I Read The News Today Oh Boy! 6-Dec-2018

Thursday, Dec 06 2018 by
12

Morning all!

EasyHotel ( easyHotel (LON:EZH) ) – 87.5p – £127.7m – PER 58.3

Final Results For The 12 Months To End September 2018 – Revenue up 33.7%, PBT up 1.4%, EPS down -21.4% and the Total Dividend has also been reduced, by -33%. Outlook is “realistic and exciting”.

On a PER of 50+ with a “realistic and exciting” outlook – I would say this is still realistically overpriced.

Impax Asset Management ( Impax Asset Management (LON:IPX) ) – 218p – £284.3m – PER 19.1

Final Results For The 12 Months To End September 2018 – AUM up 72%, Revenue doubled to £65.7m, PBT up 150% to £14.6m and the yield is more than double last year.

First coverage here for me, I will be looking into this more, looks quite interesting – If there’s a downside here for me it’s that I already hold Miton (MGR) and the sector is prone to an outflow of funds should the bear market take a grip.

Versarien ( Versarien (LON:VRS) ) – 218p – £284.3m – PER 19.1

Interim Results For The 6 Months To End September 2018 – Revenue up 19%, LBT -£0.78m (-£0.77m last time), Cash at £6.07m (after a £5, fund raise) – “in an excellent position to achieve the product commercialisation we are striving for”.

I remain on the side lines (until I see a Profit).

Dialight ( Dialight (LON:DIA) ) – 329p – £107.0m – PER 9.79

Trading Update For The 12 Months To End December 2018 – Emmm - Raw material issues, potential additional Pension scheme provisions and assembly relocation.

Remains well established on my Avoid list for now.

Clipper Logistics ( Clipper Logistics (LON:CLG) ) – 290p – £294.4m – PER 15.4

Unaudited Results For The 6 Months To End October 2018 – Revenue up 14.1%, PBT up 16.9%, EPS and the Interim Dividend both up 14.3%. Trading continues to perform well.

Tempted here, looks decent enough value now but I think I will wait to see the FY results.

Amino Technologies ( Amino Technologies (LON:AMO) ) – 117p – £85.2m – PER 10.7

Trading Update For The 12 Months To End November 2018 – In-line.

Not enough for me to remove this from my Avoid list but will keep an eye out for actuals and, perhaps, revised forecasts.

Anexo ( Anexo (LON:ANX) ) – 118p – £129.8m – PER 9.66

Trading Update For The 12 Months To End December 2018 – PBT to be ahead of current expectations, confident for FY 2019 but will not yet upgrade forecasts.

A recent IPO so would like to see a bit more here first, like those actual first year results.

Gresham Technologies ( Gresham Technologies (LON:GHT) ) – 151.5p – £103.2m – PER 20.4

Trading Update – FY Adjusted EBITDA to be materially below current market expectations.

I said previously “I must be missing something but I still can’t see why people are paying up here at this price!” – I retain that view.

As always, all comment most welcome!


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easyHotel PLC is a United Kingdom-based owner, developer, operator and franchisor of branded hotels. The Company operates through two segments: Owned properties and Franchising. The Owned properties segment is involved in hotel operations carried out in the Company's owned hotels and properties. The Franchising segment includes its franchise hotel operations in connection with the license of the Company's brand name. The Company has a portfolio of 29 hotels, which includes 1,280 owned/lease rooms. The Company's owned hotels include Old Street (London), Glasgow and Croydon. Its franchise locations include Bulgaria (Sofia), Czech Republic (Prague), Germany (Berlin, Frankfurt), Hungary (Budapest), the Netherlands (Amsterdam, Rotterdam and The Hague), Switzerland (Basel, Zurich), the United Arab Emirates (Dubai) and the United Kingdom (Edinburgh, London Central and Heathrow, and Luton). The Company's subsidiary is easyHotel UK Limited. more »

LSE Price
88.5p
Change
 
Mkt Cap (£m)
129.2
P/E (fwd)
45.8
Yield (fwd)
0.6

Impax Asset Management Group plc is an investment company offering listed and private equity strategies primarily to institutional clients. The Company has six listed equity strategies: Specialists, Leaders, Water, Asia-Pacific, Global Opportunities, and Food and Agriculture. Its real assets business comprises renewable power generation and sustainable property private equity funds. The Company has investments sectors, such as energy efficiency, which includes power network and buildings; alternative energy, which include solar, wind and biofuels; water infrastructure/technologies, which include treatment and utilities; pollution control, which include pollution control solutions, and testing and gas sensing; food, agriculture and forestry, which include logistics and sustainable forestry; waste management and technologies, which include tech equipment and hazardous, and environmental support services, which include consultancies and diversified environmental. more »

