspiring, seems like nothing much changed this year, set of results.

Analysis & View – Revenues seem to flat as do Profits and EPS (these results seem to confirm this). Operating Margin…

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