Aquis Exchange (LON:AQX)- H1 Results
Share Price 475pMkt Cap £129mConflict Disclosure: No Holding- Results –.Revenue up 165% to £3.4m and the EBITDA loss was £160k. Cash was £11.2m. The number of trading members is only 29, up from 27, but the company is close to break even and since the year end has agreed to acquire NEX exchange for £1.
- Estimates. The company is forecast to lose £1m in the year to December 2019 from Revenue of £6.5m, before turning a profit of £2.4m in 2020.
- Valuation Chi X Europe was taken over 4 years post formation just as it turned profitable for $300m in 2011. Perhaps we shouldn’t concern ourselves that it trades on 53X Dec 2020 earnings.
My recent meeting was one of those rare meeting you leave genuinely excited. In excitable moments I am imagining 3X upside until I remember they still only have 29 clients. And I hope NEX exchange can become profitable to disrupt the stranglehold of the expensive NOMAD’s. It is well financed so I suspect this company will succeed.
K3 Capital Group (LON:K3C) – FY Results
Share Price 167p
Mkt Cap £71m
Conflict Disclosure: No Holding
Conclusion Goin up
JTC Group – H1 Result
Share Price 475p
Mkt Cap £452m
Conflict Disclosure: No Holding
Conclusion These are good results. I really don’t see the structural growth the company refers to so regard this company as an acquisition machine engineering organic growth from cross selling. Consequently with a leveraged balance sheet there could either be a placing or growth slows. I would be saying thankyou for the 45% share price appreciation this year.
Personal Group (LON:PGH) – H1 Results
Share Price 381p
Mkt cap £119m
Conflict Disclosure: I Hold
Conclusion This company has multiple potential exciting new business streams that could transform this into a growth business. But 85% of EBITDA is derived from the core insurance business which is a cash cow. The shares are valued as a cash cow, seemingly correctly. The patient investor may be well rewarded as the company transitions but there is no catalyst today.