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

Tuesday, Jan 29 2019 by
9

Morning all!

Anpario ( Anpario (LON:ANP) ) – 345p – £79.9m – PER 17.7

Trading Update For The 12 Months To End December 2018 – Expects to be in-line, Cash at £12.9m, up from £13.6m.

Still looks overvalued to me.

Brady ( Brady (LON:BRY) ) – 63.5p – £52.9m – PER 52.9

Trading Update For The 12 Months To End December 2018 – Revenue to be circa £23m and EBITDA £2.6m – Broadly in-line with consensus market expectations.

Going to keep this on my Avoid list for now.

Colefax ( Colefax (LON:CFX) ) – 520p – £51m – PER 13.4

Results For The 6 Months To End October 2018 – Revenue up 7.8%, PBT up 41%, EPS up 55%, Net Cash up from £9.5m to £11.1m and the Interim Dividend is up 4%. Cautious about H2 as confidence has slowed recently.

I still, perhaps wrongly, cannot bring myself to be more interested here.

Filtronic ( Filtronic (LON:FTC) ) – 6.6p – £13.8m – PER 42.4

Results For The 6 Months To End November 2018 – Revenue down to £10.4m (£12.8m last time), Loss of -£0.9m (£0.9m Profit last time) and Cash is down from £3.8m to £2.2m. Expects H2 to be broadly similar.

I will be not be getting involved here any time soon.

Luceco ( Luceco (LON:LUCE) ) – 53.2p – £85.5m – PER 10.6

Trading Update For The 12 Months To End December 2018 – In-line with Revenue down -2% to £164m with Net Debt at £32.2m (2x Adjusted EBITDA).

Still not for me and remains on my Avoid list for now.

Netcall ( Netcall (LON:NET) ) – 31.5p – £45m – PER 22

Trading Update For The 6 Months To End December 2018 – Trading in-line and expects Revenue of £11.4m (£10.7m last time) and Adjusted EBITDA of £2m (no last time figure). Revenues to be H2 weighted.

Again, to me, an unclear update so I just have to wait to see actuals.

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Anpario plc is a producer and distributor of natural feed additives for animal health, hygiene and nutrition. The Company operates through two segments: UK and Eire, and International. The Company is focused on the manufacture and sale of natural feed additive products to agricultural markets. Its products for the poultry, pig, ruminant and animal feed markets include acidifiers, enzymes, essential oils, pellet binders, antioxidants, mycotoxin binders, mold control products and a range of nutritional premixes and performance enhancers. It offers natural feed additive/flavor called Orego-Stim. It offers its customers a number of omega 3 & 6 supplements for use in feed. Its products in the aquaculture range include growth promoters, immune enhancers and pellet binders for both shrimp and fish. The Company's trading brands are Kiotechagil, Meriden and Optivite, which trade across approximately 70 countries around the world. more »

LSE Price
330p
Change
 
Mkt Cap (£m)
76.9
P/E (fwd)
16.6
Yield (fwd)
2.5

Brady plc is a United Kingdom-based provider of trading and risk management software to the global commodity and energy markets. The Company combines integrated and complete solutions supporting the commodity trading operation, from capture of financial and physical trading, through risk management, handling of physical operations, to back office financials and treasury settlement for energy, refined, unrefined and scrap metals, soft commodities and agriculture. The Company's business units are Commodities and Energy. Its clients include various financial institutions, trading companies, miners, refiners and producers, scrap processors, tier one banks, various London Metal Exchange (LME) Category 1, 2 clearing members, and other European energy generators, traders and consumers. It offers commodities solutions, energy solutions, credit risk, cloud services, and client services and support. more »

LSE Price
28p
Change
1.8%
Mkt Cap (£m)
22.9
P/E (fwd)
32.7
Yield (fwd)
n/a

Colefax Group plc is a holding company. The Company's principal activities are design, marketing, distribution and retailing of furnishing fabrics, wallpapers, trimmings, related products and upholstered furniture in the United Kingdom and overseas, and the sale of antiques, interior and architectural design, project management, decorating and furnishing for private and commercial clients. Its segments include Product division and Decorating division. Product division is involved in the design and distribution of furnishing fabrics, wallpapers, upholstered furniture and related products. Decorating division is involved in interior and architectural design and decoration, primarily for private individuals. The Company's brands include Colefax and Fowler, Cowtan and Tout, Jane Churchill, Manuel Canovas and Larsen. The Company's subsidiaries include Colefax and Fowler Limited, Kingcome Sofas Limited, Manuel Canovas SAS, Colefax and Fowler GmbH, and Colefax and Fowler Srl. more »

LSE Price
410p
Change
-11.6%
Mkt Cap (£m)
41.9
P/E (fwd)
12.1
Yield (fwd)
1.2



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6 Posts on this Thread show/hide all

MrContrarian 29th Jan 1 of 6
4

My morning smallcap tweet: SpaceandPeople, Filtronic warn again.

