Good morning, it's Paul & Roland here with the SCVR for Friday.

I'm writing this from an AirBnB apartment in Bormla, near Valletta in Malta. I've got good aircon & wifi, so can write these reports from anywhere like that. Hence I thought why not grab a fortnight in the sun? Malta recognises England's NHS vaccine proof app, so it was very straightforward to get here, no additional testing required, and just a couple of forms to fill in online.

Agenda -

Paul's Section:

Eurocell (LON:ECEL) - really good interim results, I'm impressed! Dividends are resuming, the balance sheet is strong, and it gives a positive outlook statement. Valuation looks reasonable too. The main question is how to value it? Where are we in the earnings cycle? That's the key question.

Roland's Section:

Cmc Markets (LON:CMCX) - Shares in this financial trading firm crashed yesterday when it revealed a slump in client activity. This could be a temporary slump, if volatility picks up again.

Johnson Service (LON:JSG) - A strong recovery seems to be underway at this textile rentals group, but the shares already seem priced for a return to normal. Not sure there’s much value here.


Explanatory notes -

A quick reminder that we don’t recommend any stocks. We aim to cover trading updates & results of the day and offer our opinions on them as possible candidates for further research if they interest you. Our opinions will sometimes turn out to be right, and sometimes wrong, because it's anybody's guess what direction market sentiment will take & nobody can predict the future with certainty.

We stick to companies that have issued news on the day, with market caps up to about £700m. We avoid the smallest, and most speculative companies, and also avoid a few specialist sectors (e.g. natural resources, pharma/biotech).

A key assumption is that readers DYOR (do your own research), and make your own investment decisions. Reader comments are welcomed - please be civil, rational, and include the company name/ticker, otherwise people won't necessarily know what company you are referring to.


Paul's Section

Eurocell (LON:ECEL)

267p (yesterday’s close) - mkt cap £298m

Half-year Report

Eurocell plc is a market leading, vertically integrated UK manufacturer, distributor and recycler of innovative window, door and roofline PVC…

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