After the market volatility of Spring, closely matched by uncertain weather, this month felt like a welcome relief as the sun shone on my portfolio. Very little trading took place but there were plenty of announcements to consider - including a humdinger of a profit warning from Photo-Me International right when I was enjoying a half-term break. So much for getting away from the portfolio!

Purchases

Games Workshop Bought 2444p - May 18

With a decent trading update in the bag I had another look at the analyst forecasts and came to a couple of conclusions. Firstly I believe the forecasts are behind the curve and that earnings are unlikely to drop by 20% in 2019; the new focus of the company has been warmly welcomed by players and I believe that upwards momentum will continue. At the same time there's a disconnect between earnings increasing by ~96% and a forecast P/E of 13. The company is just too cheap and this is why it's ranking at the top of my quality and value screens - with the combined score putting it at the top of my list of shares worth buying. Obviously it's had a strong run over the last couple of years, with the share price quintupling, and I can see why people are banking their gains but I'm happy to take shares off of their hands.

Hollywood Bowl Bought 224p - May 18

Listed for just over 18 months Hollywood Bowl is the kind of private-equity IPO that I normally avoid. However in this case the group wasn't saddled with too much debt, around £30m, and wasn't listed at the peak of the market. Instead BOWL is capitalising on the trend towards experiential spending, debt is being rapidly paid down from cash-flow and refurbishment/extension activities are driving revenue growth. There's also the fact that quality metrics, such as ROCE, are improving rapidly and the directors own a decent chunk of the business; all of these factors make it my kind of share. So I was surprised at the muted reaction to today's interim results since earnings are up by 18%, debt is down by 47% and KPIs (such as game volume and spend per game) are all on an improving trend. Combine this with Phil Oakley's solid analysis of the company and I couldn't help but take a starter position.

Sales

RWS Holdings …

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