Good morning, it's Friday! Paul and Jack here with the SCVR.

Today's report is now finished.

Agenda -

Paul's Section:

Hollywood Bowl (LON:BOWL) - stonking LFL revenue growth of +29% since re-opening in May 2021, should deliver very much better H2 figures (H1 was mostly closed). I reckon there could be further upside on this share, as I have a stab at valuation. Looks potentially interesting. New site openings going ahead, so there's also roll-out potential. How long will very strong pent-up demand last though?

Volex (LON:VLX) (I hold) - brief comment on two small acquisitions. The buy & build strategy seems to be working well. Fairly priced for now, in my view.

Sanderson Design (LON:SDG) (I hold) - brief comment on yesterday's non-regulatory announcement about extending its licensing agreement with NEXT, into homewares. I ramble on about how expensive blinds are.

Jack's Section:

Srt Marine Systems (LON:SRT) - Revenue and losses before tax both up. Transceivers revenue +11%. Pending contracts in Systems of £71m but it looks like these contracts are difficult to negotiate so given the track record, I would say more certainty over realising this pipeline is required before considering whether or not to invest. I can't see much appeal at the moment.

Premier Miton (LON:PMI) - A 31% increase in AuM in the year, with a forecast PE ratio of around 10x, a PEG of 0.5x, and a yield of more than 6% so the valuation is appealing. Multi-asset fund outflows have increased in the quarter though and not much is said about it.


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 are analysing the company fundamentals, not trying to predict market sentiment.

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…

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