Morning all!

Arrow Global ( £ARW ) – 266p – £470m – PER 6.4

Interim Results For The 6 Months To End June 2019 – Total income up 6.5% with Underlying PBT up 0.8%, broadly confident for FY.

Was always interested here but was swayed away by the Short Interest and Stockopedia “Speculative Value Trap” classification. Up 100% since that view the Speculative label remains and the Short Interest is down from 10%+ to about 9% or so. Still, I remain interested but not a buyer.

Epwin ( £EPWN ) – 73p – £104m – PER 6.7

H1 Trading Update – Expect H1 and FY to be in-line.

Looks like value here on a 2 Year view however, recovery (of EPS) is not to a new all time high (which I like to see) and this low margin business is also subject to contract losses/delays – So, tempting as it is, it’s not for me at present. Based on the latest Broker note this morning, in my opinion, this looks fairly valued on a 1 Year view and well undervalued on a 2 Year view.

NMCN ( £NMCN ) – 542p – £56m – PER 9.4

Interim Results For The 6 Months To End June 2019 – Revenue up 14.1%, PBT up 38.4%, EPS up 35.1%, Dividend up 50%. Confident Board’s expectations will be achieved with net margins slightly exceeding 2%.

For some strange reason I had this down for no growth in PBT and EPS this year! Based on the latest Broker note this morning, in my opinion, this looks way undervalued on a 1 Year view and overvalued on a 2 year view even taking into account the 30% or so Net Cash (of current Market Cap).

As always, all comment most welcome!

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