Morning all!

Trinity Mirror ( Trinity Mirror (LON:TNI) ) – 86.5p – £258.9m – PER 2.38

Trading Update For The 4 Months To End April 2018 – In-line (although everything seems down), Net Debt £85m (before payment of £10m Dividend), expects 2018 will be another year of progress.

Still quite a few negatives here - The Pension Deficit, the terminal decline of the print sector and the integration of Northern and Shell. The Dividend now equates to about 7% and it’s unloved on a PER of 2.38. This is a bit of a tricky update to fully understand so although this was on my Watchlist at 70p, for now I am going to go Neutral.

Elektron Technology ( Elektron Technology (LON:EKT) ) – 28p – £52.1m – PER 73.3

Final Results For The 12 Months To End January 2018 – Net cash £5.2m (2017: £1.0m), Revenues up 11.2% to £29.8m (2017: £26.8m), Operating Profit £2.6m (2017: loss £0.6m).

I’m still not getting the story here for some reason. No mention of forecasts in this update and no broker notes either (that I can find). There is this statement “The Board's visibility does not extend beyond the first half and so remains cautious on second half performance due to potential economic uncertainty”. I just find it hard to pull the trigger on a stock with a PER of 73.3 with so little information.

Van Elle Holdings ( Van Elle Holdings (LON:VANL) ) – 81.5p – £65.2m – PER 7.13

Year End Trading Update (To End April 2018) – This looks like a miss (PBT to be £10.5m) by I reckon, about 25% (based on Stockopedia 2018E £10.4m Net Profit (my rough calculation being, add 25% for 20% Corp Tax).

Too much doubt here, I remain Neutral.

As always, all comment most welcome!

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