I Read The News Today Oh Boy! 29-Apr-2019

Monday, Apr 29 2019 by

Morning all!

Lok'n Store ( Lok'n Store (LON:LOK) ) – 495p – £146m – PER 36

Interim Results For The 6 Months To End December 2018 – Revenue up 11.%, Net Profit up 22.7%, Interim Dividend up 10.2%, NAV up 16.1% (£4.85) and Net Debt is at £31.19m.

Looks over valued from a growth perspective but, I suppose, fairly valued from a NAV perspective.

Marlowe ( Marlowe (LON:MRL) ) – 417p – £161m – PER 18.5

Trading Update For The 12 Months To End March 2019 – Revenue up 62% (to £130m), EBITDA to be slightly ahead of current market expectations.

I still quite like this (it's on my Watchlist) and a 10% increase in 2020E EPS forecasts would probably make me a buyer – Will keep an eye out for upgrades here.

Nasstar ( Nasstar (LON:NASA) ) – 12p – £69m – PER 24.6

Results For The 12 Months To End December 2018 – Revenue up 7% (£25.7m), 91% recurring, Statutory Loss made with Adjusted EPS up 9%, Net Cash at £1.5m (£1m in December 2017).

Still prefer to wait here to see an actual bottom line profit.

Nexus Infrastructure ( Nexus Infrastructure (LON:NEXS) ) – 213p – £81m – PER 9

Trading Update For The 6 Months To End March 2019 – Delays and cost pressures put significant impact on FY profitability.

Been burnt here previously on a profit warning, glad I sold out.

UP Global Sourcing Holdings ( UP Global Sourcing Holdings (LON:UPGS) ) – 71p – £58m – PER 9.9

Interim Results For The 6 Months To End January 2019 – Strong trading with Revenue up 20.8%, Underlying PBT and EPS up 40% or so as is the Interm Dividend. Trading for FY 2019 is comfortably in-line.

Still quite like this and will be keeping an eye out for revised Broker notes this morning – Looks like excellent growth for a single digit (just about) PER.

Xpediator ( Xpediator (LON:XPD) ) – 46.5p – £62.2m – PER 9.7

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Lok'nStore Group Plc is engaged in providing self-storage serviced and document storage and management services. The Company's segments include self-storage, and serviced archive & records management. It offers self-storage to both household and business customers at its centers. Its personal storage includes storage rooms, student storage, forces and services, and space estimator. Its business storage includes pallet storage, warehouse space, self-storage archiving, flexible office space, multi-site business storage accounts, and eBay and online business. It operates approximately 39 self-storage centers and over two serviced document stores in Southern England. Its personal and household self storage is available at various locations, such as Aldershot, Basingstoke, Bristol, Crawley, Eastbourne, Fareham, Harlow, Swindon and Maidenhead. more »

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Marlowe plc is a United Kingdom-based investment company. The Company focuses to acquire and develop businesses in the outsourced business service sector with a focus on those that provide critical asset maintenance services in the United Kingdom. The Company focuses on fire protection, security systems and water treatment services. more »

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Nasstar plc is a United Kingdom-based company, which is engaged in the provision of hosted managed services and cloud computing services. The Company integrates private and public clouds by supplying the hosted information technology services to its business customers. The Company's segments are e-know.net, Nasstar UK, Kamanchi, and VESK Virtual Desktop LLP, Appiam Limited and VESK Limited (VESK). The Company is an information technology outsourcer and Hosted Desktop provider. The Company provides a cloud managed service package, offering Hosted Desktop, Office 365, Hosted Exchange, Software as a Service (SaaS), Infrastructure as a Service (IaaS) and Hosted Telephony services. Additionally, the Company hosts a range of software applications on behalf of its clients. Further, the Company provides managed networks and an end user support service. The Company operates principally in the United Kingdom with some overseas contracts. more »

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

3 Posts on this Thread show/hide all

MrContrarian 29th Apr 1 of 3

My morning smallcap tweet: TRAK confusing guidance

iEnergizer (LON:IBPO), Marlowe (LON:MRL), Nexus Infrastructure (LON:NEXS), Trakm8 Holdings (LON:TRAK), RDL Realisation (LON:RDL)

iEnergizer (IBPO) 5 year secured loan refinances $45.1m which was due in May. Phew! Planning to pay divs.
Marlowe (MRL) guides FY rev up 62%, adj EBITDA slightly ahead of current market expectations.
Nexus Infrastructure (NEXS) guides H1 rev up 13%, order book up 32%. However "customer delays and the resultant cost pressures experienced by Tamdown are likely to continue into H2 and although management are addressing these issues, they will have a significant impact on Group profitability this year."
Trakm8 (TRAK) guides FY rev at the bottom end of the range previously guided but still "met current market expectations at £19.2m". Stockopedia has £20.5m.
RDL Realisation (RDL) suspended - FY accounts won't be ready in time, guides 10 May and no later than 17 May. Blames "additional testing required by our auditors following the impairment of the Company's exposure to the Vehicle Services Contract platform, announced on 12 April 2019."

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andrea34l 29th Apr 2 of 3

TP (LON:TPG) announce a sizeable £16.9m MOD contract, with work to commence immediately.

I quite like the look of Xpediator (LON:XPD) at this level on these results, things look positive all round and the geographical diversification reduces any Brexit worries... though I get the impression that the Investors Chronicle see increased business as a result of Brexit; organic growth seems reasonable too.

There are a few things that worry me about investing in Marlowe (LON:MRL) at this time:

  • At the interims they saw full year results ahead of expectations, and now profit is seen only slightly ahead.
  • There is no quantification of organic growth, and I wonder if there is much of this considering the grow by acquisition approach.
  • I wonder when the next share placing (which will no doubt again exclude the small investor) will take place to fund more acquisitions... at which point the price will drop. I do note though that the previous placing was at 475p, quite a way above the current price; perhaps that will create support.

BTW, please may I ask Matylda whereabouts you look to see broker upgrades?

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matylda 29th Apr 3 of 3

In reply to post #472466


Thanks as always for the comment, useful re: Marlowe (LON:MRL)

TP (LON:TPG) - I am long there and spotted that news after finishing the report, thanks for adding.

Xpediator (LON:XPD) - Tempting indeed but still on the sidelines here.

I use Research Tree, it's excellent and I wouldn't be without it.

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