I Read The News Today Oh Boy! 8-Aug-2019

Thursday, Aug 08 2019 by

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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NMCN PLC, formerly North Midland Construction PLC, is a United Kingdom-based building, civil engineering, highways and utilities company. The Company's operating segments include PLC, which consists of building, civil engineering, highways, utilities and NMCNomenca divisions, and Nomenca, which consists of mechanical and electrical engineering products and services. Its building division focuses in the construction of new build and refurbishment projects across the Midlands region. Its Civil Engineering division services the power generation, power distribution, waste to energy and infrastructure works for both public and private sectors. Its Highways division focuses in the design and delivery of projects across the United Kingdom. Its NMCNomenca division delivers non-infrastructure frameworks with Severn Trent water for both civil and mechanical, electrical, instrumentation, control and automation (MEICA) projects. It operates approximately 10 regional offices and workshops. more »

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Arrow Global Group Plc is a United Kingdom-based company engaged in purchase, collection and servicing of non-performing loans. The Company identifies, acquires and manages secured and unsecured defaulted loan portfolios from financial institutions, such as banks and credit card companies, as well as retail chains, student loans, motor credit, telecommunication firms and utility companies. The Company's business activities can be divided into three broad phases: Origination and underwriting, Asset management and Repayment-hybrid collections mode. The Company purchases debt at a discount from its face value and use its knowledge in data, analytics, collections, and asset resolution to help establish repayment plans and settlements with its customers. It advises and manages debt portfolios. more »

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Epwin Group Plc is a manufacturer of extrusions, moldings and fabricated low maintenance building products, operating in the repair, maintenance and improvement, new build and social housing sectors. The Company operates through two segments: Extrusion and Moulding, and Fabrication and Distribution. The Extrusion and Moulding segment is engaged extrusion and marketing of polyvinyl chloride-unplasticized (PVC-U) window profile systems, PVC-UE cellular roofline and cladding, rigid rainwater and drainage products and wood plastic composite decking products. It operates from extrusion and molding facilities in Telford, Tamworth and Scunthorpe, among others. The Fabrication and Distribution segment is involved in fabrication and marketing of windows and doors, distribution of cellular roofline, rainwater and drainage products, and manufacture of glass sealed units. It operates from over five window and door fabrication sites, and approximately two glass sealed unit manufacturing sites. more »

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

3 Posts on this Thread show/hide all

andrea34l 8th Aug 1 of 3

I am hovering over the sell button for Arrow Global (LON:ARW) as, if as you've indicated, last years restructuring costs are taken out then gains are more moderate. There is a large gain in fair value adjustments.... but those words make me shiver a bit like the phrase "unrealised gains", who actually determines the adjustments.

The result from NMCN (LON:NMCN) is good, I guess, but the spread is huge and the margin very low.

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sharw 8th Aug 2 of 3

Copy and paste:
Arrow Global ( Arrow Global (LON:ARW) )
Epwin ( Epwin (LON:EPWN) )

One of Stocko's little puzzles- why the £ system worked for this but not on your original!

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matylda 8th Aug 3 of 3

Arrow Global (LON:ARW) - I really am on the fence there, more so on the it's too late now side.

NMCN (LON:NMCN) - Agree.

£ = Original post done on the new site which does not seem to work for me for £ sign like the old site does.

Blog: Briefed Up
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