I Read The News Today Oh Boy! 6-Mar-2019

Wednesday, Mar 06 2019 by

Morning all!

Anpario ( Anpario (LON:ANP) ) – 340p – £78.7m – PER 19.5

Results For The 12 Months To End December 2018 – Revenue down slightly but PBT is up 34% with EPS up 31%, the FY Dividend is up 11% and Cash is stable at £12.9m. Trading for the current year is ahead of 2018 but concerns regarding Brexit and Afircan Swine Fever.

There may be value here I will keep an eye out for revised Broker notes.

Batm Advanced Communications ( Batm Advanced Communications (LON:BVC) ) – 46.5p – £188m – PER 102

Results For The 12 Months To End December 2018 – Looks good and due to a substantially higher year end Order book 2019 Revenue and EBITDA already expected to be ahead of market expectations.

Still seems to be heading in the right direction, I will be keeping an eye out for revised Broker notes here – Would be hopeful that PER looks more realistic now!

Cambria Automobiles ( Cambria Automobiles (LON:CAMB) ) – 65p – £65m – PER 8

Trading Update For The 5 Months To End January 2019 – Ahead of the corresponding period last year - No firm guidance on FY.

Still seems too much caution round this sector (Br**it) but doesn't seem to be "blood on the streets yet". I remain on the side-lines in relation to the sector in general at present.

Costain ( Costain (LON:COST) ) – 397p – £425m – PER 10.2

Results For The 12 Months To End December 2018 – Revenue down, Reported PBT and EPS both down slightly but the FY Dividend is up 8%. Record higher quality Order book at year end (£4.2bn).

There's perhaps some value here for the Yield and potential for modest growth – Not enough for me though.

Headlam ( Headlam (LON:HEAD) ) – 418p – £353.7m – PER 11

Results For The 12 Months To End December 2018 – Revenue and EPS up 2.3%, Underlying PBT up by an even smaller amount. Net Cash at £36.7m (£35.3m last time) but includes acquisition spend…

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Anpario plc is a producer and distributor of natural feed additives for animal health, hygiene and nutrition. The Company operates through two segments: UK and Eire, and International. The Company is focused on the manufacture and sale of natural feed additive products to agricultural markets. Its products for the poultry, pig, ruminant and animal feed markets include acidifiers, enzymes, essential oils, pellet binders, antioxidants, mycotoxin binders, mold control products and a range of nutritional premixes and performance enhancers. It offers natural feed additive/flavor called Orego-Stim. It offers its customers a number of omega 3 & 6 supplements for use in feed. Its products in the aquaculture range include growth promoters, immune enhancers and pellet binders for both shrimp and fish. The Company's trading brands are Kiotechagil, Meriden and Optivite, which trade across approximately 70 countries around the world. more »

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BATM Advanced Communications Ltd. is an Israel-based company engaged in the development, production and marketing of medical products, as well as data communication products. The Company has two operating divisions: Telecommunications and BATM Medical. The Telecommunications division develops and offers telecom network solutions, IP surveillance solutions, software services and Cyber Security solutions. The Telecommunications offers its products to telecom operators in developed markets. BATM Medical is a manufacturer and developer of laboratory diagnostics, including in-vitro diagnostic systems and reagents to detect viral infections, to diagnose immune system diseases and for the measurement of human hormone responses. BATM Medical, which focuses on developing countries in Eastern Europe and Asia, also manufactures sterilizers and medical waste management solutions, and distributes brands of other diagnostic equipment suppliers to emerging market countries. more »

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Cambria Automobiles plc is a motor dealer, which is engaged in the sale and servicing of motor vehicles. The Company is engaged in the provision of car vehicle sales, vehicle servicing and related services. It is a retailer of new and used cars, commercial vehicles and motorbikes. It operates on a dealership-by-dealership basis. It operates from approximately 30 sites with a total of over 50 dealer franchises. It operates dealerships across England, from the North West through the Midlands, down to Kent in the Southeast and across Exeter in the South West, trading under local brand names, such as Dees, Doves, Grange, Invicta, Motorparks and Pure Triumph. Its brand portfolio comprises Abarth, Alfa Romeo, Aston Martin, Dacia, Ford, Fiat, Honda, Jaguar, Jeep, Land Rover, Mazda, Nissan, Renault, Seat, Triumph, Vauxhall and Volvo. It also provides ancillary services. It offers finance and insurance for the execution of the transaction along with service plans to maintain the vehicle. more »

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

8 Posts on this Thread show/hide all

andrea34l 6th Mar 1 of 8

Get well soon, Matylda.... plenty of hot fluids and rest!

