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Here are some quick views on Acal Is this a competitive company? When a business talks about customise design and manufacture of electronics, you think of a high margin business. But operating margin is around 4%, which is small. Acal has two divisions and their profitable division is business design and manufacturing, which accounts for 52% of revenue �175.6m (2017) and employ 3,299 staff. Their custom distribution turnover �162.6m, but employ 443 staff. The division with the most staff earns the company a higher margin than the high expertise division where the staff are the high earners. The company is cylindrical and can suffer from falling demand. For example, sales can fall by 30% and the share price gets a pummelling. Have sales peaked? Sales haven�t peaked because Acal has been acquiring businesses in the last four years, as acquisitions total �87m. And that has shown in first-half revenue increasing by 21% (�33m) to �190m compared with last year (H1 2016/17: �157m). The question is: Will profit margin suffer due to numerous acquisitions? Valuation Looking at the PER (PE Ratio) is slightly above their 10-year historical average of 15 times comes to 18 times. Using the CAPE ratio (Cylindrical adjusted PE) this came to a record high of 30 times earnings. The 15-year average is 12 times. With revenue rising the market is expecting higher profits, so it is no wonder the share price is rising. Final Thoughts This isn�t a sector I specialise in, so can�t make any share price projection. Interested in other companies� updates and results, then click http://bit.ly/2ypK3dk

JKX faces claims close to $37m in Ukraine and will have to raise external financing if they lose. But, market capitalisation is a low �24m and that could mean an opportunity. This oil producer not only suffers from the fall in oil price but is caught between a rock and a hard place because it has operations in Ukraine and Russia. The political fallout between these two countries is ongoing, along with economic and military uncertainties. It reports a fall of 6.1% in oil production from 9,146 boepd to 8,590 boepd. On a nine-month basis, JKX Oil and Gas have seen daily production fall to 8,645 from 10,155, 16% decline. Some good news It was able to restructure their $16m (�12m) bond payments to amortised over three years starting from February 2018. The company made bond interest of $1.1m. Their next bond payment of $6.9m is due in February 2018 and it is able to finance from cash flow. Legal dispute There is total of $37m in claims from the UKRAINE, an area that accounts for 35% of production with the hearing expected shortly. Some Historical Analysis Oil production remained at similar levels for some time, but the revenue for that oil has changed. Back in 2011/12, JKX produces oil production equivalent of 8,000 to 9,000 per day, but their revenue (in � terms) fell from �148m in 2011 to �54.7m in 2016. In the past three years, it recorded annual net losses totalling �120m, whereas it made a �37m net profit in 2011. It has net borrowings of �2m, along with cutting their asset values down to �200m from �400m. Cash flow Net cash flow has declined dramatically from �80m to �12m. Meanwhile, capex is cut to �5.5m in 2016, although this will rise to maintain production level because depreciation and amortisation is �14m. Oil reserves 2P The company has 109m barrels of oils at the 2P level and 169.5m barrels at 3P level (though given the low price could mean uneconomical). The annual rate of production is equivalent to 3m-4m barrels per year. At current market capitalisation, you are getting $30m/109m, then the market is valuing JKX at $0.3 per barrel. Meanwhile, Tullow Oil is selling for $3 per barrel. Broker Forecast Stockdale securities have forecast a share price of 40p, a 280% share price appreciation. My thoughts The market capitalisation is nearly obliterated, falling from �540m in 2010 to �24m today, a 95% decline. If they lose the claims, then JKX would need to raise financing from shareholders and investors. It looks like a punt if you can stomach the tension between Ukraine and Russia. Therefore, I can�t value this business. But if they raise significant finance from shareholders (�50m) then I will be more confident about their prospect. If you want to read more about other companies� analysis, those who have released updates and results today,

WOW! A ridiculous and stunning admission in their trading statement all at the same time (mostly their CCD division). Here are my final thoughts: Overall this looks like a tempting recovery play after �self-inflicting� their business model and causing grief and reputational damage for the firm. 2017 will be a washout, but markets are forward-thinking and I get the vibe it might recover in 2018 as the problem is fixable. So, at �8 per share, this is a stonking buy. Provident Financial won�t suffer a deposit outflow because of FCR deposit guarantee of �85k (I think). And with customer deposits surpassing �1.2bn, this protects them from short-term market borrowings. The suspension of dividend helps to conserve cash. I can see a minimum 100% upside in a years� time if the recovery remain on course. My downside is the uncertainty of ROP fines, inconsistent improvements in CCD division (though this is unlikely) and the UK or world economy start suffering their second financial crisis. Other than that, it looks like a Buy to me. And peeking at the share price investors got the same vibe as I have. If you want to read the full analysis and other companies� analysis, those who have released updates and results today, then click http://bit.ly/2ylr9FU

