I Read The News Today Oh Boy! 7-Dec-2018

Friday, Dec 07 2018 by

Morning all!

Porvair ( Porvair (LON:PRV) ) – 410p – £187.3m – PER 19.5

Trading Update For The 12 Months To End November 2018 – Revenue expected to be up 10% with EPS ahead of managements expectations. Net Cash to be down from £9.8m to £6.5m (after spending circa £13m) – Order books healthy.

Based on forecasts of EPS growth <10% (2018E and 2019E), even if they are beaten (by as much as 25% say) - On a PER of 20 or so I still don’t see value here at present.

S&U ( S&U (LON:SUS) ) – 2150p – £258.2m – PER 7.98

Trading Update – FY to be broadly in-line with expectations.

Still looks attractive and even with (you know what) in the background, this is quite tempting (5%+ yield), forecast 10%+ EPS growth 2019E & 2020E, healthy ROCE and Op Margin. What’s stopping me – The amount of Net Debt (which is probably acceptable for a lender I guess) and the potential default rate depending on how (you know what) goes. Tempting, but not just quite enough, especially on a broadly in-line.

As always, all comment most welcome!

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Porvair plc is a specialist filtration and environmental technology company engaged in the development, design and manufacture of filtration and separation equipment. The Company's operating divisions include Metals Filtration and Microfiltration. The Metals Filtration Division designs and manufactures porous ceramic filters for the filtration of molten metals, principally aluminum. The Microfiltration Division designs and manufactures a range of filtration equipment for application in aerospace, energy, bioscience, water and industrial applications. It is developing a range of products, including the products for the manufacture of turbine blades, solar panel manufacture and energy storage. It operates Microfiltration division through its subsidiaries, Porvair Filtration Group, Seal Analytical and Porvair Sciences. It operates Metals Filtration Division through its subsidiary, Selee Corporation. It has plants located in the United States, the United Kingdom, Germany and China. more »

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S&U plc is a United Kingdom-based company engaged in providing motor finance and specialist lending service. The Company is focused on the specialist motor finance market. The Company's subsidiary, Advantage Finance Limited (Advantage Finance), is engaged in the motor finance business. Advantage Finance offers motor finance to over 100,000 customers in the United Kingdom. more »

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

1 Post on this Thread show/hide all

MrContrarian 7th Dec '18 1 of 1

My morning smallcap tweet: MySQUAR shitshow update.

Quadrise Fuels International (LON:QFI), EMIS (LON:EMIS), AJ Bell (LON:AJB), Porvair (LON:PRV), S&U (LON:SUS), Mysquare (LON:MYSQ), Inspiration Healthcare (LON:IHC)

Quadrise Fuels (QFI) £2.15m one for ten open offer at 2.5p, a 21% discount.
EMIS Group (EMIS) settles with NHS Digital with regards to the service level reporting issues announced in January, within the £11.2m provision.
AJ Bell (AJB) will IPO at 160p, in middle of mooted range.
Porvair (PRV) guides FY earnings ahead of management's expectations. Rev up 10%.
S & U (SUS) guides FY broadly in line with expectations (whose?). YTD new loan agreements down 7% due to "slight reduction in the record level of loan applications seen in July, Advantage's prudently tightened under-writing and some recent increase in competitive pressure".
MySQUAR (MYSQ) to preserve cash the Company has temporarily shut down one division and part of another. Directors and senior staff have not been paid for between two and three months. So that predates the Oct placing! A creditor who had previously indicated it was prepared to provide a working capital facility has completed its due diligence and MYSQ awaits the result. Discussing sale of subsidiaries. Shares will delist on 10 Dec since it has no nomad.
Inspiration Healthcare (IHC) IPO of NeuroproteXeon will not complete in 2018 as expected.

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