Finance > Shares

FY 18-19 ARs

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galumay:
CCP





Another solid year from CCP, nice touches in the report like not breaking out the cost of capital raising earlier in the year, or normalising EPS with it, just honest accounting, take it straight off the bottom line. Guidance is probably typical under promise and over deliver, the guidance for this year was about half the final outcome. Happy to continue holding.

LPE 4C



Well, cash flow positive if you are only looking at operating cash flow, free cash flow still negative, guidance for next quarter disturbing, huge jump in Opex and a 40% jump in staff & admin costs. Customer growth slow to tranlate to profit.



Will keep holding, but its a low conviction hold and I certainly would not increase position.

The AR only confirmed that things are not going well with LPE, continuing increasing losses, negative cash flow, failure to get anywhere near guidance.
I continue to be a reluctant holder, low conviction, suspicion around management competence.

galumay:
AER  4C





Here is a 4C to love, OCF that drops straight to FCF! Not a single financing or investing expence, thats a capital light business model.

If the FCF stayed at about that level for the full year, FCF would be around $120km for the year, which is about 0.2c per share and would give a range of value above 2c per share.

Will try to accumulate a bigger postion, but it wont be easy!

AR was less impressive, AR out today, nothing to get excited about, progress is in the right direction and when you back out the $1/2m R&D refund from last years results its more attractive, but AER will need some decent growth in revenue now to realise the potential in the business. The good thing is that any growth from here will pretty much fall straight through to the bottom line.

galumay:
CDA

Another stellar set of numbers from CDA, such a good little business now.

Highlights:

 Record sales of $271 million

 Record statutory net profit after tax of $45.7 million

 Annual dividend of 9.0 cents, fully franked (interim 4.0, final 5.0)

 Annual special dividend of 5.0 cents, fully franked (interim 2.5, final 2.5)

 Base-business sales re-rated to $200-220 million, up from $180-200 million

 Base-business NPAT re-rated to $28-33 million, up from $25-30 million

 Strong balance sheet continues – $37.5 million net cash

Wish i hadn't sold some over the years, also wish i had bought more!

galumay:
GLB

GLB is a business i discovered while turning over microcaps rocks earlier this year and I took a smallish initial postition. The AR released today wasn't as good as I hoped, but I still see a significant discount to value in the current price so I have decided to stay invested, I won't increase my position at this point in time, but happy to continue holding.

galumay:
SRG

Well that turned into a train wreck, one I got entirely wrong, the merger with SRG has completely destroyed the value in what was a good business in GCS. Profit gone, FCF turned negative. Going back to see where I got it so wrong, first feeling is that I knew GCS pretty intimately and given what a good little business it was, I assumed the merger would create some scale and actually make a better business. Instead the opposite happened and there has been significant destruction of value.

One of the few bad reports this year.

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