So good that after doing my research I purchased today.
Good write up and buy recommendation in the Investors Chronicle yesterday.
5 Sep '14
Interim results webinar
https://www.youtube.com/watch?v=38k4w3_X6xs#t=123 (Although the audio is quite poor.)
4 Sep '14
Even taking into account the Harmonic deal (worth ~£600k PBT) it still doesn’t look as appetising as it did before.
4 Sep '14
Revenue is slightly down, which is slightly surprising. PBT and EPS both rose (42% and 31% respectively) but the Pebble Beach acquisition was always going to increase PBT by about 42% anyway so basically there’s been no organic growth. Again I’m surprised by this. The cash to total liability ratio used to be a very impressive. With cash covering 62% of all liabilities. Now that total liabilities (incl a 90% rise in current liabilities) have more than doubled, that ratio has fallen to 27%. Also as a result of the sharp rise in liabilities is that the EV has increased hugely to the extent that, even if I take an optimistic view of where EBIT will be this year, it no longer looks cheap. Very disappointing
3 Sep '14
Very bullish note here too: http://www.equitydevelopment.co.uk/doc/1244.pdf Glad I didn't sell at the first site of results, was tempted!
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