Here are some interesting facts from this company. FIRST HALF RESULTS Group revenue grew by 5.6%, helped by 7.5% increase in their product revenue division. Their financial services division grew by 1.1% but was able to increase gross margin by 56.5%. Meanwhile, their product division will see margin fall 1.9% to 54%. Financial statements Despite higher revenues, N Brown saw adjusted net profit fell to �21m from �25.1m. The company reported higher exceptional items of �54.9m, up from �10m last year. This was due to a �40m writedown on their financing division because of an investigation from the FCA. It involves selling certain insurance products which were provided by a third-party insurance between 2006 and 2014. Meanwhile, store closures resulted in costs of �13.8m. Balance sheet One item looks out of place trades debtors. This is because debtors� days is over 200 and the product isn�t overly expensive. In fact, N Brown merged their finance division and their product division together meaning loans lent to customers to pay for their products takes a while to pay off. Here is N brown receivables: http://bit.ly/2z249tc Meanwhile, net borrowing has risen to �305m from �290.9m. Guidance for FY 2018 Here is the good news: - Financial Services gross margin +100bps to +200bps, compared to flat to +100bps previously. Here is the bad news: - Product gross margin -120bps to -70bps, compared to -120bps to -20bps previously. - Group operating costs up 4.5% to 5.5%, compared to 3.5% to 5.5% previously. - Net debt �325m to �335m, compared to �300m to �320m previously, reflecting the increased cash flow impacts of exceptional costs, together with the growth of our customer loan book -Exceptional costs of an additional c.�2m in the second half, as a result of our ongoing tax disputes with HMRC. Market Valuation Shares in N Brown has battled back from below �2 to �3.50. When it came to their valuation PE is trading close to their historical average of 13 times. Dividend is yield at 4% with growth in payout dropping to 5%. The dividend payout ratio is around 50% of earnings. Earnings yield is around 7%. Final Thoughts It looks like N Brown is experiencing rising costs from their product division. Also, the shares recovered from their lows and the half-year results and guidance won�t inspire further appreciation. At best, the share price would consolidate at around �3. You want to read more about companies releasing their results today, then click http://bit.ly/2yiGpUt

Looking SKY, here are some interesting thoughts. Sky PLC is under takeover propose from 21th Century Fox, a firm owned by Rupert Murdoch. It is currently under government review, and the takeover price is �10.75 per share. Current share price stands at �9.13 per share, a discount of 17.7%. Anyone playing this takeover needs to do due diligence. especially those using leverage. There is a chance the deal would get block by the government. The huge discount means investors aren't optimistic this deal gets made. Before the takeover got announced, Sky�s shares were trading around �8. A miscalculation could potentially cost investors 12%. unless Sky PLC saw improving operational performance. First quarter update Main numbers are: - 5% increase in like-for-like revenue to �3.3 billion. - 11% increase in EBITDA to �582 million. Business in Sky has been getting along and we can assume cost savings are made because sales increase is smaller than EBITDA. Rule of thumb (2% growth in sales and 10% growth in operating profit = increase in operating margin.) (10% growth in sales and 2% growth in operating profit = decrease in operating margin.) Historical Performance Without much data from Q1 trading update. Let�s look at Sky PLC over the years. Although turnover has grown exponentially, SKY has struggled to grow EPS consistently. There is a lot of debt on their balance sheet, especially after their acquisition of Sky Deutschland and Sky Italia for �7bn. However, this resulted in net borrowing spiking from �6bn to �15bn in one year. Now, it stands at �18bn, which is 23 times larger than net profit (�700m). Despite the low interest rates, SKY�s interest cover is below their historical average of 6.4 times to stand at 4.7 times. Market Valuation With only the first quarter numbers out, there�s a lot of information to measure valuation. Most brokers are putting a �hold� on the stock with price target of �10.75. One broker is super optimistic with a �13 price tag. Using 2018�s forecast, EV/EBIT is on 15 times multiple, with EBIT margin at 10.8%, below their historical average of 17%. Final Thoughts If takeover review panel blocks 21th Century Fox acquisition, then the potential downside is �8 per share. But, SKY�s performance has been up and down if you delve into the raw data. It explains why net debt to market cap. has risen from below 10% to 60%. You want to read more about companies releasing their results today, then click http://bit.ly/2yiGpUt

