I Read The News Today Oh Boy! 28-Sep-2017

Thursday, Sep 28 2017 by

Morning All!

Ilika (IKA)

AGM Statement – 1st Quarter Trading in-line with the boards expectations. This company has never made a Profit and is not forecast to do so until at least 2020. The only bright side is it’s got Cash, perhaps enough to see it through to profitability – Perhaps not!


AGM Statement and Trading Update – Trading ahead of the same period last year in-line with the boards expectations – Outlook for the year remains in-line with the boards expectations. Seems be a slow and steady grower with a good ROCE (10.2%) for the sector and a nicely covered 3.5%+ Dividend. On a PER of 11 looks like a reasonable income play with potential for upside surprise on the growth side.

Moss Bros (MOSB)

Interim Results For The 6 Months Ended July 2017 – Revenue up 4.3% with PBT up 15.7% and the interim Dividend up 6.3%.  A mostly in-line update for a company with decent annual increases in Revenue, Profits and Dividends. The ROCE is a healthy 16.3% and there’s Cash too (about 20% of Mkt Cap). The yield is great (circa 6%) but not exactly well covered. On a PER of 16.9 I think it’s probably fair value here.

Harvey Nash (HVN)

Interim Results For The 6 Months Ended July 2017 – An in-line update – Revenue up 12.6%, PBT up 16.8% with the interim Dividend up 5%. On a PER of 7.18 with a well covered yield of 4.5%+ seems like a decent investment for those with more faith in the sector than me.

VP (VP.)

Trading Update – Trading is in-line with the boards expectations. On a PER of 10 land EPS CAGR at 15% - Looks reasonable value here.

London Capital Group (LCG)

Interim Results For The 6 Months Ended June 2017 – Revenue slightly up and Losses halved. A good sign for this Loss making Spread betting company – But the customer service is shocking. Based on personal experience I am not surprised they are Loss making – It would take a lot for me ever to invest here.

CMC Markets (CMCX)

H1 2018 Trading Update – Seems to…

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Ilika plc is the holding company. The Company is engaged in the production, design and development of high throughput methods of material synthesis, characterization and screening. It has developed solid-state battery technology to meet the demands of the Internet of Things (IoT). The Company has materials development programs addressing a range of applications, including the solid-state battery, aerospace alloys and electronic materials. It has developed a type of lithium-ion battery, which, instead of using the usual liquid or polymer electrolyte, uses a ceramic ion conductor. It offers Stereax M250 rechargeable, thin film battery. It has applications in autonomous sensor devices, smart homes (heating, ventilation and air conditioning (HVAC), security, light), automotive (infotainment, sensors), logistics (asset tracking), medical devices (biometric monitoring) and wearables. It is also developing superalloys, self-healing alloys and smart materials for electronic data storage. more »

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NWF Group plc is engaged in the manufacture and sale of animal feeds, the sale and distribution of fuel oils, and the warehousing and distribution of ambient groceries. The Company operates through three segments: Feeds, Food and Fuels. The Feeds segment is engaged in the manufacture and sale of animal feeds and other agricultural products. The Food segment is engaged in warehousing and distribution of clients' ambient grocery and other products to supermarket and other retail distribution centers. The Fuels segment is engaged in the sale and distribution of domestic heating, industrial and road fuels. The Company's subsidiary, Boughey Distribution Limited, is engaged in warehousing and food distribution. Its subsidiaries, NWF Agriculture Limited, S.C. Feeds Limited, New Breed (UK) Limited and Jim Peet (Agriculture) Limited, are engaged in animal feedstuffs and seeds supply. Its subsidiaries, NWF Fuels Limited and Staffordshire Fuels Limited, are engaged in fuel distribution. more »

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Moss Bros Group PLC is engaged in retailing and hiring formal wear for men. The Company operates through Moss Bros branded mainstream stores. The Company's segments include Retail and Hire. The Company offers various types of suits, skirts, jackets, trousers, coats, casualwear, ties, shoes and accessories. The Company offers clothing and accessories for various occasions, including weddings, prom, race day suit, tuxedo and black tie, interview attire and graduation. The Company also trades through Savoy Taylors Guild fascia. It has approximately 100 Moss Bros and Savoy Taylors Guild branded stores and over 20 Moss Bros outlet stores, which trade Moss Bros own brands and selected third-party brands, including Hugo Boss, Canali, Ted Baker, DKNY and French Connection. The Company has approximately 120 Moss Bros Hire outlets, which are contained within Moss Bros Retail and Savoy Taylors Guild Stores. The Company's sub brands consist of Moss London, Moss 1851 and Moss Esq. more »