Sopheon (LON:SPE), Pennant International (LON:PEN), Crimson Tide (LON:TIDE), Filtronic (LON:FTC), Colefax (LON:CFX), Spaceandpeople (LON:SAL), Premier Veterinary (LON:PVG), Argo (LON:ARGO), Brady (LON:BRY)

Sopheon (SPE) guides FY rev $33m, up 16%. Pretax will be significantly ahead of already upgraded market expectations
Pennant (PEN) £1.8m placing at 110p , 4% disc. Will fund acquisition of Aviation Skills Partnership for £750k plus £6m earn out. This FY fhe Target expects to generate pretax £175k. Will also fund PEN product dev. Trading: guides significant H2 weighting.
Crimson Tide (TIDE) guides FY pretax ahead of market forecast, b ut not by how much or what f/c is.
Filtronic (FTC) H1 broadly in line with management's expectations with rev £10.4m down 19%. mMIMO OEM customer disappoints again, H2 demand is expected to be significantly lower than had originally been forecast. Volumes for this mMIMO variant beyond this FY now uncertain. Brave face.
Colefax Group (CFX) H2 rev up 8%. Expect H2 weighted FY but total rev below the 'exceptional' performance last year. US mkt confidence has slowed recently. How can confidence slow? It can fall.
SpaceandPeople (SAL) goes back to what it does best, warning on sales. Dec particularly bad. Guides FY pretax pre-excep loss £0.1m. Net cash down to £0.8m (£1.9m). Will maintain final div at 0.5p. "The Board is confident that new initiatives, cost cuts and anticipated new business wins will return the Group to growth in 2019 and beyond." I'm not.
Premier Veterinary Group (PVG) confirms related party secured loan of £3.85m with the onerous arrangement fee of £350k and 1% pcm interest. £1.5m to repay loan from same source. What's not to dislike?
ARGO Group (ARGO) warns of FY operating loss. Blames difficult trading conditions in emerging markets.
Brady (BRY) guides FY rev £23m and adjusted EBITDA c. £2.6m, broadly in line with consensus market expectations.

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andrea34l 29th Jan 2 of 6
3

With the rating that Sopheon (LON:SPE) is on I would expect rather more revenue growth than that! Far too expensive, especially in current market conditions. I prefer the likes of Scisys (LON:SSY) at this time.

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IGotPoesJacket 29th Jan 3 of 6

Doing this on my phone, any errors are accidental and I am more than happy to be corrected. The inline update for £W7L said profit between £8.5M and £10M.

Actual result from the TU, £8.25M. Not exactly a huge miss. I see this as a top up opportunity and I suspect the company will learn a lot of lessons about managing expectations.

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matylda 29th Jan 4 of 6
2

Andrea - Agreed.

IGotPoesJacket - I hope you're right about management, in my view they need to gain trust again - I will await actuals before any buying decision.

Blog: Briefed Up
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herbie47 29th Jan 5 of 6

In reply to post #441418

Well Sopheon (LON:SPE) is ahead of forecast revenue which is $32.1m, profits are well ahead due to costs being lower than expected. Cash is also up considerably. Yes it's a high flyer so does not look good value. Scisys (LON:SSY) does look better value and is on my watchlist. Scisys (LON:SSY) orderbook is only up about 10%, not sure why the EPS is up so much. Their profits do seem very up and down. Reluctant to buy any UK shares at the moment until Brexit is resolved.

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simoan 29th Jan 6 of 6
3

I'm not sure why investing in Sopheon (LON:SPE) or Scisys (LON:SSY) should be about investing only in one or the other. They are very different businesses with the former having a high percentage of recurring high quality revenue and the latter a more lumpy contract based business. I know which one I'd rather hold but I don't see the problem in holding both.

Si 

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