Norcros has been in the wilderness for four years. Now, it looks like making a comeback. Here are some thoughts on the trading update. At �1.76 per share, Norcros is an interesting company because the valuation looks insanely low. Half-year results showed a big improvement, with revenue growing by 12.5%. Their South Africa division grew by 21% helped by their currency. There has been no mention of profits. I expect South Africa will deliver higher profits, due to favourable currency movements. But, it only contributes 35% of pre-tax profits. I�m concern about their UK division whether reported sales growth of 8.4% has offset greater than expected rise in UK costs. Valuation Forecast for normalised EPS in 2018 and 2019 is 28.5p and 30p, giving it forward-PE of 6.2 times and 5.8 times, respectively. The market capitalisation is 30% below 2013�s peak, despite net cash from operations at a record high of �23m vs. 2013�s �5.6m. It is currently paying 4.5% in dividend yield, despite the payout ratio being around 35%. Dividend is growing at 10%. Final thoughts I like this company and would invest at this level. But given my 30 minutes� analysis, I urge you to DYOH! If everyone checks out, I can�t see why you shouldn�t buy this share. You want to read more about companies releasing their results today, then click http://bit.ly/2yiGpUt

Having looked at the results, here are my thoughts Proactis is a SaaS provider by giving solutions for finance and procurement (read more about it here) The results were pretty good as it recorded sales of �25.4m, an increase of 31% with normalised EPS increasing to 9p per share. With a cash balance of �4.3m, it has proposed an increase in dividend to 1.4p. Meanwhile, it reported a fall in reported operating loss of �2.6m, compared to adjusted profits of �5.25m. The blame lies on �non-recurring� admin. Expenses of �6.8m, up from last year �0.58m. The expenses shouldn�t be non-recurring! IMO As a subscription-based business, its deferred income represents 45%, down from 49%. You can assume this to be �recurring revenue� at the date of the balance sheet. Meanwhile, Cash earnings down slightly to �4.5m from �5m. HOWEVER, the company�s financial statement will change dramatically after acquiring Perfect Commerce. Looking Ahead and acquisition of Perfect The results ignored the �PERFECT� acquisition which resulted in the company acquiring it for $127.5m. Perfect has reported turnover of $39.7m (�30m) and EBITDA of $6.4m (�4.8m). Proactis acquired this through raising �70m in share placing and �28m debt from �45m Debt facility. Valuation Proactis Holdings is a fairly valued business at 20 times PE. Final Thoughts An interesting software business that is going places. I like this company, but it requires more research. For further results and analysis on other companies result, click http://bit.ly/2yFcLts

Having looked at the results, here are my thoughts This homebuilder completed 28% more homes than last year taking it to 3,389 homes. But, the average selling price ("ASP") reduced by 8% to �430,000, which was in-line with market expectations. The problem is their housebuilding division with average ASP reduced by 23% to �515,000, whereas the Partnerships division saw 12% increase to �343,000. Countryside contributes ASP rise in their Partnership down to �outer London and regional cities.� But the reason for price decline in their housebuilding division is down to reduce their exposure from the high-end product! It should say that London home price is falling. Land plots continue to grow to 38,811 plots, which is equivalent to 11.45 years� supply at current volume. No profit forecast Apart, from stating the obvious (Help to Buy scheme), there is no mentioned with a profit forecast. It will be interesting to know how the reduction in homebuilding selling price affects pre-tax profits. Historical and forecast Last year sales came to �671m, up from �277m in 2013. Meanwhile, operating profits were �87m, up from �17m. Stock, as % of sales is almost equivalent to annual turnover. PE ratio is at 25 times with EV/EBIT at 15 times. Although, PE is forecast to fall to 13 times. Also, the dividend yield is low at 1.5%. Comparison For the sake of comparison, Berkeley Holdings has PE of 8.5 times and EV/EBIT at 5.9 times. Final thoughts Their housebuilding division contributes 53% of turnover and 48% of pre-tax profits. With the division seeing a 23% fall in average selling price, this could push it into a net loss and will affect overall profitability. I feel without profits forecast, this is a delay reaction. As soon as they report their annual results (somewhere in November), we could see a major share price correction! Add in the fact that it is twice as expensive than the sector average, then the shares a sell, based on the lack of financial detail. Feel free to comment below. For further results and analysis on other companies result, click http://bit.ly/2yFcLts