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

4 Posts on this Thread show/hide all

MrContrarian 28th Sep '17 1 of 4

My morning smallcap tweet:

NAHL (LON:NAH), Mobile Streams (LON:MOS), Zambeef Products (LON:ZAM), Filtronic (LON:FTC), Moss Bros (LON:MOSB), Telit Communications (LON:TCM)

NAHL Group (NAH) CFO resigns, leaves Dec. Sounds amicable. New one found. I'm long.
Mobile Streams (MOS) warns revenue and EBITDA for the current FY materially lower than current market expectations due to ongoing decline in Argentina and increased competition in India. Who'd have thought?
Zambeef Products (ZAM) Everybody's favourite African cold-chain foods producer and agribusiness says wheat fungus problem not as bad as expected, will make a small profit for the year after all.
Filtronic (FTC) Q1 broadly in line with management's expectations. Positive comments leave me in the dark as to how broadly they mean.
Moss Bros Group (MOSB) gets a new suit. CFO of Paddy Power Betfair Group joins as NED.
Telit Communitactions (TCM) trading. "The Group is narrowing its financial guidance such that it expects revenues of $390m to $400m". Previous figs $400m - $430m (not given in RNS) so it's a big cut as well as narrowing. Similarly Adj EBITDA $44m to $48m (was $47m - $60m). New CEO has "commenced a review of its activities with a view to delivering a significant rationalisation of the Group's product lines and reduction in its cost base which is in progress. Separately of this review, the Board has for some time been actively considering the future of product lines which may not fit the Group's long-term strategy." Expects to satisfy all financial covenants end Sept but "as a precautionary measure, one financing bank granted an advance waiver for any potential breach of a covenant as at 30 September 2017, relating to the ratio of, in broad terms, free cash flow generation against debt service obligations (being the covenant previously notified as having been breached and waived)" Also commissions an 'independent' report to refute dodgy accounting allegations: "The Board has considered previous speculation relating to Telit's financial condition, trading performance and business relationships. The Board remains confident of the strength of the financial controls within the business. For the sole purpose of providing reassurance in this regard, the Board has engaged an independent third party accounting firm to perform a review of certain elements of the Group's financials and this work is ongoing." If you are paying for a report, it may be impartial but it ain't independent. I'm short.

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BlueFrew 28th Sep '17 2 of 4

Air Partner (LON:AIR) - steady as she goes. Management have carried out some smart acquisitions here to add less cyclical businesses to the private jet business. Lovely dividend as usual. A great share to tuck away somewhere safe and forget about. (I hold)

EVR Holdings (LON:EVRH) - more shares successfully sold. No revenues. No app. Trumpets "exclusive" deals with all and sundry, yet their supposed competitors are recording concerts for these companies. Loads of warrants outstanding with strike prices below 2p. Market cap is utterly ridiculous. (I'm short)

Telit Communications (LON:TCM) - was short but had to close as borrow dried up. Nothing here to change my mind. Would short if borrow became available. The short case can be summed up in 2 words - "Adjusted EBITDA".

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FREng 28th Sep '17 3 of 4

I have made money in the past in Inland Homes (LON:INL) though I'm not currently holding. The management seem competent and the move into building their own homes (as well as buying brownfield sites and selling them on with planning permission) seems to be successful. I just with they would publish simpler accounts!

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gus 1065 28th Sep '17 4 of 4

Quick mention in dispatches for RPC (LON:RPC) , the acquisitive plastics specialist. Reported "ahead of expectations" H1 trading update this morning pushing the shares up 4% today. I inherited some when they acquired British Polythene last summer and acquired a few more when they had a bit of a wobble over the summer. Prone to regular rights issues to fund their regular acquisitions but seem to be building up a strong business franchise. Decent Stocko metrics too.


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