Good evening/morning, it's Paul here.

Graham and I are both short of time this Tuesday (I have to go to London for a meeting, and Graham is doing a CEO interview). Therefore we've decided to pool our efforts here, writing a couple of sections each. I'll be reporting on results from MySale (LON:MYSL) (in which I have a long position) and am meeting management this Weds. So I'll report back on my impressions from that meeting.

I decided not to report on Bioventix (LON:BVXP) results yesterday, because it's specialised, and I don't have any sector knowledge. Suffice it to say though, that the company is amazingly profitable - PBT of £6.9m, on revenues of £8.0m, that's a net margin of 86%. Remarkable indeed. Although the share price actually fell 5% on the results. I think we're seeing quite a bit of nervousness in the market at the moment, and some people taking money off the table - particularly with highly-rated growth companies. 

I note that Fevertree Drinks (LON:FEVR) peaked at 4000p under a month ago, and is now 2890p. This is despite there being no news from the company. Has the big momentum trade of recent years finally come to an end? Who knows. I'm certainly wary of over-paying for anything now - I think the market is starting to pay closer attention to valuation now.

Maybe equity valuations need to correct to more rational levels? Especially now that interest rates, and bond yields are rising, which usually pulls down equity valuations. Plus all the macro & political uncertainty of course, isn't good for confidence.

To get you started on Tuesday morning (I'm writing this on Monday evening), here is a reader request from yesterday;


XP Power (LON:XPP)

Share price: 3000p
No. shares: 19.2m
Market cap: £576m

Trading statement

XP Power, one of the world’s leading developers and manufacturers of critical power control components to the electronics industry, is today issuing a trading update for the quarter ended 30 September 2018.


  • Order intake for the 9m to 30 Sep 2018 was up 8% on a LFL basis, and 11% higher including acquisitions (18% on a constant currency basis).
  • Revenues for the 9m are up…

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