Good morning!

I had a late surge yesterday, and added several more sections to yesterday's report - so here's the link for that, to get you started whilst I'm busy writing today's report!

I added sections on;

Braemar Shipping Services (LON:BMS) - good reasons to expect earnings to recover somewhat, but not strikingly cheap. Divis look unsustainably high.

Pendragon (LON:PDG) - very good update. Looks dirt cheap, but what impact will price rises have next year?

M P Evans (LON:MPE) - unsolicited bid approach.

OTB - On the Beach



Unfortunately, the technical gremlins struck, and the section on OTB vanished.  However, to recap, all I said was that it's worth a look. The company (an online travel agent, specialising in short haul beach holidays) delivered 12% turnover growth, but increased profits further by restraining its marketing spend.

The valuation of OTB looks quite appealing, although as with most retail or travel-related companies, the market is naturally worried about the impact of weaker sterling. I've put OTB back onto my watch list, but am holding back on buying shares right now, as the price/chart look rather weak.

My feeling is that Brits will still want our summer holidays abroad again next year, despite stronger sterling. We just might trade down to a cheaper destination, and perhaps trim back on luxuries such as eating out - e.g. I often take a few packets of noodles (18p each from Aldi) with me in my suitcase, when holidaying.

So bombed-out holiday company shares might be worth considering, who knows? Especially something like OTB, which seems to be gaining market share from conventional travel agents. Anyway, I'll give it some more thought, haven't made my mind up yet about that one.




Avation (LON:AVAP)

Share price: 161p (up 5.9% today)
No. shares: 58.9m
Market cap: £94.8m

Possible sale of aircraft - an intriguing announcement this one.

Here's an edited version, of the key points;

Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company advises that it has received an expression of interest for the purchase of its current portfolio of ATR turbo prop aircraft. The company will evaluate the expression of interest in due course and emphasises that…

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