Having looked at the results, here are my thoughts This former Anglo American subsidiary has come out with a profits warning without saying it was a profits warning (the devil is in the detail!) Although underlying (before exceptional and impairments costs) profit for the third quarter of 2017 of �245 million was 8% above the comparable prior year period (�227 million). The impact of planned maintenance shuts on operating profit for 2017 will be around �90 million. This means reported operating profits for 2017 will be down by 10%. Experiencing Higher Costs Mondi blames this on inflationary cost pressures and the impact of maintenance shuts. Also, currency movements had a net negative impact on operating profit versus the comparable prior year period driven mainly by a weaker US dollar and sharply weaker Turkish Lira. Lower Returns Operating margins is down to 13.9% from 16%, also, ROCE is down from 21.2% to 18.7%! Market Valuation Mondi�s share price had a good run, which saw the shares rose by 300% in five years. PE of 18 times looks rich when next year�s earnings will fall. Final thoughts Mondi�s shares had a good-run and shareholders should reduce their holdings and take profits. For further results and analysis on other companies result, click http://bit.ly/2yFcLts

Having looked at the results, here are my thoughts This UK omni-channel fast fashion womenswear brand is like BOOHOO. Their interim results showed a 35% increase in group sales to �56.1m from �41.5m. Sales breakdown is international operations saw an increase to �10m from �8.9m. Their UK operations, standalone stores and concessions increased by 15% to �32.3m in H1 2017 (H1 2016: �28.1m) with each channel performing in line with expectations. As always, the online side sparkle with growth of 204% to record �13.8m from �4.5m, helped by new distribution centre. Quiz PLC is a newly listed company (debut in 2017). It raised �102.7m in gross proceeds, where �10.6m is used to expand growth. Could this be the next BOOHOO? Potentially. They have a high operating margin close to 10% (higher than BOOHOO 7-8%). Their balance sheet is super strong with low debt levels and prudent levels of assets. Strong share proceeds mean growth gets funded for many of years, so shareholders don�t need to worry about fundraising. Another positive is hiring Peter Cowgill from JD Sports as non-executive chairman. You don't need to worry about someone who delivers profits to long-term shareholders! Shares look cheap when compared to BOOHOO and with Quiz PLC sales looking to break �100m in 2018. (Boohoo�s sales �294m) At �1.86, this value the business at �232m, compared to Boohoo�s �2.2bn valuation. Final Thoughts Quiz PLC looks attractive, especially when sales are growing at 30% apace. Margins are attractive. With 2018�s EPS forecast at 6.4 pence gives it forward-PE of 28 times, much lower than Boohoo�s 90 times. My advice is to research this company before taking a punt. If the due diligence turns out fine, then it�s worth a punt! For further results and analysis on other companies result, click http://bit.ly/2yFcLts

Here�s my analysis on Ideagen http://bit.ly/2z9yl6x �Five reasons why investors are optimistic about Ideagen and seven reasons you should be sceptical of their success� Having read some forum comments, I fail to see the competitive advantages of Ideagen PLC, apart from the casual argument of free cash flow growing to �6.2m or �4m-�5m profits. Although the latter is before depreciation and amortisation, share-based payment charges and exceptional items. Here are some questions, I would like answers to: -What are the competitive advantages of Ideagen? - Can management consolidate and integrating their acquisitions to increase economies of scale? -What would happen if investors stop funding the company�s acquisitions? Will this slow down revenue growth or is this a blessing in disguise to focus on optimising their profits?

Don�t know much about technology, but net cash generation coming from depreciation and amortisation, click http://bit.ly/2y4bbQI to see chart. Another interesting observation is since 2013 net cash earnings totalled �18.4m, but capital expenses came to �46.8m. This produces a deficit of �28.4m. How did they meet this cash shortfall? By issuing share proceeds totalling �34.2m. If you visualise it in your mind, you can see three-fifths of Ideagen total cash inflows coming from shareholders and market investors. Another way to evaluate Ideagen growth prospects is for every �1 generated internally, it needs to raise �2 externally. Click http://bit.ly/2z36swX to see table.

Capita�s share price decline can be summed up by falling employee productivity and out of control net borrowings growth. But there are other factors, such as: 1). Exceptional Charges; - The reason why reported EPS collapsed from 35.5 pence in 2014 to 5.5 pence in 2016 was the write-down of contracts and assets. That level of write-downs has totalled �740m in the past two-and-a-half-years. 2). Not fulfilling contracts obligations; - The London congestion charge cost Capita �25m, as they are unable to meet a deadline to install a system. There are delays in registering qualified GPs in the NHS, which resulted in GPs being sent home after getting hired. 3). Contract delays due to governmental budgetary constraints; - That is due to the delay in military contracts and missing out on a large pensions deal. 4). Falling profits led to questions over goodwill valuation; -Goodwill makes up a good chunk of total assets. It amounts to �2.15bn or 30% of total assets. In the event of falling profits, there is pressure on management to write-down Capita�s goodwill to reflect reality. The demise of Capita�s share price is fully researched http://bit.ly/2z21K2x And, if you happen to have an investment professional advising you about an �employee-based� company, then ask him/her these questions: -Is each employee generating a greater level of sales each year? You can use the period from 2007 to today. -Has the �company� employee generate greater profits each year? -Are total liabilities outpacing sales growth? -How much does goodwill accounts for total assets? The purpose of asking these questions are: -To give an impression to your adviser that you did your homework. -To make them think twice about taking you for a mug. -To display your analytical intelligence when it comes to stock research. Hope this helps and thanks for reading.

