Small Cap Value Report (12 Oct 2015) - TSTL, YOU, MOS

Monday, Oct 12 2015 by

Good morning!

I managed to catch half an hour with ISA millionaire Leon Boros, on Friday, and he recorded an audiocast with me, to update on his favourite stocks. I've tightened the focus of my audiocasts, so instead of lots of rambling about the markets generally, we now just focus on a few specific stocks that the interviewee likes best.

So Leon updated us on: Bioventix (LON:BVXP) , Redde (LON:REDD) , Empresaria (LON:EMR) , Victrex (LON:VCT) , XLMedia (LON:XLM)

The link to that audiocast is here, and a transcript is currently being typed, which will be available on the same page Tue or Weds this week. I really enjoy doing these interviews, and learn a lot from them, so will be doing lots more in future.

Tristel (LON:TSTL)

Share price: 111.3p (up 5.5% today)
No. shares: 41.5m
Market cap: £46.2m

(at the time of writing, I hold a long position in this share)

Results y/e 30 Jun 2015 - the headline figures all look good from today's results announcement (I've added bolding to highlight key numbers):

Financial Highlights

· Turnover up 14% to £15.3m (2014: £13.5m).

· Overseas sales up 21% to £5.5m (2014: £4.5m), representing 36% of total sales.

· EBITDA up 25% to £3.4m (2014: £2.7m).

· Pre-tax profit up 44% to £2.6m (2014: £1.8m).

· Basic earnings per share up 67% to 5.44p (2014: 3.25p).

· Dividend per share for the full year increased to 5.72p (2014: 1.62p), including a special dividend of 3p per share.

· Net cash of £4.0m at year end (2014: £2.7m). Company remains debt free.

EPS - it's always worth checking the figures, if the EPS % gain/(loss) is significantly different to the change in profit before tax. In this case, EPS has gone up 67%, compared with profits up 44%. The reason seems to be a reduced tax charge this year, despite profit going up.

Tax - note 4 gives more detail on the tax charge for 2013/14, and 2014/15, and from what I can make out, the variation in the tax charge seems to be down to unspecified timing differences. I might adjust the EPS figure down by say 10% in my own calculations on valuation,…

Unlock this article instantly by logging into your account

Don’t have an account? Register for free and we’ll get out your way


As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested. ?>

Do you like this Post?
41 thumbs up
1 thumb down
Share this post with friends

Tristel Plc is a United Kingdom-based manufacturer of infection prevention and contamination control products. The Company's technology is a chlorine dioxide formulation. The Company operates through three segments: Human Healthcare, Animal Healthcare and Contamination Control. The Human Healthcare segment is engaged in the manufacture, development and sale of infection control and hygiene products, which include products that are used primarily for infection control in hospitals. The segments products are marketed under the brand, Tristel. The Animal Healthcare segment relates to manufacture and sale of disinfection and cleaning products into veterinary and animal welfare sectors. The segments products are marketed under the brand, Anistel. The Contamination Control segment addresses the pharmaceutical and personal care product manufacturing industries. The segments products are marketed under the brand, Crystel. Its manufacturing facility is located in Newmarket, Cambridgeshire. more »

LSE Price
Mkt Cap (£m)
P/E (fwd)
Yield (fwd)

YouGov plc is a United Kingdom-based international data and analytics company. The Company’s suite of products and services is made up of syndicated data products including YouGov BrandIndex and YouGov Profiles and data services including YouGov Omnibus and YouGovCustom Research. YouGov BrandIndex is a daily brand perception tracker. YouGov Profiles is its planning and segmentation tool. YouGov Omnibus finds out people's opinions, attitudes and behaviors. YouGov Custom Research conducts quantitative and qualitative research. The company has 35 offices in 22 countries. The Company has operations in the United Kingdom, North America, Europe, the Nordics, the Middle East and North Africa and Asia. more »

LSE Price
Mkt Cap (£m)
P/E (fwd)
Yield (fwd)

Mobile Streams plc is a United Kingdom-based mobile media company. The Company's principal activities include the sale of mobile content through Multi-National Organization's (Mobile Operator Services); the sale of mobile content over the Internet (Mobile Internet Services), and the provision of consulting and technical services (Other Service Fees). The Company's geographical segments include Europe, North America, Latin America, and Asia Pacific. The Company sells digital content, primarily for distribution on wireless devices. The Company licenses and distributes a range of mobile content, including games, applications, e-books, music, pictures and videos that are retailed around the world. Its browser based games service works across various devices, including Android, Apple, Tizen and Windows Phone. The Company distributes a catalog of over 200 thousand e-books from over 600 publishers in various languages. The Company also has operations in Argentina, India and Nigeria. more »

LSE Price
Mkt Cap (£m)
P/E (fwd)
Yield (fwd)

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

10 Comments on this Article show/hide all

herbie47 12th Oct '15 1 of 10

Morning Paul,
Thanks for the Tristel review, I'm a holder.

