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

Could I ask that subscribers please don't copy any content from here onto any other websites. It's subscription content that people are paying for here, so it shouldn't be plastered all over the internet for non-subscribers. Thanks.

StockSlam - is tonight! A fun, free, social event online. 10 pitches of 3 minutes each, from private investors, talking about shares they like. Details here.

Timing - today's report is now finished.

Agenda -

Paul's Section:

Audioboom (LON:BOOM) - trading update from yesterday. Impressive revenue growth here, but no profits yet. Looks interesting, but how do we value it?

Gear4music Holdings (LON:G4M) - I had a short phone call with management, here's what I asked them.

Joules (LON:JOUL) (I hold) - trading update for FY 05/2021. Slightly ahead of market expectations. I plough through the detail. This is one of my favourite long-term holdings. Priced probably about right for now, but big increases in earnings are forecast. Strong growth from Friends of Joules ecommerce marketplace. Stores now re-opened and trading ahead of 2019.

Vertu Motors (LON:VTU) (I hold) - more profit upgrades. This looks astonishingly cheap, on a PER of c.8, and fully asset backed with freehold property. It's also up-to-date with eCommerce, and has twice as many cars for sale online as competitor Cazoo, which is currently valued on the NYSE at $7bn!

Jack's Section:

Marlowe (LON:MRL) - strong adjusted results and runrate revenue already comfortably ahead of FY21. Management is executing at pace but there's a lot to keep on top of at this buy and build operator.

Manolete Partners (LON:MANO) - good growth in case numbers and potential for more insolvencies as government support relaxes, but liquidity is an issue and there is a degree of subjectivity required in the accounts.

Audioboom (LON:BOOM)

900p (up 2% at 15:18) - mkt cap £141m

Trading Update

Audioboom (AIM: BOOM), the leading global podcast company…
Revenue expected to be significantly ahead of current market expectations … and an increased adjusted EBITDA

Revenues, not profits note.

Key points -

High demand for ads has allowed a 22% rise in average ad unit pricing - sounds encouraging

Greater than 97% fill rate on the…

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