Good morning, it's Paul & Jack here with our usual daily review of company news.  We've done some shorter sections, to cover more companies, see the agenda below. Today's report is now finished.

Agenda

Paul's Section:

Best Of The Best (LON:BOTB) (I hold) - a reassuring update for FY 4/2022, with revenues as expected, and profits "slightly ahead" of expectations. With trading now apparently stabilised, after a large drop in previous expectations, the PER of 10 is looking good value again.

Vertu Motors (LON:VTU) (I hold) - stellar results for FY 2/2022, from this well-managed chain of car dealers. The bonanza, fuelled by high used car prices, is continuing. Valuation is strikingly cheap, even if future earnings drop right down again. The balance sheet is chock full of freehold property, and shares trade  at about a 20% discount to NTAV - this doesn't make any sense to me. Strikingly cheap.

Quickies (no sections below in main article) -

Ten Lifestyle (LON:TENG) - £50m market cap (up 1% to 60p today) - I’ve had a quick skim of the interim results from this corporate concierge service provider. It’s still loss-making, and the weak balance sheet (negative NTAV) doesn’t provide much comfort. The company is hoping for improved business as travel resumes. It’s made losses every year, quite heavy in some years, since listing in 2017, so for me the business model is unproven - not an attractive investment proposition, especially when we’re in a bear market. So not one for me. [No section below]

Anexo (LON:ANX) - £150m market cap (up 3% today to 126p at 12:22) - this is a credit car hire (re accidents) and other claims business (e.g. dieselgate claims). Fabulous profits reported today for FY 12/2021, very low PER. But there's a catch - the profits are not turning into cash, in fact cashflow was negative, because all the profits are going into increased receivables. Receivables are a staggering £188m, on £118m revenues. This looks a lot like Quindell, for those of you who remember how that booked huge profits, but ran out of cash because it couldn't collect in its payments. Accident Exchange was another one further back, that also sank under the weight of non-payment of receivables. Bank debt is also high. I wouldn't go anywhere near this share for these reasons. It's on my…

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