Morning all!

Costain ( Costain (LON:COST) ) – 307p – £331m – PER 7.5

Trading Update For The 6 Months To End June 2019 – H1 in-line, warns H2 will be lower than expectations, FY Operating Profit to be in the range £38m - £42m.

I am not sure how much of a miss this is but I have PBT down for £54.4m, perhaps a miss of 30%+ it seems!  This looked reasonable value previously but if this guesstimate is accurate that view wll now change.

Water Intelligence ( Water Intelligence (LON:WATR) ) – 352p – £60m – PER 26.9

AGM Statement – Things seem to be in-line.

Still seems overvalued here to me.

As always, all comment most welcome! 

NOTE: On holiday for the next 2 weeks so, most likely, no morning reports until Monday 15th July!

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