Any chance of a review of Telit Communications (LON:TCM) trading statement, looks ok to me but shares are down 16%, buying op.?

| Link | Share | 1 reply
Ramridge 12th Oct '15 2 of 10

In reply to post #107985

Herbie47 - Telit Communications (LON:TCM) their trading update is actually a mild profit warning. They have lowered their guidance for FY2015.
Having said that I think the market has over reacted. Delayed projects which would impact 2015 revenues. I have bought when the sp dipped -15%.


| Link | Share | 1 reply
Mark Carter 12th Oct '15 3 of 10

Please please please don't use the term "ISA millionaire". It's ammunition that can be used by those who think the tax breaks are too favourable to a privileged class.

Walk softly, and carry a big stick.

| Link | Share
Ramridge 12th Oct '15 4 of 10

Hi Paul -
As always an excellent audiocast with Leon Boros.
Regards, Ram

| Link | Share
herbie47 12th Oct '15 5 of 10

In reply to post #107988

Fair enough I only had a quick glance at the figures. They also have just won a large contract last week. I'm tempted to top up, maybe if it drops to below 270p.

| Link | Share
herbie47 12th Oct '15 6 of 10

Interesting audiocast. I do hold Bioventix (LON:BVXP) and Empresaria (LON:EMR), BVXP is thanks to Leon and Paul. Interesting that Leon thinks EMR fair value is 130p, I had discussion on a bulliten board back in July and came to the same figure, I see the sp is up 13% today is that because of this audiocast?

| Link | Share
charlene 12th Oct '15 7 of 10

Thanks for the audio cast, i really enjoy listening to them, its a great way to get more insight to how successful investors think.

regards Charlene

| Link | Share
jimmygee 12th Oct '15 8 of 10

EMR is up because of a tip in SCSW. I believe they described it as 'dirt cheap'.

| Link | Share
AlanJenkins2 12th Oct '15 9 of 10

To be fair to Mobile Streams,their money was never completely stranded in Argentina.They always could get the money out- but at a price.The market seemed to dislike that more than it did certain oil companies struggling to get paid for their production in Kurdistan.At least Mobile Streams was never loaded down with debt.
Disclosure long MOS,short GKP.

| Link | Share
Chipspa 14th Oct '15 10 of 10

Paul, Leon,

Thanks very much for putting together the podcast. It is really useful to understand your way of thinking and reasons for investing in particular share. Very god educationally - thanks you.


| Link | Share

Please subscribe to submit a comment

 Are LON:TSTL's fundamentals sound as an investment? Find out More »

About Paul Scott

Paul Scott

I trained as an accountant with a Top 5 firm, but that was so boring that I spent too much time in the 1990s being a disco bunny, and busting moves on the dancefloor, and chilling out with mates back at either my house or theirs, and having a lot of fun!Then spent 8 years as FD for a ladieswear retail chain called "Pilot", leaving on great terms in 2002 - having been a key player in growing the business 10 fold. If the truth be told, I partied pretty hard at the weekends too, so bank reconciliations on Monday mornings were more luck than judgement!! But they were always correct.I got bored with that and decided to become a professional small caps investor in 2002. I made millions, but got too cocky, and lost the lot in 2008, due to excessive gearing. A miserable, wilderness period occurred from 2008-2012.Since then, the sun has begun to shine again! I am now utterly briliant again, and immerse myself in small caps, and am a walking encyclopedia on the subject. I love writing a daily report for on most weekday mornings, constantly researching daily results & trading updates for small caps. Cheese! more »


Stock Picking Tutorial Centre

Let’s get you setup so you get the most out of our service
Done, Let's add some stocks
Brilliant - You've created a folio! Now let's add some stocks to it.

  • Apple (AAPL)

  • Shell (RDSA)

  • Twitter (TWTR)

  • Volkswagon AG (VOK)

  • McDonalds (MCD)

  • Vodafone (VOD)

  • Barratt Homes (BDEV)

  • Microsoft (MSFT)

  • Tesco (TSCO)
Save and show me my analysis