I'm away from home, so difficult to access a full news feed. DS Smith (LON:SMDS) have announced a very positive update, but in addition the disposal of their plastics division which I feel has been a big cause of recent poor momentum both in terms of environment shift but also high debt - the disposal, at £585m, should resolve both of those things, with only marginal eps dilution. On a rating of less than 9 perhaps this could help the price. I hold (having bought at 350ish a few months ago)... though I expect this stock isn't racy enough for most...

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MrContrarian 6th Mar 2 of 8

My morning tweet: Smallcap small beer.

Cambria Automobiles (LON:CAMB), Batm Advanced Communications (LON:BVC), Thinksmart (LON:TSL)

Cambria Automobiles (CAMB) first 5 months 'trading performance' up and LFL up. New car sales down 10%. Used car sales down 11% but margin up. Aftersales up 6.7%. They call private car buyers 'guests'. If I visit do I get to sleep overnight in a Bentley?
BATM Advanced Communications (BVC) FY EPC 9c (6c). Guides 2019 revenue and EBITDA growth ahead of market expectations.
ThinkSmart Limited (TSL) return of capital and dividend totalling 7.544c (Australian) = 4.04p.

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Kenncam 6th Mar 3 of 8

Thanks Matylda, love these reports. Format is great and huge amount of info plus your opinion in such a concise manner.

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wilkonz 6th Mar 4 of 8

Thanks Matylda.

Costain (LON:COST) has a price to free cashflow of 607 which seems to be a good reason for not buying.

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mrosbiston 6th Mar 5 of 8

TT electronics (LON:TTG) - its a complicated one. Strategy looks to be to continue to build through acquisition.

On a statutory basis, could be argued the company benefited from some translation adjustments and actuarial remeasurements in 2017 - and has had the opposite in 2018, hence the under-performance.

The GMP equalisation hurt by around £5.8m and there was also a significant amortisation of acquired intangibles (seems high to me). If acquisitions in 2019 could be a bit smaller, ideally without pension hangovers - and you have a positive integration (sounds like it is going well) - then 2019 could be a good year.

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matylda 6th Mar 6 of 8

Thanks guys, slowly on the mend :)

DS Smith (LON:SMDS) a little too big for me so can't really comment there.

Costain (LON:COST) - Actually dug a little deeper there this morning - I updated my note as "Looks undervalued on a 1 Year and 2 Year view taking into account the Net Cash (about 20% of Market Cap) and well covered 4%+ Yield - Income with modest growth potential."

TT electronics (LON:TTG) - Thanks, I think I will just leave this to those smarter than me. I do this sometimes as with such a choice out there I don't feel the need to have to over-think or analyse. Perhaps the next update will be a bit clearer!

Lemsip time :)

Blog: Briefed Up
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simoan 6th Mar 7 of 8

In reply to post #455153

Costain (LON:COST) has a price to free cashflow of 607 which seems to be a good reason for not buying.

Well it's certainly a short sighted reason for not buying! Cashflow can vary for good reason from time to time and so you need to look at the bigger picture. If you look at the longer term cashflow as opposed to a single instance you can see the current high P/FCF figure is anomalous and at least worthy of further research. To rule a share out based on a single data point in time seems strange to me. 


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wilkonz 7th Mar 8 of 8

In reply to post #455343

To rule a share out based on a single data point in time seems strange to me.

Thanks simoan. To some extent I accept that reasoning. I guess it all depends on one's investment philosophy and how risk averse one is. My view is that we have thousands of stocks to choose from so I tend to look for reasons not to invest before examining the reasons to invest. Whilst there may be acceptable reasons for investing in Costain (LON:COST) - and the numbers look pretty good apart from the cashflow which is almost non-existent - I wouldn't invest in it until I know why there is a cashflow problem and what they are going to do about it. 

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