My Shares

Mincon: Remarkable €8m Disposal And Promising ‘Challenger’ Contracts Offset Mixed H1 Trading And 14% Profit Drop

27 August 2019
By Maynard Paton

Results summary for Mincon (MCON):

  • Mixed progress, with little underlying revenue growth and profit down 14% due to a “softening market”.
  • Earnings were bolstered by the remarkable €8m disposal of a subsidiary purchased 15 months earlier for effectively €1m.
  • New ‘challenger’ plan of selling direct to customers appears to have started well with two new contracts won.
  • Financials could be improved after accounts show modest margins, notable write-offs and significant working-capital investment.
  • The underlying P/E of 20 is not a bargain. I continue to hold.

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Daejan: NAV Reaches New £119 Per Share High But Management Remarks Of Slowing Growth Now Leaves Price-To-Book At 46%

14 August 2019
By Maynard Paton

Results summary for Daejan (DJAN):

  • These full-year figures set new records for revenue, up 9%, net asset value, up 7% and the dividend, up 3%.
  • The 3.5% valuation gain was DJAN’s lowest since 2012 following the “uncertainty” caused by Brexit. Management remarks suggested current-year growth could slow further.
  • A significant purchase in the States has lifted the proportion of US properties to 29% of the group’s estate.
  • The accounts remain conservatively financed and the property valuations continue to appear prudent.
  • The share price represents only 46% of net asset value — the lowest percentage for seven years. I continue to hold.

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City Of London Investment: Dividend Yield Still Tops 6% After Mixed 2019 Summary Shows FUM At Record (GBP) High But Fee Rates Sliding Lower

26 July 2019
By Maynard Paton

Results summary for City of London Investment (CLIG):

  • These 2019 summary figures contained no surprises, as lower funds under management (FUM) throughout the year left revenue down 6% and profit down 16%.
  • FUM ironically ended the year at its highest-ever level in GBP terms (£4.2b), as client money once again trickled out of the main emerging-market funds and in to other strategies.
  • The overall fee rate paid by clients slid from 80 basis points to 76 basis points.
  • The accounts continue to sport high margins, a robust return on equity, decent cash flow and net cash.
  • The P/E is approximately 10 and the yield tops 6%, although the shares have traded on a similar rating for years. I continue to hold.

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Mountview Estates: 2019 Results Show Encouraging H2 As NAV Climbs To £94 Per Share And Closer To £97 Share Price

15 July 2019
By Maynard Paton

Results summary for Mountview Estates (MTVW):

  • Brexit “uncertainties” led to MTVW’s lowest annual revenue and earnings since 2013.
  • At least the dividend was held and net asset value reached a fresh £94 per share high.
  • A higher gross margin during the second half was encouraging and may indicate MTVW is enjoying slightly stronger sale prices.    
  • Debt represents a low 12% of the group’s property estate — which continues to be accounted for at cost.
  • My sums suggest MTVW’s balance sheet could actually be worth £200-plus per share — more than double the recent share price. I continue to hold.

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System1: 2019 Results Prompt Awkward Questions After Woeful £3k AdRatings Revenue

25 June 2019
By Maynard Paton

Results verdict on System1 (SYS1):

  • An unspectacular performance with gross profit unchanged and profit rebounding due only to cost cuts.  
  • The new AdRatings service suffered a woeful start after generating revenue of just £3k.
  • The lack of all-round progress prompts awkward questions as to whether the group’s advert-analysis services are actually of much interest to the marketing industry.
  • The accounts remain cash rich and would exhibit respectable ratios were it not for the chunky AdRatings start-up costs.
  • The P/E could be somewhere between 10 and 15 assuming AdRatings one day breaks even (or is scrapped). I continue to hold.

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Andrews Sykes: 2018 Results Show Profit Rising 18% To New High But Absence Of ‘Cautiously Optimistic’ Outlook Hints At Weaker 2019 Figures

22 May 2019
By Maynard Paton

Results verdict on Andrews Sykes (ASY):

  • Very favourable weather helped revenue gain 10% and profit jump 18% to set new records.
  • European sales soared 24% to represent almost a quarter of the business, and continue to offer further potential.
  • Accounts showcased wonderful margins, robust returns on equity, reassuring cash levels and respectable cash flow. 
  • Absence of “cautiously optimistic for further success” within management’s outlook hinted that 2019 may not be as buoyant as 2018.
  • The underlying P/E could be 16 while the yield is 3.3%. I continue to hold.

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Getech: 2018 Results Showcase Impressive 24% Products Revenue Gain But Full Profit Recovery Remains Dependent On Stronger Oil Price

10 May 2019
By Maynard Paton

Results verdict on Getech (GTC):

  • Total revenue gained 11% to set the highest level since 2015. The dominant and more attractive Products division impressed with a 24% revenue improvement.
  • Progress was achieved in particular by a last-gasp $3.2m sale that contributed approximately 30% to the top line.
  • Profit was hampered by the loss-making Services division, although significant cost savings have since been made.
  • The direction of the oil price may largely dictate whether GTC’s oil-exploration software sells well (or not) during 2019.
  • The £11m market cap requires greater earnings to underpin obvious upside potential. I continue to hold.

