I've been asked to look at the trading update from Sprue Aegis (OFEX:SPRP) in the comments section below. I don't normally look at ISDX Listed companies (the next market below AIM), as there are enough liquidity problems on AIM, but Sprue Aegis is a good, profitable company, with a market cap of £35m at 90p per share.

Having had a quick review of the Stockopedia page for this company, I have to say it looks excellent value, and if I had any spare funds, I'd buy some.

Their pre-close trading update today sounds very good - they report strongest ever H1, with sales up 28% versus last year to £21.4m for the six months. They confirm full year profit expectations, which is for 10.8p, so at 90p the shares are on a current year PER of only 8.3, which looks cheap for a company that is growing EPS strongly against last year.

The icing on the cake is a generous dividend yield of 4.4% for last year, and broker forecast is for a whopping 6.7% yield this year. The icing on the icing is that they also have a useful amount of net cash, £6.2m at the last results. They make smoke & fire alarms. The outlook sounds very good, with them saying that "the company's forward order book has never been so strong ...".

So this one gets a big thumbs up from me. I hope I haven't missed anything negative about it, so do please let me know if I've missed anything important.

- See more at: http://www.stockopedia.com/content/small-cap-value-report-10-jul-avn-vnet-zatt-tmmg-sprp-sid-75050/#sthash.v763eObz.dpuf

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