I Read The News Today Oh Boy! 5-Jun-2018

Tuesday, Jun 05 2018 by
16

Morning all!

Altitude ( Altitude (LON:ALT) ) – 79p – £42.1m – PER 87.8

Preliminary Results For The 12 Months To End March 2018 – Revenue up 41.2% to £6.1m (2016: £4.3m) with PBT flat at £0.1m.

Up 50% or so since the end of last, I fail to see why and remain Neutral for now.

Carlco ( Carclo (LON:CAR) ) – 90p – £66.0m – PER 8.09

Preliminary Results For The 12 Months To End March 2018 –  Revenue up 5.7% to £146.2m and Underlying PBT tax of £9.1 million (2017 - £11.0 million).

With little mention of outlook here I am keeping this on my Avoid list for now.

Discoverie ( Discoverie (LON:DSCV) ) – 426p – £304.2m – PER 16.6

Preliminary Results For The 12 Months To End March 2018 – Revenue up 11% to £387.9m with Underlying PBT up 27% to £21.9m and Underlying EPS up 16% to 22.3p.

This is a new one for me and I’m just not quite sure what to make of it based on these results and limited time this morning. Up nicely 50% or so YTD, I will try and spend more time on it later this week.

Fulrcum Utility Services ( Fulcrum Utility Services (LON:FCRM) ) – 71.5p – £151.1m – PER 16.6

Preliminary Results For The 12 Months To End March 2018 – Revenue up 18.8% to £44.8m (2017: £37.7m), PBT (before exceptional items) up 20.3% to £7.8m (2017: £6.5m) with basic EPS of 4.0p (2017: 3.3p). Order book strong.

I hold here but was not so sure of the recent acquisitions – These results seem to indicate things seem to be progressing reasonably well so I will continue to hold for now.

Quiz ( QUIZ (LON:QUIZ) ) – 178p – £221.1m – PER 22.2

Preliminary Results For The 12 Months To End March 2018 – Revenue up 30% with Underlying EBITDA up 24% to £12.7m (FY 2017: £10.3m), Maiden Dividend proposed (0.8p).

Up 14% yesterday I hope this is good news for those on the inside. I still can’t get…

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Driver Group Plc (Driver) is a United Kingdom-based company, which provides consultancy services to the engineering and construction industries. The Company conducts its operations through three operating divisions: Europe & Americas (EuAm); APAC, Middle East & Africa (AMEA), and Initiate. The EuAm and AMEA divisions provide various services, such as quantity surveying, litigation support, contract administration, and commercial advice/management. The Initiate division offers development, project and contracting management services to the infrastructure market in the United Kingdom. DIALES is its witness support service provider. Driver Project Management provides the strategic and leadership disciplines necessary to develop and deliver a project. Driver Project Services provides customer-focused project controls solutions across a project lifecycle. Driver Trett provides multi-disciplinary consultancy services to support delivery of its clients' projects. more »

LSE Price
60.5p
Change
 
Mkt Cap (£m)
31.9
P/E (fwd)
11.1
Yield (fwd)
2.1

Filta Group Holdings plc is a provider of various services to national and independent commercial kitchen operators and owners. The Company's principle service is FiltaFry, which is the micro-filtration of cooking oil, the vacuum-based cleaning of deep fryers and full Fryer Management. Its business operations are within the United Kingdom and the United States. The United States operations are operated as a franchise network, while the United Kingdom activities are operated under both franchise and direct sale business models. In addition to FiltaFry, Franchise Owners offer other fryer management services provided and managed by it, including waste cooking oil collection and removal (FiltaBio) and the supply of cooking oil (FiltaGold) and non-fryer related kitchen services, including the provision and servicing of moisture absorption panels for refrigeration units (FiltaCool). Its drain-related services include live bacteria drain dosing. The Company has over 180 Franchise Owners. more »

LSE Price
189p
Change
 
Mkt Cap (£m)
55.0
P/E (fwd)
17.4
Yield (fwd)
1.8

Fulcrum Utility Services Limited is an independent energy and multi-utility infrastructure and services provider. The Company's principal activity includes the provision of unregulated utility connections and independent gas transportation services in the United Kingdom. Its segments include infrastructure services and pipelines. The infrastructure services segment is engaged in providing utility infrastructure and connections services. The pipelines segment comprises both the ownership of gas infrastructure assets and the conveyance of gas through its gas transportation networks. It provides technical engineering, design, project management, consultancy and audit services across gas and multi-utility connections. The Company designs and project manages utility connections for customers seeking either new connections or the alteration or refurbishment of existing connections. These connections range from single-site alterations to multi-utility and multi-site new connections. more »

LSE Price
29.5p
Change
 
Mkt Cap (£m)
65.4
P/E (fwd)
8.1
Yield (fwd)
7.6



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


13 Posts on this Thread show/hide all

MrContrarian 5th Jun '18 1 of 13
3

My morning smallcap tweet:

Gama Aviation (LON:GMAA), Imaginatik (LON:IMTK), Ten Entertainment (LON:TEG)

Gama Aviation (GMAA) AGM stmt: A warning? "Trading across both Air and Ground divisions has been broadly satisfactory although flat compared with last year, with conditions in Europe being somewhat challenging whilst conditions in the US are supporting strong growth." In March it said "Current trading in line with management expectations; company well placed to achieve its expectations for the current year." F/C is for 12% rev growth.
Imaginatik (IMTK) sale off, Chairman resigns and CEO booted out 'without compensation'. £225k loan notes convertible at 0.5p, a 55% discount issued to ex-chmn. Plan to cut £750k from cost PA.
Ten Entertainment (TEG) CEO to leave Dec 'for his own personal reasons'.