LSE Price
200p
Change
-1.7%
Mkt Cap (£m)
265.4
P/E (fwd)
17.3
Yield (fwd)
2.7

Versarien plc is engaged in offering engineering solutions. The Company operates through three segments: Hard Wear Products, Graphene Products and Thermal Products. The Thermal Products segment develops, manufactures and supplies heat sinks and other products made from porous copper and aluminum. It manufactures thermal management solutions for industry sectors, including telecoms and broadcast, consumer electronics, microscopy, defense and aerospace, automotive transportation, medical thermal management and industrial lighting. The Hard Wear Products segment manufactures tungsten carbide hard wearing parts. It serves oil and gas, metrology, paper and packaging, metal cutting, spraying, tooling, textile and tobacco markets. The Graphene Products segment is engaged in developing applications for graphene based upon the technology for manufacturing graphene. The Graphene Products segment specializes in the supply, characterization and early-stage development of graphene products. more »

LSE Price
129.5p
Change
1.2%
Mkt Cap (£m)
196.5
P/E (fwd)
145.5
Yield (fwd)
n/a



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


5 Posts on this Thread show/hide all

MrContrarian Thu 8:04am 1 of 5
1

My morning smallcap tweet: Woodford bails out EVE.

Beeks Financial Cloud (LON:BKS), Dialight (LON:DIA), Versarien (LON:VRS), Gresham Technologies (LON:GHT), eve Sleep (LON:EVE), Trakm8 Holdings (LON:TRAK)

Beeks (BKS) 3 yr contract with Tier 1 financial services organisation. Phase 1 of the contract is worth ~£500k over 3 years and implementation should finish in Q1 of 2019.
Dialight (DIA) warns delays in raw material supplies hit November results. "Performance in December is critical to delivering our year end results and will require a further planned ramp up in production coupled with continuity of raw material supply.." Also pension scheme will be hit by ruling that schemes should equalise pension benefits for men and women as regards guaranteed minimum pension benefits.. "Should this outcome be upheld, we are working with the trustees of our pension schemes, and our actuarial and legal advisers, to understand the extent to which the judgment will crystallise additional liabilities for Dialight's pension schemes."
Versarien (VRS) H1 rev up 19%, pretax loss flat. Still lumps graphene sales in with plastic so you can't see how miniscule graphene sales are even though that's all anyone is interested in.
Gresham Technologies (GHT) guides FY adj EBITDA for 2018 to be materially below current market expectations.
Eve Sleep (EVE) plans £15m placing at 10p, a 29% discount. Woodford Investment Management to take £8m unless they can get other interest. Recent trading strong so continues to anticipate FY rev above market expectations.
Trakm8 (TRAK) good new at last for holders as £3m placing is at 22p, a 22% premium!

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RustySpanner Thu 8:30am 2 of 5
3

I bought Dialight shares after doing some work with a UK Civil Engineering company that was installing LED lighting in building and highways. I thought it would be a good bet.

In a previous life I was an electronics engineering in manufacturing. Engineers were good but management were lousy and over twenty years five of the companies I worked for failed mainly due to management incompetence and failure to see change on the horizon. Looking at the Glassdoor reviews for DIA https://www.glassdoor.co.uk/Reviews/Dialight-Reviews-E7797.htm the same issues seem to show a poorly run company which is missing the boat for LED lighting

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IGotPoesJacket Thu 8:48am 3 of 5
2

In reply to post #425123

Read dilbert.com
I also work in engineering/IT and I regularly see the incompetence that Dilbert experiences from management that have little to zero understanding of the product. Depressing really.

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RustySpanner Thu 8:59am 4 of 5
1

incompetent management and engineering go together - remember GEC . https://www.telegraph.co.uk/news/uknews/1339789/Marconi-from-boom-to-bust-in-a-year.html .

Scott Adams, creator of Dilbert, was a Bell Telephones engineer and his strip is based on real life!

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Gromley Thu 9:22am 5 of 5
2

On a PER of 50+ with a “realistic and exciting” outlook – I would say this is still realistically overpriced.

Haha - love it!

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