Maynard Paton | Category: My Shares

Getech: I’m Not Tempted To Top Up Just Yet

03 November 2015
By Maynard Paton

Quick update on Getech (GTC).

Event: Final results published 03 November

Summary: Oh dear — a profit warning for 2016. So much for management’s optimism from just a few months ago! The oil-sector downturn has also created extra guesswork with GTC’s valuation, while I remain concerned about the firm’s hefty development expenditure. Nevertheless, I believe GTC’s range of specialist data and services, alongside an asset-rich balance sheet, should see the firm through the difficulties. I continue to hold.

Castings: I’ve Forged Ahead With This New Buy

23 October 2015
By Maynard Paton

Today I’m revealing my latest share investment.

The company in question is Castings (CGS), a long-established iron castings and machining group that’s based in the Midlands.

You may recall that, back in September, I added Castings to my watch list.

Well, after mulling over that write-up, I then bought in at an average price of 426p including all costs. The bid price is now 440p and the holding currently represents about 8% of my portfolio.

When I invested, I felt this £188m firm offered many traits of a respectable investment.

Important attractions for me included a durable dividend, an asset-flush balance sheet, improving productivity, good-value management and an upbeat immediate outlook. What’s more, a possible P/E of 11 suggested the shares were priced quite modestly.

However, I recognised CGS was by no means a one-way bet. Obvious risks include serving a small number of large customers and a recent profit history that has seen its ups and downs.

Tristel: The Shares Have Rallied And I Am Holding On

13 October 2015
By Maynard Paton

Quick update on Tristel (TSTL).

Event: Final results and annual report published 12 October

Summary: It’s always nice to see your largest holding issue good figures and watch the share price rally strongly! These results met or exceeded my expectations, with bumper H2 margins, good all-round revenue growth and upbeat management commentary. The firm’s repeat-purchase and patent-protected products continue to promise further growth — notably in the United States — and the current valuation reflects such optimism. I continue to hold.

Andrews Sykes: Interim Results Sustain 7.4% Yield

30 September 2015
By Maynard Paton

Quick update on Andrews Sykes (ASY).

Event: Interim results published 30 September.

Summary: Not a bad set of results, although the performance was flattered by the poor figures of 2014. The highlight was the positive outlook statement and the prospect of further second-half progress. While ASY may find long-term growth elusive, the accounts remain solid and the company continues to pay out all of its earnings as a dividend. I continue to hold.

French Connection: Grim Figures Confirm Basket-Case Status

21 September 2015
By Maynard Paton

Quick update on French Connection (FCCN).

Event: Interim results published 21 September

Summary: A grim set of figures that had been flagged by an earlier profit warning. News of further store closures and maintained gross margins were reassuring in the circumstances, but the real saving grace was the relatively positive outlook for the second half. There’s still a chance this share could one day prove to be a bargain, but for now its basket-case status remains intact. I continue to hold.

FW Thorpe: More Dependable Results With A Super H2

17 September 2015
By Maynard Paton

Quick update on FW Thorpe (TFW).

Event: Preliminary results published 17 September

Summary: Yet another dependable set of figures, with revenue, profit and the dividend reporting further advances — and all accompanied by the usual unpretentious management commentary. That said, it is TFW’s smaller divisions that are making the greatest strides at present — and it remains to be seen whether they can sustain such progress. Elsewhere, a recent acquisition is doing well and the balance sheet remains flush with cash. I continue to hold.

City Of London Investment: Why I’ve Reduced My Holding

15 September 2015
By Maynard Paton

Quick update on City of London Investment (CLIG).

Event: Final results and annual report published 14 September.

Summary: No surprises here, as everything important was revealed within July’s summary figures. However, CLIG did confirm its funds under management had dropped by 17% during the recent market downturn and my sums are now starting to ask questions about the 24p per share dividend. All told, I do not feel comfortable with the current valuation and have therefore decided to reduce my holding.

M Winkworth: Rental Goal Looks Promising Amid Lacklustre Results

09 September 2015
By Maynard Paton

Quick update on M Winkworth (WINK).

