Good morning, it's Paul & Jack here with the SCVR for Monday.

Agenda -

Paul's Section:

Card Factory (LON:CARD) - a meaningful Director buy (of £107k) reinforces my view that things seem to be improving for this greetings card retailer, following a sound recent trading update. Although bank debt remains a concern, due to the risk of an equity raise being required.

Billington Holdings (LON:BILN) - profit warning for FY 12/2021, due to contract delays, and supply chain issues. WH Ireland halves profit forecast for 2021. On the upside, outlook for 2022 is good, and balance sheet is strong. Overall though, I see little attraction to this share.

Nightcap (LON:NGHT) - awful results for FY 06/2021, mainly due to massive £3.8m share option charge (how can that be justified at this early stage?), and IPO costs. Balance sheet looks quite weak - the big cash pile seems to be offset by bank borrowings + stretched creditors. Overall, I think this looks significantly over-valued, having a premium for newness and roll-out potential.

Totally (LON:TLY) - low margin healthcare outsourcing company, has produced decent interim results. This share looks quite interesting, with over £5m annualised EBITDA, a number which survives my close inspection! The cash on the balance sheet has come from favourable payment terms with the NHS, so shouldn't be seen as surplus cash. Overall, I quite like this share, looks an interesting business that's now performing well.

Jack's Section:

to follow

Explanatory notes -

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