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phoenixnight 5th Jun '18 2 of 13
2

Morning Matylda

The market has reacted positively to the Altitude (LON:ALT) results although, like you, I'm a little non-plussed by the actual numbers. Plenty of positive rhetoric - "hugely excited" over the potentially massive market they are addressing in the US - but as you say PBT flat at £0.1m and revenue only up to £6.1m, all of which has come through the addition of the ADP business. Having said that, if they get it right and can tap in to this market, then at gross margins in excess of 86%, this could really fly. "Could" is only 5 letters, but it's a big word though. I guess the next 12 months will tell.

Like you, I am long Filta Group (LON:FLTA). I'm feeling more positive on this one. Nice franchised business model, really boring business, lots of repeat revenue, management with skin in the game - I like it.

Best wishes

Paul

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matylda 5th Jun '18 3 of 13
1

In reply to post #369854

Morning and many thanks Paul for the input.

Altitude (LON:ALT) is on a crazy PER but there are of course many out there with special knowledge on the prospects, perhaps it is they who are driving the price.

Filta Group (LON:FLTA) - Reaction is more positive than I had hoped for to be honest, thought I might have been hovering over the sell button there this morning!

Thanks once again.

Blog: Briefed Up
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andrea34l 5th Jun '18 4 of 13

Thanks for the great heads-up!

I also hold Fulcrum Utility Services (LON:FCRM) and think these results look very promising! Note that these include only 2 months of Dunamis, so I'd hope for larger increases this year. Organic revenue growth of 12.5% seems very good too. I bought these in two (small) chunks in February and am likely to top up when the price settles. At 9.02 a buy order of 290,000 shares went through, so someone likes the results; it wasn't me :-)

And I hold VP (LON:VP.) and am happy enough with these results... as does the market seem to be with the price currently up 3.2%. Isn't EBITDA more important here, up 18%? Much of the exceptions are amortisation, I thought that was a non-cash cost? The performance of the international division is a bit disappointing. I'd hope that Brandon Hire would make a significant increase to figures this year, especially if they can squeeze the margins up to VP's levels.

I hold QUIZ (LON:QUIZ) too, and will continue to on these numbers. At the moment the shares look fair value only, but the online channel looks very promising with a 158% sales increase, now 26% of revenue.

Positive update from OPG Power Ventures (LON:OPG) - total generation 4.4b units+10% with Q4+15%, 62MW solas project commissioned (to contribute in 2019), 4% tariff improvements at Chennai offsetting the coal price that has previously been a hindrance and appears to be moderating somewhat.

Discoverie (LON:DSCV) used to be called Acal, but their change in focus to electronics design prompted the name change... and probably the share increase too. I sold recently, and don't consider they are more than fair value at 426p

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john652 5th Jun '18 5 of 13

In reply to post #369859

Hi Matylda,

Re £:FLYA, I also hold a long position here. I recently emailed the CFO on a number of questions I had on the annual results. One of the questions was on the cash conversion of 71%, which I thought was somewhat poor, the CFO thought is was good for a fast growing company. I subsequently asked where the remaining 29% has gone, bad debt, debtor days increasing etc but no reply. I took a relatively small position as all else looks good although the forecast eps growth is very high and I could easily imagine a miss. Do you have a view on the cash conversion?

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matylda 5th Jun '18 6 of 13

Andrea, thanks as always for your comment.

VP (LON:VP.) Yes, perhaps!

OPG Power Ventures (LON:OPG), I used to hold but sold out, not tempted back there at present.

John, you mean Filta Group (LON:FLTA) I assume - Interesting enough, a pity he did not answer, no I do not have a view but would welcome his if you get it! I am happy to hold for now and yes, the fear is a miss on that 200% growth although for me, it looks factored in somewhat, perhaps!

Blog: Briefed Up
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InvestorJohn 9th Mar 7 of 13

In reply to post #369854

How do you know that management have skin in the game? Can't find any info on that for Filta Group (LON:FLTA) if anyone can point me to it that would be great

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gus 1065 10th Mar 8 of 13
1

In reply to post #456433

No recent dealings (as per the accounts - Director Dealings tabs on the Stock page) but if you go to the company website via the link the iInvestor Relations page shows the principal shareholders which includes Sayers and Clewes with substantial holdings.

https://filtaplc.com/investor-relations/securities-information/

Gus.

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matylda 11th Mar 9 of 13

In reply to post #456448

Cheers for that Gus - Generally, anyone know where this info is available for all companies ?

Blog: Briefed Up
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sheeza 11th Mar 10 of 13

In reply to post #456528

FULCRUM shares seem heavily under the cosh with trading statement due in a couple of weeks. Slowing construction may be a reason, but have I missed something?

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sheeza 11th Mar 11 of 13

In reply to post #456713

FCRM trading statement should be due shortly. Above now edited

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matylda 12th Mar 12 of 13

In reply to post #456723

Fulcrum Utility Services (LON:FCRM) - I sold out here in July last year I think based on forecasts being quite poor - I still don't see much value so remain on the side-lines. Price action has, I agree, been quite poor, perhaps related to the forecasts and the sector, as you suggest, potentially slowing.

Blog: Briefed Up
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sheeza 12th Mar 13 of 13

In reply to post #456848

Thanks; glad I don't seem to be missing anything. I feel the market may be giving insufficient weight to the potential of the new Meters division in the light of the growth of motor charging points.

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