Morning all!
Johnson Service ( Johnson Service (LON:JSG) ) – 130p – £478m – PER 13.2
Preliminary Results For The 12 Months To End December 2018 – Organic Revenue growth of 7.8%, Adjusted PBT up 7.1% with Adjusted Diluted EPS up 6.9%. The Dividend is increased 10.7%.
With a fair value here, for me, sub 100p I am have no interest at this price.
Keller Group ( Keller (LON:KLR) ) – 555p – £400m – PER 5.9
Results For The 12 Months To End December 2018 – In-line with revised expectations (an 11% decline in Profit). 4 Business units being restructured, capacity added – There's a healthy Order book and the outlook for 2019 is confident. There's confidence in the Dividend too, it's up 5%, it's well covered and there's a statement confirming intention to continue.
I have not looked into this in much detail. Growth is poor but the reasonably well covered Yield of 6%+ is not. The main issue is the Debt, it's HUGE. At present I cannot possibly buy this share.
Tracsis ( Tracsis (LON:TRCS) ) – 639p – £182.5m – PER 22.8
Trading Update For The 6 Months To End January 2019 – H1 in-line, Cash Balance at £18.7m, pipeline of acquisition opportunities remains strong.
I still reckon this is overvalued at this level.
As always, all comment most welcome!
