Good morning from Paul & Graham!
Agenda/Summary
We have a huge list today, so we can only select a few items (Graham may not be able to do the section because he is not feeling well, but at some point they will be available as marked below). ) ). So, no reader requests today unless you find something very good.
There are many things I want to see, so today I will continue until around 15:00.
A quick comment (no section below) –
Accessis Technologies (LON:AXS) – TU £182m – Too complex and poor track record. But today’s update shows a bright spot – strong revenue growth andVolumes in the second half are expected to increase by 50% compared to the first half, thereby continuing to achieve the previously stated target of nearly doubling underlying EBITDA for the full year. “
So maybe it’s worth revisiting by the reader?
Empresaria (LON:EMR) – £29m – +10% to 65p – 12/22 result in line with expectations. Net debt of £7.9m, well above exps. Growth slowed in the fourth quarter. There is a “some caution” going into 2023, but we are also seeing “strong demand” in many markets due to skills shortages. The medium-term plan for doubling operating income is reposted. My take – A strange group of international staffing agencies, but they work well and maybe cheap?
Foxtons (LON:FOXT) – £110m – 4% down to 36.6p – Outperformed Exps in financial year December 2022. 2023 will be even more challenging. £12m net cash. 65% of revenue is “non-cyclical”, rentals and financial services (did I think financial services were at least partially cyclical?). Investments in people and more will be mostly self-financed through cost cutting, according to the new CEO’s operational review. Sales are expected to soften in the first half of 2023, but rentals should be resilient. My take – I think it’s currently priced at 11.8x P/E, but given the macro situation, I think the 2023 forecast needs to be lowered.
Annotation –
simple reminder Stock not recommended. We aim to review Deal update & result that day opinion If interested, look them up as candidates for further research. Our opinion may be right or wrong. because…