Event: Interim results published 8 September

Summary: A somewhat lacklustre set of results, blamed on a nervous pre-election housing market and extra costs associated with a corporate-relocation department. While the potential of additional lettings income looks promising, cash generation remains disappointing. I still like the simplicity of this franchising business, but must admit to having doubts about the size of its full potential. I continue to hold.

Tasty: Accelerated Expansion Supports Multi-Bagger Hopes

08 September 2015
By Maynard Paton

Quick update on Tasty (TAST).

Event: Interim results published 8 September

Summary: A very satisfactory set of results, with highlights including higher margins and a further acceleration of new restaurant openings. It certainly appears as if TAST will expand using debt rather than equity, though further borrowings will be needed for the business to become self-funding. I remain convinced the family management here can replicate its earlier success at Prezzo (PRZ) and can perhaps quadruple TAST’s market cap. I continue to hold.

Record: I’ve Slashed My Earnings Guess By 27%

25 August 2015
By Maynard Paton

Quick update on Record (REC).

Event: Business update published 25 August

Summary: A very disappointing statement. A major client has withdrawn $2.8bn from REC’s administration and I’ve had to slash my earnings guess by 27%. The shares have dropped significantly, though at 29p they remain valued at 10x possible profits and yield 5.7%. The business remains high margin and cash rich, but sadly still dependent on a small number of customers. I continue to hold.

Mincon: Tough Results Showcase Improved Q2, 15% Margins And £24m Net Cash

24 August 2015
By Maynard Paton

Quick update on Mincon (MCON).

Event: Interim results published 19 August.

Summary: These figures were not too disappointing given MCON’s lacklustre first-quarter statement. A definite improvement occurred during Q2 and 15% margins suggest MCON retains a respectable competitive position. Nonetheless, the firm’s acquisition strategy remains unproven and working-capital demands are still very high. While a P/E valuation of 12-14 does not tempt me to top up, I continue to hold.

French Connection: Reasons To Keep Holding (As Well As Avoid!) This Frustrating Investment

Today I’m summarising my current thoughts on French Connection (FCCN), a small-cap fashion retailer that continues to suffer from poor trading and which remains an under-whelming investment in my portfolio.

You can read my earlier Blog posts on FCCN here. But to cut to the chase, a trading statement in April owned up to weak retail sales and it’s likely the current year will witness FCCN’s seventh overall annual loss in eight years.

One day I’m sure a sustained turnaround here could deliver an exceptional share-price gain — although there is the real chance this company may never actually turn…

Anyway, prompted by FCCN’s share price falling steeply of late, I’ve weighed up the various pros and cons of what has become a very frustrating business and investment. Just to confirm, I continue to hold the shares.

Watch List: Updates On Ashmore, Bioventix, Daejan, Goodwin, Latchways And Shoe Zone

5 August 2015
By Maynard Paton

Today I’m reviewing the six shares that reside on my Watch List. After all, there’s no point in me operating a Watch List if I don’t occasionally review the progress of my potential investments — and ensure I’m all ready to buy when their valuations become more attractive!

So here is what’s happened at my Watch List companies since the initial write-ups.

City Of London Investment: 7% Income Confirmed In Double-Quick Time

15 July 2015
By Maynard Paton

Quick update on City of London Investment (CLIG).

Event: Summary annual results published 15 July

Summary: A set of satisfactory outline results, commendably issued once again in double-quick time. But it was no real surprise to see CLIG downgrade some of its earlier growth assumptions, while new client money continues to be required to help earnings recover and lift the dividend. The accounts remain great and for now I’m content with the 24p per share payout and 7% income. I continue to hold.

Mountview Estates: My NAV Guess Is £180 Per Share

26 June 2015
By Maynard Paton

Quick update on Mountview Estates (MTVW).

Event: Preliminary results published 25 June

Summary: MTVW’s best-ever results, albeit they included what looks to have been quite a weak finish to the year. Importantly, gross margins were high and management’s outlook continues to be positive. Furthermore, the dividend marched upwards once again. My sums point to a possible NAV of £180-plus per share based on the firm’s previous gains from its sold properties. I continue to hold.

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