Morning all!
Johnson Service ( £JSG ) – 116p – £426m – PER 11.7
Trading Update For The 6 Months To End December 2018 – Expect FY to be in-line with market expectations.
I have fair value here of <100p so it's not of interest to me at this price.
Cambria Automobiles ( £CAMB ) – 54.5p – £54.5m – PER 6.8
AGM Trading Update For Q1 – In-line with the Board's expectations.
It's cheap but so is the whole sector. Still not tempted into this sector yet as they all cite caution regarding Brexit (sorry to have to use that word, but it's true!).
Gear4music Holdings ( £G4M ) – 510p – £107m – PER 33.5
Trading Update For The 4 Months To End December 2018 – Revenue up 41% (split evenly between own brand and other brand) with active customers up 47%. These sales were above of expectations and were at maximum capacity (during Black Friday and Christmas), so additional sales could not be taken. Board now expects FY EBITDA to be slightly below last year, cause of lower margins. Working on plans to expand distribution capacity.
This is a rather poor update and I remain unconvinced – I remain on the side-lines for now.
As always, all comment most welcome!
