Good morning! Just Paul here, as it's a Friday. Today's report is now finished. Have a fab weekend in the sun :-)

Graham and I shortly have a Zoom with Begbies Traynor (LON:BEG) to discuss the accounting treatment of deemed remuneration, we'll report back if any developments! 

By the way, many thanks for the positive feedback earlier this week, re covering more companies here, with some smaller additional comments. We've taken that on board & will keep doing more of the same! (on top of our usual deeper dives on 3-5 companies reporting each day). We managed 12 companies yesterday, which I think is a new record.

Agenda

Paul's Section:

Foxtons (LON:FOXT) - I've had a good rummage through its interim accounts, and like what I see. The shares look priced about right for now, but cost-savings have already been made, and lettings books are being acquired, so profits should be rising from here. Plus an experienced new CEO is joining in September, seemingly with a remit to focus the business more on profitability. This share could be quite good I reckon. FOXT shares are not obviously under-priced though, so upside depends on improved performance.

Aston Martin Lagonda Global Holdings (LON:AML) - This company's shares are paying us a fleeting visit, before they disappear into the sunset once the latest fundraising is done. Definitely not a value, share, with heavy losses in today's interim numbers. However, deep pocketed backers (Mercedes-Benz, and the Saudi sovereign wealth fund) are cornerstones for a big fundraise, to tackle excessive debt, and provide development capital. Once the fundraise has completed, I think there might be a speculative, long-term appeal to this share, if AML can scale up to become a profitable business, like Ferrari.

Musicmagpie (LON:MMAG) 44p (£48m) [No section below] - just a very quick look at its H1 (to May 2022) results. In a word - poor. An adj PBT of £4.0m in H1 LY, turned into a £(0.7)m loss this time. Costs were roughly flat, but a sharply lower gross margin caused the profit to vanish. I'm surprised that banks have agreed a new 3-year £30m RCF. Net debt is currently £3.3m. Outlook - adj EBITDA in line with its expectations (not stated). Balance sheet looks adequate. It’s a (very) low margin recycler of consumer electronics.

It’s yet another recent float…

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