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Oleeo: 155-Word H1 Statement Could Strangely Mark The Low Point For Earnings As £13m Market Cap Compares To £11m Net Cash Position

07 May 2019
By Maynard Paton

Results verdict on Oleeo (OLEE):

  • A terse 155-word statement revealed an unsurprising 50% profit plunge as OLEE extends its “capacity to suffer” to four years.
  • At least revenue continues to inch ahead and might even be growing at a reasonable pace if the largest customer is excluded.
  • Recent client installations include all four Welsh police forces — cementing OLEE’s 50%-plus share of supplying UK police recruitment IT.
  • A lack of guidance for the full-year could strangely mark the low point for earnings. 
  • A £13m market cap is almost entirely supported by the £11m net cash position. I continue to hold.

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M Winkworth: Franchisees Continue To Gain On Foxtons As Acceptable 2018 Figures Support Yield Of 6%

18 April 2019
By Maynard Paton

Results verdict on M Winkworth (WINK):

  • Collecting a greater proportion of franchisee estate-agent income supported an acceptable rate of growth.
  • Subdued sector conditions likely to persist until “relative [political] stability” emerges. 
  • Further market-share gains won from London rival Foxtons, while threat of online competition continues to subside.
  • Accounts still exhibit high margins, a cash-flush balance sheet and appealing returns on equity.
  • P/E of 11 and yield of 6% do not appear expensive should earnings resume their momentum. I continue to hold.

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Bioventix: Bumper H1 Results Showcase ‘Modest’ 24% Growth As Renewed Troponin Optimism Helps Sustain 34x P/E

16 April 2019
By Maynard Paton

Results verdict on Bioventix (BVXP):

  • Very satisfactory 24% growth led by ongoing “modest” demand for the group’s vitamin D antibody.
  • Effect of terminated product licence may have obscured an underlying 28% revenue advance.  
  • Fledgling troponin product plus various pipeline developments offer intriguing long-term potential.  
  • First-class accounts continue to exhibit terrific margins, net cash and scope for further special dividends.
  • Valuation remains understandably rich with an underlying P/E of 34. I continue to hold.

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S & U: Record FY Results Show Dividend Up 12% But Management Hints Of Slowing Growth Leave Yield At 6%-Plus

05 April 2019
By Maynard Paton

Results verdict on S & U (SUS):

  • Satisfactory double-digit growth supported mostly by additional car loans issued during the first half.
  • Rising bad debts clearly indicate borrowers are no longer as profitable or reliable as they once were.
  • Improved first-payment rate suggests underwriting tweaks have started to curb future write-offs.
  • Reduced level of customer lending during the second half generated surplus cash and lowered group debt.
  • P/E of 10.7 and yield of 6.2% reflect management hints of slowing progress. I continue to hold.

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FW Thorpe: H1 Results Confirm 10% Profit Drop As Cash Piles Up To New £53m Record

29 March 2019
By Maynard Paton

Results verdict on FW Thorpe (TFW):

  • Lower revenue and profit due to “challenging trading conditions” caused perhaps by the collapse of Carillion.
  • The statement’s highlight was management talk of orders having returned to “record levels”.
  • Fresh product developments continue and include “radical” new range of workplace lighting.
  • Accounts showcase huge £53m cash pile while dividend on course for 17th consecutive annual increase. 
  • Underlying P/E of 21 seems optimistic given recent progress. I continue to hold.

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Tasty: Equity Placing On The Way As Results Offer Glimmers Of Hope Amid Further Losses And Significant Debt

22 March 2019
By Maynard Paton

Results verdict on Tasty (TAST):

  • Miserable figures blighted by debts and losses that confirmed — albeit within the small-print — that an equity placing is on the way.
  • The shares are now a gamble based on how much shareholders are asked to raise and at what price.
  • Second-half trading offered hope through greater cash generation alongside improved sales per restaurant and per employee.
  • Restaurants continue to be sold for cash although current trading was described as “slow”.
  • Market cap now £4.2m for sales of £47m and 58 restaurants. I continue to hold.

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Mincon: Acceptable 2018 Results Show 10% Organic Growth And Outline ‘Disruptive’ New Drilling Product

20 March 2019
By Maynard Paton

Results verdict on Mincon (MCON):

  • Acceptable double-digit growth supported by encouraging organic sales and the purchase of Driconeq.
  • New ‘Greenhammer’ product appears to offer attractive possibilities through “disruptive technology”.
  • Year ahead to focus on consolidating operations after bumper orders created production constraints during 2017 and 2018. Recent trading not buoyant.
  • Accounts offer scope for improvement as hefty stock build-up unwinds, capital expenditure falls and cost savings are found.
  • The underlying P/E of 19 is not an obvious bargain. I continue to hold.

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Tristel: Record H1 Results Deliver Wonderful 28% Dividend Lift But Further FDA-Project Mishaps Dash Any Hope Of Early US Sales

28 February 2019
By Maynard Paton

Results verdict on Tristel (TSTL):

  • Very satisfactory double-digit growth supported by encouraging progress both within the UK and abroad.
  • A new product and a recent acquisition offer attractive medium-term potential.
  • Continued bungling of the US regulatory project raises awkward questions about the associated consultants and decision-makers.
  • Accounts remain in good shape with high margins, net cash and conservative reporting of ‘one off’ costs.
  • Valuation remains understandably rich with an underlying P/E of 26. I continue to hold.

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