Morning all!
Churchill China ( £CHH ) – 1585p – £174m – PER 19.8
Interim Results For The 6 Months To End June 2019 – Revenue up 17%, PBT (before exceptionals) up 27%, £4.3m (after exceptionals), Adjusted EPS up 24% to 30.4p (24.4p) and the Interim Dividend is up 18%. Current trading is in-line.
Still a lot to like here – It’s got Cash, a Brand, great ROCE, Op Margin, Double Digit growth and a well covered 2% or so Yield. However, it does look like all that is priced in at this level.
Gym ( £GYM ) – 238p – £330m – PER 18.9
Interim Results For The 6 Months To End June 2019 – Revenue up 26.9%, Adjusted PBT up 53.3% with EPS up 42.9%, Net Debt at £47.2m (£46m) and the Interim Dividend is up 28.6%. FY on-track.
This looks good but I remain unconvinced this growth is sustainable – Perhaps I will be proved wrong!
McColl’s Retail ( £MCLS ) – 48p – £56m – PER 7
Q3 Trading Update – LFL Revenue down -2.2%, expecting FY to be in-line.
I remain uninterested here at present.
As always, all comment most welcome!
