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Energean plc posted audited full-year results for the year ended 31 December 2023 this morning. The first major step up in Group production has been achieved with FY23 production of 123 kboed (83% gas), up 200% year-on-year, primarily as a result of a full-year of production from Karish (Israel). Management also reconfirmed that day-to-day production in Israel continues to be unimpacted by the ongoing geopolitical developments. Financial performance was commensurately strong. 2023 sales and other revenues were up 93% to $1,420 million. 2023 profit after tax was $185 million up from $17 million in 2022. The Group’s balance sheet was strengthened considerably with Group cash at 31 December 2023 of $372 million and a 50% reduction in Group leverage to 3x. A Q4 2023 dividend of 30 US$cents/share was also declared on 22 February 2024. Valuation remains very attractive with forward PE ratio at just 3.9x and dividend yield over 10%. The share price lacks positive momentum and geopolitical risks remain to the forefront, but the strength of distributions alone makes this an appealing share to own. And management guided for another uptick in production to 155 - 175 kboed in 2024. BUY....
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/ENOG/835
Alpha Group International plc posted FY 23 results this morning. Group revenue increased 12% to £110.4m with FX Risk Management revenue up 10% to £76.3m while Alternative Banking revenue was up 18% to £33.9m. Interest on client balances grew to over £73m from £9.3m due to the higher interest rate environment. Underlying profit before tax grew 11% to £43.0m while reported Profit before tax increased 148% to £115.9m accordingly. Reported basic EPS was up 124% to 206.2p. A Final dividend of 12.3 pence per share was proposed making the total final dividend for FY23 16p. A SBB of up to £20m was also initiated in January. The balance sheet remains very strong, debt free with adjusted net cash increasing by £64m to £178.8m. Valuation remains unhelpful with forward PE at 23.6x and PS ratio at 6.55x bottom and 3rd quartile respectively. Share price also lacks positive momentum and is in its 3rd consecutive year of sideways range trading. That being said the share is low in range and moving up on today’s release, and it could generate some short-term upside even while remaining range bound. The share is also well worth knowing about for the longer run. BUY. ..
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/ALPH/834
Team Internet Group plc posted solid audited FY23 results this morning. Revenue increased by 15% to $836.9m adjusted EBITDA increased by 12% to $96.4m, operating profit increased by 26% to $42.3m while PBT increased by 98% to $29.3m. Adjusted EPS for the year rose 32% to 23.22c while a final dividend of 2.0p was proposed, up 100% as the group continues to pursue the progressive dividend policy launched in 2022. Net debt increased by 31% to $74.1m primarily due to $39.7m of cash share repurchases. Valuation remains compelling with forward PE ratio at just 7.5x in the top decile for Software & IT Services companies. The share price lacks some positive momentum and has been drifting sideways in range for a couple of years. There is no rush to buy at the moment, but the share is certainly worth monitoring and will be well worth owning once it does start moving....
....from WealthOracle
wealthoracle.co.uk/detailed-result-full/TIG/833
Wealthoracle.co.uk/detailed-result-full/BGEO/832
bank of georgia group plc posted impressive fy23 prelims this morning continuing the bank’s trajectory of robust and very profitable growth. bgeo had 1.8 million monthly active retail clients as of 31 december 2023 up 10.8% y-o-y, operating income was gel 657.2m in 4q23 up 12.4% y-o-y, while in fy23 as a whole, operating income was up 26.4% yoy to gel 2,530.4m. for fy23, profit was gel 1,374.7m, up 21.4% y-o-y, while the bank's basel iii cet1, tier1, and total capital ratios stood at 18.2%, 20.0%, and 22.1%, respectively, all comfortably above the minimum requirements of 14.5%, 16.7%, 19.6%, respectively. so more robust top and bottom line growth with a very solid balance sheet in tow. valuation also remains reasonably attractive for the sector with forward pe ratio at 5.1x top quartile for the banking services sector. the share price also has strong positive momentum. buy...
...from wealthoracle
***************************detailed-result-full/bgeo/832
Vistry Group posted impressive FY23 finals this morning confirming that the Group has established itself as the country’s leading Partnerships business. The resilience of the Group's unique Partnerships model was clearly demonstrated delivering a total of 16,118 new homes in 2023, down only 5.4% on the proforma prior year and highlighting the outperformance of VTY relative to the other UK homebuilders. Revenue was up 29.8% to £4,042.1m on an adjusted basis or up 28.6% to £3,564.2m on a reported basis. Reported PBT was up 23.2% to £304.8m while basic EPS dipped 25.3% to 64.6p. The outlook provided for FY24 was also solid with the Group on track to deliver strong growth in completions in 2024, targeting in excess of 17,500 units. This solid expansion is underpinned by a forward sales position totalling £4.6bn, of which £2.1bn is for delivery this year. Valuation is decent with forward PE ratio at 12.4x average for the sector. The balance sheet is solid with net debt at just £88.8m and the share price has positive momentum. BUY....