Capita declining share price didn�t happen because of problems in the past few years, but occur much earlier (you are talking about the time during the financial crisis). By using secondary metrics like Sales per employee, you would have noticed that productivity per staff has stalled and was experiencing a gradual decline. See here: - http://bit.ly/2wA7LSB Another interesting observation, which could disrupt the way we analysis market valuation is to pick the most important financial/non-financial data. For Capita, it is their employees. So, what you do is divide the employee numbers by market capitalisation to get market capitalisation per employee. Then you divide employee numbers by normalised profits to get normalised profit per employee. Next, divide Market Capitalisation per employee over Normalised profit per employee to get multiple. Much like the PE ratio, a low number signals cheap valuation and vice-versa. You measure that against Capita�s share price to achieve this correlation. http://bit.ly/2xUjO0V This gradual internal inefficiency has led to their share price decline.

When 447% sales growth (since 2002) doesn�t look too impressive http://bit.ly/2ypyt4K and is a big contributor to the decline of their share price.

Profits of £6m being quoted in the press look dubious because of the growing expense called amortisation and some depreciation! Ideagen is an acquisition business, therefore their investing activities should form a significant part of your overall assessment.

Thanks to Apple crashing the share price, it looks like some Chinese mobile manufacturers like Huawei is probably going to use IMG technology along with their own technology to enhance their model. Smart move and got the business on the cheap. They will be sending Christmas cards to Tim Cook for years to come if Apple suddenly sees their Chinese market share decline.

The market capitalization differences between Dixons and AO World is ridiculous because Dixons is 12 bigger than AO World, but only three greater in market value. Also, Dixons pays dividends, produce cash earnings and have the stronger brand, whereas AO World produces losses year-after-year, despite sales growth and requires £110m from investors to stay as a going concern. However, I previously stated my concern of a goodwill write-off (which hardly anyone is discussing). And since the trading update announcing profits downgrade that write down looks very likely and is the main reason for the 30% collapse in the share price. The thing people don’t like about this merger is the goodwill created from it. And overnight the combined business of Dixons and ****hone Warehouse is worth an extra £1.5bn on their balance sheet. Anyway, if you are interested in the 11 reasons why Dixons trump AO World, the full version is here: http://bit.ly/2wBWPHO

Looking at AO World, there are a few reasons as an investor (not a customer) why you should invest in Dixons ****hone, instead. Apart from Dixons paying you dividends and consistently produces profits. There are other things on AO World would raise some red flags, such as: -During their IPO, the company raised £60m but paid the bankers £20m in fees, which is 33% of gross proceeds. And afterwards, the shares have consistently drifted lower. -Also, during the IPO, their prospectus stated net income of £6.1m and soon after they never made a profit again. https://imgur.com/gallery/Te32TVu You may think the company is investing a lot of capital to grow sales/turnover because, since 2011, sales did rose from £160m to £700m. Think again, because since 2011 capex total £31m and depreciation total £21m, leaving £10m as growth capex. In other words, AO World manages to utilise £1 to increase new sales of £54. Meanwhile, Dixons has a ratio of £1 = £19, and manage to produce profits. To give some credit to AO World, their UK division is turning over a profit, but their European division is sucking all the profits out. Making matters worse is losses reported in Euros are exacerbated by weaker Pound upon conversion. Still with a £500m valuation attach, investors should be seeing profits of £20m and profit growth of 30% EPS. The above is a summary, and for the full version (including one major factor why I don’t like Dixons), the link is here http://bit.ly/2wBWPHO

First, thanks for the feedback my2penneth. The 10% drop in adjusted earnings is a mixture of rising operating costs: Lower British Pounds, Rising Wages, rising utility bills and etc. So, for the sake of prudent, I forecast a 10% fall. The technical indicators are deeply negative meaning GNK shares will remain under pressure for some time until the next update. Next year, you got the World Cup, that would help boost earnings for 2018/19. If you want to invest Greene King now then go ahead, but don't be surprised if the shares trend lower towards £5. I would hold for the long-haul. Plus, my services are free. P.S. Anyone giving out a share price forecast is either ramping or deramping, but I try to present it with my reasoning, instead of typing £4.50 and clicking on the "post" button.