Good morning! It's just Paul here today, because Graham is tied up, preparing for his Mello Chiswick talk at 13:00. Today's report is now finished.

I'll be arriving at Mello Chiswick probably mid-afternoon today, and am participating in the "Stock Slam" (starts at 17:15), where about 12 of us will get 3 minutes to each pitch a stock idea. I've decided to focus on housebuilders, which I think are excellent value, and my favourite small cap builder, mentioned here positively before, MJ GLEESON (LON:GLE)

I'm hoping to meet lots of Stockopedia subscribers at Mello Chiswick, do say hello - I'll be carrying a fluorescent yellow rucksack - as you know, I like to fade into the background! ;-)


Paul's Section only today: - John Pye Auctions is to sell off the inventories, expected to begin soon. Click here for details, where you can pre-register, and maybe pick up a bargain?

Card Factory (LON:CARD) - a positive update came out mid-afternoon yesterday. It's raising profit guidance, as strong sales in H1 have continued into H2. This makes me much more comfortable about this share (which still has excessive net debt, remember). The coast now looks clear to gradually reduce debt from cashflows, without shareholders needing to worry about dilution or the bank getting cold feet. Risk:reward has significantly improved I think, so for that reason, I'll give it a thumbs up.

Renold (LON:RNO) - a quick review of its interim results has impressed me. Strong H1 trading, a record order book, upbeat mgt commentary, and a balance sheet that's OK, although net debt has risen a lot due to a big recent acquisition (that's already performing ahead of expectations). I explain why the risk of a profit warning looks low, and the valuation seems modest, with decent upside. So a thumbs up from me.

dotDigital (LON:DOTD) - I review the results for FY 6/2022 (seems very late). I'm pleasantly surprised by the numbers, and valuation looks quite reasonable once you adjust out the excess cash pile. I'm not sure about the longer term prospects, but as things stand now, this share looks quite attractive, having de-rated a lot in the last year. So it gets a thumbs up from me.

McBride (LON:MCB) [quick comment] - AGM trading update says its trading in line with expectations for FY 6/2023.…

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