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/VTY/831
4imprint group posted bumper fy23 finals this morning. revenue was up 16% to $1,326.5m, pbt was up 36% to $140.7m and basic eps was up 32% to 377.9c. the business is extending its robust and profitable growth trajectory, profitability metrics are top quartile for the sector. the balance sheet remains very solid with limited debt and cash and deposits up to $104.5m. the total proposed dividend for the year was up 34% to 215c. valuation is a little rich with forward pe ratio at 19x and ps ratio at 1.67x, but neither are prohibitive. the share price also has solid positive momentum and is extending its rally off post covid lows in to a 4th year. buy. ...
....from wealthoracle
***************************detailed-result-full/four/829
wealthoracle.co.uk/detailed-result-full/four/829
Hill and Smith plc posted healthy FY results for the year ended 31st December this morning. Revenues were up 13% to £829.8m, underlying PBT was up 27% to £111.9m and statutory EPS was up 29% to 86p. A final dividend of 28p was proposed, up 27% on the year, making a total dividend of 43p. The balance sheet remains solid with covenant leverage at 0.4x EBITDA allowing plenty more scope for organic and acquisitive expansion. Indeed, there has been more positive momentum on M&A in 2024 year to date with a further £11.6m investment across two acquisitions completed and the M&A pipeline is healthy. Valuation is no longer cheap with forward PE ratio at 17.1x, but the share price remains in an 18-month uptrend. BUY. ...
....from WealthOracle
wealthoracle.co.uk/detailed-result-full/HILS/828
procook group plc issued a trading update for the 16 weeks ended 15 october 2023 this morning. total revenue of £15.7m in the second quarter was -1.8% year on year, first half revenue of £26.3m was -3.8% year on year. the second quarter results reflect a strong summer sale performance during july and august, aided by considerably more favourable weather year on year. trading in september and into early october has been markedly softer, with lower footfall and traffic, and customers increasingly seeking out greater value and promotional offers. the board remains cautious with regards to the fy24 outlook given the highly challenging market conditions which persist. valuation is very attractive with forward pe ratio at 5.6x top *****ile for the household goods sector, dividend yield at over 7% also looks generous. however share price remains in a slump. monitor for now...
...from wealthoracle
wealthoracle.co.uk/detailed-result-full/proc/826
Record plc issued a trading update for its Q2 ended 30th September this morning. Performance fees of £1.0 million were earned during the quarter with FY-24 YTD fees of £1.5 million. AUME were US$84.5 billion, including net inflows of US$1.5 billion for the quarter. Plans for diversification through the asset management and digital asset businesses continue to progress well, albeit in places more gradually than initially envisaged. Management will give more detail on strategic progress at half-year results in November. The balance sheet remains solid with negative net debt, valuation is average with forward PE ratio at 11.5x. Share price lacks momentum. Monitor for now..
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/REC/825
Tatton Asset Management plc issued a trading update for the for the six months ended 30 September 2023 this morning. The Group is performing well and results are in line with the Board's expectations for the Period, with continued growth in both revenue and profits driven by strong net inflows. Total net inflows in the Period were £0.910bn, marginally ahead of both the final six months of the prior financial year (H2 23: £0.887bn) and the same Period last year (H1 23: £0.907bn), total AUM at the end of the Period was £13.720bn (30 September 2022: £11.343bn), an annual increase of 21.0% or £2.377bn. Including 8AM Global Limited assets of £1.064bn, AUM/AUI increased over the last twelve months by 19.8% or £2.441bn to £14.784bn (30 September 2022: £12.343bn). Valuation is unhelpful with forward PE ratio over 20x and PS ratio near 8.6x. Share price also lacks momentum. Monitor for now...
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/TAM/824
AJ Bell plc issued a trading update for its FY ended 30th September this morning. The platform business continues to grow solidly, customer numbers increased by 50,880 to close at 476,532, up 12% in the year. Net inflows in the year were £4.2 billion taking assets under administration to a record £70.9 billion, up 11% in the year. AJ Bell Investments continues to power ahead, net inflows in the year were £1.65 billion, up 57% versus the prior year, with AUM of £4.7 billion, up 68% in the year. The business continues to grow solidly and is very profitable. Valuation remains something of a cloud with forward PE ratio at 15.5x in the bottom quartile for the IB & IS sector. The share price also remains in a correction and lacks positive momentum accordingly. Monitor for now...
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/AJB/823
Supreme plc issued a trading update for the 6 months ended 30th September this morning. Trading is in line with management’s expectations for FY24 revenue of around £195 - £205 million and Adjusted EBITDA of approximately £28 - £30 million. This would equate to FY topline growth of 28% and adjusted EBITDA growth of over 50%. The Elf distribution opportunity has exceeded initial expectations and contributed to around half of the reported revenue and gross profit growth in the Period. Profitability ratios are high, the balance sheet is solid. Valuation also looks very attractive with forward PE ratio at 6.9x top quartile for the sector, dividend yield at nearly 3.6% is decent too. Share price lacks positive momentum, there is no rush to buy. But SUP is certainly worth monitoring for the longer run...
