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

Agenda -

Paul's section:

Studio Retail (LON:STU) (I hold) - impressive results for FY 03/2021, and encouraging outlook comments. Seems strikingly cheap on a PER of only 6.6 - scope for a re-rating? I think so

Saga (LON:SAGA) (I hold) - tender offer for old bonds is over-subscribed, and scaled back to the £100m maximum. Finances now look much more secure.

Cake Box Holdings (LON:CBOX) - strong results, despite the pandemic. Looks a smashing business, and the big rise in share price seems fully justified.

M&c Saatchi (LON:SAA) - late 2020 accounts finally published. Strong H1 2021 trading is more important. Good news re reduced potential dilution. Could be worth a fresh look, by readers, but it's not for me.

Jack's section:

Pendragon (LON:PDG) - Pendragon confirms its peers' comments. Trading is strong for car retailers right now. These shares are often cheap due to their low margins but it's possible that the industry-wide rerating has further to run. Potential H2 supply disruption is flagged as a possible concern, however.

Wynnstay (LON:WYN) - record underlying profit before tax for this prudently managed supplier to the UK agricultural industry. Low margins and slow growth in the past might put some off, and the shares are not the bargain they were six or so months ago, but Wynnstay has a solid expansion strategy, strong finances, and a good dividend track record.

Carclo (LON:CAR) - turnaround situation that has rerated aggressively. Results probably not as bad as initial market reaction suggests (this has been a tough year for most operators) and there is potential upside from here - but there are also material risks to consider as well.

Timing - today's report is now finished.

Disclaimer -

A friendly reminder that we don’t recommend any stocks. We aim to cover notable trading updates & results of the day and offer our opinions on them as possible candidates for further research if they pique your interest. We tend to stick to companies that have news out on the day, and market caps up to about £700m. We avoid the smallest, blue sky type companies, and a few specialist sectors (e.g. resources, pharma/biotech).

A central assumption is that readers then DYOR (do your…

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