Morning all!

Elecosoft ( £ELCO ) – 77p – £63m – PER 16.4

Trading Update For The 6 Months To End June 2019 – Revenue up 22% (CC), Margins consistent with last year, FY remains in-line with market expectations.

Looks OK but not enough value here to tempt me. Based on the latest Broker note this morning, in my opinion, this looks fairly valued on a 1 Year view and well overvalued on a 2 Year view - 79p at the time of writing.

Morgan Sindall ( £MGNS ) – 1110p – £505m – PER 7.3

Interim Results For The 6 Months To End June 2019 – Revenue flat, Adjusted PBT up 20%, EPS up 15%, Net Cash up from £97m to £114m, the Interim Dividend is up 11%. The Order Book (secured) is up 19% and FY is expected to be slightly ahead of expectations.

An ex-holding of mine, I still consider 1200p or so to be fair value – So, not enough here for me at this price.

TT Electronics ( £TTG ) – 221p – £361m – PER 11.5

Interim Results For The 6 Months To End June 2019 – Revenue up 20% (CC), Underlying Operating Margin up 50bp to 8.1%, PBT up 20%, EPS up 22%, the Interim Dividend is up 8%, Net Debt is up from £41.7m to £82.4m). No FY guidance given.

This looks encouraging and worth keeping an eye out for updates and in particular FY actuals. That Net Debt is a concern though!

Water Intelligence ( £WATR ) – 331p – £56m – PER 24

H1 Trading Update – Revenue up 34%, PBT up 29%. No FY guidance given.

A pity there is no note on FY, even if in-line I still see that as overvalued at this price.

As always, all comment most welcome!

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