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/SUP/822
Sigmaroc plc issued a trading update for the 9 months ended 30th September this morning. Like-for-like revenue growth was 7%, underlying EBITDA margin in the Period was 20% ahead of both the prior year and management's expectations, resulting in underlying EBITDA for the Period up 11% LFL to £87.1m. FY23 guidance was reiterated for revenue of £596.9m and underlying EBITDA of £110.2m, the latter would constitute a massive step on in profit. Valuation looks very attractive with forward PE ratio at 6.4x, PS ratio at 0.59x, the balance sheet remains in decent shape. Share price lacks positive momentum and is drifting back lower again at the moment suggesting that there is no rush to buy. But SRC is well worth monitoring for the longer run...
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/SRC/821
Shoezone Holdings plc issued a FY trading update for the year ended 30th September 2023 this morning. Group revenue increased by 6.1% to £165.7m, store revenue was up to £134.8m (FY 2022: £129.8m) with digital revenue up to £30.9m (FY 2022: £26.4m). Product margin increased to c.62.1%, adjusted profit before tax is expected to be not less than £16.0m (FY 2022: £11.2m). The Group’s balance sheet remains solid with net cash at £16.4m. Valuation is average with forward PE ratio at 10.8x, dividend yield at 3.67% is also average. Share price has been drifting sideways through 2023 but remains in a longer run uptrend. The weakening macro environment is a cloud for consumer cyclicals more generally, but SHOE is a solid, if unexciting, Speciality Retailer and certainly worth monitoring. ..
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/SHOE/820
XPS Pension plc issued a post close trading update for the HY ended 30th September this morning. Strong trading momentum from H2 last year has continued and HY Group revenues have grown 23% year on year to £94.5 million, 19% organically. Strong demand across all the Group’s services, new clients, and the inflation-linkage of contracts across the business all contributed to the growth. Guidance was positive, valuation is average with forward PE ratio at 14.5x, while the share price remains in a solid uptrend. The balance sheet is also reasonably healthy. A pretty solid investment case. BUY...
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/XPS/819
TPXimpact Holdings plc issued a HY trading update for the period ended 30th September and confirmed the disposal of TPXimpact Norway this morning. Strong trading performance in H124 has been encouraging and in line with management expectations, the Board expects to report first-half revenues of £41-42 million which would equate to like-for-like revenue growth of around 20% for H124. Adjusted EBITDA margins are expected to increase to 4-5% in H124 from less than 3% in H123. The balance sheet has strengthened with net debt (excl. lease liabilities) down to c. £13 million at 30 September 2023. Valuation looks attractive with forward PE ratio at 12.2x top third for the Software & IT services sector. Share price lacks momentum for the time being, but the move into statutory profit in coming years could be the catalyst to generate some appreciation. Monitor for now...
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/TPX/818
Cerillion plc issued a trading update for the FY ended 30th September this morning. Positive trading has been maintained through the second half following a very strong first six months which set new records for revenue and adjusted pre-tax profit. Revenue is expected to be approximately £39.0m with adjusted profit before tax expected to be meaningfully ahead of the consensus market forecast of £14.3m. The balance sheet remains strong with net cash at 30 September 2023 up to approximately £24.7m. Valuation remains unhelpful with forward PE ratio at 24.1x, but the share price remains in a solid multi year uptrend and has positive momentum accordingly. BUY...
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/CER/817
Avon Protection plc issued a trading update for the FY ended 30th September this morning. Full year trading was in line with the Board's expectations, as expected, trading in the second half of 2023 was stronger than in the first half, with order book growth and higher underlying earnings. H2 adjusted operating profit margin is broadly flat versus H1, the Group’s balance sheet is strengthening net debt-EBITDA on a covenant basis at the end of FY 2023 is expected to have reduced to around 2.0 times, compared to 2.6 times at the end of H1 2023. Valuation is decent if unexciting with forward PE ratio at 16.5x. However, share price remains in a longer run correction and lacks momentum. Monitor for now...
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/AVON/816
EasyJet Group plc issued a trading update for the year ended 30th September this morning and also announced a major new proposed aircraft purchase of 159 orders for delivery between FY29 and FY34. The Group guided for record Q4 headline PBT expected to be between £650 - £670 million and a return to FY profit with FY23 headline PBT between £440 - £460 million. Q1 FY24 capacity is expected to be up another 15% YoY, new medium-term targets were announced including the ambition to deliver >£1b PBT. A new shareholder returns policy was also proposed with the FY23 payout ratio set at 10% of headline PAT and FY24 payout ratio expected to rise to 20% of headline PAT. Valuation remains reasonable with forward PE ratio at 7.7x, the Group’s balance sheet looks solid. On the negative side of the ledger the share price lacks positive momentum and the weak cyclical economic outlook is the obvious main cloud for discretionary spending. Certainly worth owning for the long run at current prices, but no rush to buy....
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/EZJ/815