I Read The News Today Oh Boy! 5-Sep-2019

Thursday, Sep 05 2019 by
11

Morning all!

Altitude ( £ALT ) – 92p – £63m – PER 12.7

Trading Update For The 6 Months To End June 2019 – Quite a lot of waffle here, things not as rosy as forecast.

I am Long here and will monitor the market reaction to this.

Alumasc ( £ALU ) – 87p – £31m – PER 7.1

Results For The 12 Months To End June 2019 – Revenue up 4% to £90.1m, Underlying PBT down from £6m to £5.6m with EPS down from 12p to 10.1p, Dividend unchanged.

This looks like a slight miss and is of little more interest to me at present.

Avation ( £AVAP ) – 293p – £188m – PER 11.6

Results For The 12 Months To End June 2019 – Revenue up 21% to $117.7m, PBT up 28% to $25.7m, EPS up 25% to 40.3c (all records) and with the Dividend upgrade the yield is now up to 3% or so.

This looks like an impressive beat on the forecasts I last saw (which I thought were rather pessimistic – Hindsight eh!). Will however keep an eye out for, hopefully, more accurate forecasts.

Beeks Financial Cloud ( £BKS ) – 80p – £41m – PER 28.4

Results For The 12 Months To End June 2019 – Revenue up 32% to £7.35m, Underlying PBT up 11% to £1.32m with EPS at 2.58p, Net Cash at £1.02m (down from £2.09m), Total Dividend of 0.35p (0.3p).

I still don’t see value here and I remain on the side-lines as I just have no idea if or when those additional Tier 1 clients will come on board (which I believe are necessary to make a material difference here).

McBride ( £MCB ) – 51p – £93m – PER 5.2

Results For The 12 Months To End June 2019 – Revenue up 5% to £721.3m, Adjusted PBT down -26%, EPS -23.6%. Guides FY (this year) on target, flat Revenue and earnings slightly below previous year.

This looks to be as expected and I remain as interested today as I was yesterday.

Morses Club ( £MCL ) – 125p – £164m – PER 9.3

Trading Update For The 27 Weeks To End August 2019 – Trading in-line.

Still a potential for the yield but not enough here for me considering there could always be additional regulation at any stage.

MPAC ( £MPAC…

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The Alumasc Group plc is a building products, systems and solutions company. The Company's segments include, Solar Shading & Screening, Roofing & Walling, Water Management, and Housebuilding & Ancillary Products. The Solar Shading & Screening segment offers Levolux's architectural solutions, which are used to shade and screen buildings. The Company creates bespoke balcony and balustrading solutions. The Roofing & Walling segment provides waterproofing systems for flat roofs, roofing support services, exterior wall insulation systems and facade systems. The Water Management segment provides a range of industry solutions to help manage water originating inside or outside of the buildings and convey it in a controlled and safe way to discharge into water courses, sewers of the ground. The Housebuilding & Ancillary Products segment offers house building and ancillary products, such as ventilation products, cavity closers and trays, access panels, loft doors and dry roof verge products. more »

LSE Price
94p
Change
-1.6%
Mkt Cap (£m)
34.5
P/E (fwd)
5.6
Yield (fwd)
7.9

McBride plc is a provider of private label household and personal care products. The Company is engaged in developing, producing and supplying its products to retailers across Europe. Its segments include Household and Corporate. The Household segment consists of UK; North, including France, Belgium, Holland and Scandinavia; South, including Italy and Spain, and East, including Germany, Poland, Luxembourg and other Eastern Europe. The Company's brands include Surcare, Clean and Fresh, McBride Direct, Limelite and Ovenpride. Its Surcare product range includes Surcare Sensitive Capsules, Surcare Sensitive Non-Bio Powder, Surcare Sensitive Non-Bio Powder and Surcare Sensitive Fabric Conditioner. The Company operates approximately 18 manufacturing sites in over 12 countries. more »

LSE Price
52.89p
Change
-0.8%
Mkt Cap (£m)
97.4
P/E (fwd)
5.8
Yield (fwd)
6.7

MPAC Group PLC, formerly Molins PLC, is a United Kingdom-based technology and services company. The Company is engaged in providing instrumentation, machinery and analytical services to the fast-moving consumer goods (FMCG), healthcare and pharmaceutical sectors, together with aftermarket support. The Company’s Packaging Machinery segment supplies automated product handling, cartoning and robotic end-of-line packaging machinery and systems, and operates from three locations, in Mississauga, Canada; Wijchen, the Netherlands, and Singapore. The Packaging Machinery segment provides technical consultancy and machinery to solve packaging and processing challenges from its base. more »

LSE Price
205.25p
Change
-1.6%
Mkt Cap (£m)
42.1
P/E (fwd)
7.6
Yield (fwd)
n/a



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


3 Posts on this Thread show/hide all

MrContrarian 5th Sep 1 of 3
1

My morning smallcap tweet:

Altitude (LON:ALT), Gabelli Value Plus + Trust (LON:GVP)

Altitude (ALT) H1 trading. Rev up 42%, less than expected. Warns on FY. I hold.
Gabelli Value Plus+ (GVP) proposed tender offer cancelled because a GM has been called to to propose a continuation vote.

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andrea34l 5th Sep 2 of 3
1

Morses Club (LON:MCL) - I am SO glad I sold out at a small loss at 171ish. This update is full of contradicting waffle - "The Company has performed well in the period"... oh no it hasn't, customer numbers are down (or "largely stable" as they attempt to break the ice gently) by 5k, total credit issued is slightly down at £85.5m (H1 2019: £85.7m), and the gross loan book shows a whopping 0.2% growth!!

I am a holder of Avation (LON:AVAP) and happy enough with these results... though I wonder if the lack of share price rise is due to the more moderate increase in NAV compared to profit in the results.

I have been tempted this morning with MPAC (LON:MPAC) though I wonder if I have jumped in too quickly as the initial euphoria has waned a little; they are cautious about the medium term though... but isn't everyone? The only thing I am not sure about is whether there is any organic growth or it is all down to the Lambert acquisition. Only a small holding :-/

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Zipmanpeter 10th Sep 3 of 3

In reply to post #510306

Re MCL - well done for selling out at 171 vs current 125p but  I expect the market for HCC loans to contract steadily as habits change and the old working class ways change with new jobs and immigration.  But MCL only needs to hold this steady (via consolidating exiting smaller players).  Profit  (+18%) and adjusted ROE (29%) were up at the interims

More excitingly but longer term, the growth potential is from developing new products for this new demographic and her its purchases of Curo and U bank into Shelby (itself a smart buy to get online licence cheaply).  Altogether they will have a complete digital bank focused on the non-standard (sub prime) customer run and operated by conservative mgt (unlike the risk-taking NSF Mgt).  Not even Provident will have this focus.

I don't see this consumer group going away and not needing banking/loans anytime soon .

I had worried about further regulation (esp if Labour get in) but I think since FCA have now recently done a review, customer scores are high and they seem to be conservative within the regulation, this is a small (if high impact) concern and government will have other priorities......Or at least, at 125p these are now fully in the price.

What therefore worries you that you will not buy back in at today's much lower price, especially as divi looks secure (if Curo integration remains on track  as the Sept 5th update states)?

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