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Featuring five AIM-quoted companies: European Wealth Group, LiDCO, Tasty , Tricorn and Wynnstay Group.
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AIMprospector
write-ups on another five AIM companies
Global agriculture price bonanzaThe AIM company profiting from this mega-trend
Issue 5 July 2014
recent IPO that is perfectly poised
ambitious restaurant group
smallcap engineering recovery play
free to private investors
Supported by
fast-growing healthcare manufacturer
AIMprospector
2 www.aimprospector.co.uk
Welcome to the July edition of AIMprospector, the online magazine for investors in AIM-quoted companies.As always, the magazine is sent to registered subscribers 24 hours before it is published on issuu.com.
To be among the very first people to read AIM Prospector, register your email address at www.aimprospector.co.uk for a monthly email notification and no spam. Blackthorn Focus (publishers of AIM Prospector) will not share your details with any other organisation.
Much has happened since the last AIM Prospector.WYG, the engineering consultancy that featured in the May edition, reported
final results at the beginning of June. This was a watershed announcement, heralding WYG’s development from recovery to growth. Dividends were resumed as operating profit increased threefold. The results inspired one broker to increase their 2016 forecasts for the company by 37%. Since results, WYG has announced its appointment to a framework agreement for the Ministry of Defence. This will see the company consulted by the MoD on the delivery of any major site facilities.
Majestic Wine’s (May edition) results were perhaps the least impressive that the company has delivered in the last ten years. Nevertheless, the dividend was increased and like-for-like sales were broadly steady. According to Stockopedia, the shares today trade on a 2015 P/E of 15.4, with a prospective yield of 3.8%.
The biggest AIM story of the month was Quindell and its failure to secure a premium listing on the Main Market. The company raised £200m from the market in November last year. However, having now taken a kicking from Gotham City Research and the UK Listing Authority, the share price tells me that deep-pocketed investors are deserting the company. Shareholders have to ask themselves what Quindell’s future will look like if it has lost the market’s faith forever.
RWS, the company featured as Top Pick in the April edition and described as one of the very most successful on the entire market, reported interims at the beginning of June. Sales were 28% higher, assisted by an acquisition. Adjusted EPS was flat but the interim dividend was raised by an impressive 9%.
This month’s Top Pick is farm supplies and retail business Wynnstay Group. The company has been selected as one of the best listed plays on agricultural inflation trends. Results in recent years have supported this strategy. Only 34 UK-listed companies can better Wynnstay’s record in the last five years for sales and dividend
increases.As for Boohoo, the fast-growth fashion firm, the
company announced profit for the year of £8.4m. That puts the shares today on a P/E of 67 times last year’s earnings. With revenue growth of just 24% reported for Q1 of this year, that valuation still seems too rich. I am staying short
using Spreadex.
“Enjoy this month’s magazine”David O’Hara, Editor, AIMprospector
ContentsTricorn Group .................p 4
Wynnstay Group .............p 5
Stockopedia ..........................p 7
European Wealth Group ..................p 8
LiDCO .............................p9
Tasty Group ..................p 10
next month ....................p 11
Contacttwitter: @aimprospector.co.uk
email: [email protected]
www.aimprospector.co.uk
Published by:Blackthorn Focus Limited
www.blackthornfocus.com
AIMprospector
write-ups on another five AIM companies
Global agriculture price bonanzaThe AIM company profiting from this mega-trend
Issue 5 July 2014
recent IPO that is perfectly poised
ambitious restaurant group
smallcap engineering recovery play
free to private investors
Supported by
fast-growing healthcare manufacturer
AIMprospector
4 www.aimprospector.co.uk
The US and Chinese operations
are part of Tricorn’s strategy to build
a more global footprint to meet
customer demands for shorter supply
chains. This strategy appears to be
working already. Management has
reported that new customer revenues
are growing in the USA and that the
Chinese operations are making a
positive contribution to earnings.
According to some estimates,
Tricorn now has a manufacturing
capacity of around £40m a year. If the
company can achieve sales on that
scale at the level of margins that it has
enjoyed in the past, then the shares
would likely double from here.
revealed signs that Tricorn’s long-term
prospects may be looking up.
Tricorn’s loss occurred as a result
of weakness in its traditional markets
and costs associated with its new
manufacturing operations. It is not
just the hope of recovery among
Tricorn’s traditional customer base
that has led management to make
confident noises. Tricorn’s new Chinese
and American operations are already
making good progress.
Tricorn’s US business was acquired
in March 2013 when a company
called Whitley Products went into
receivership. Under the deal, Tricorn
purchased a manufacturing facility
in North Carolina and a collection of
fixed assets from two sites. Tricorn
paid £1.95m for these Whitley assets.
Considering Whitley made total
revenues of £21m in its 2012 financial
year versus Tricorn’s £25m, the
transformational possibilities of this
acquisition need to be acknowledged.
The Chinese joint venture was
formed in partnership with the
Nanjing Minguang Oil Pipe Company
and is based in Nanjing.
Quoted on AIM since 2001, Tricorn is a manufacturer of specialist tubing parts.The company’s key markets are Energy,
Transportation and Aerospace. Energy
applications include diesel engines in
the power and mining industries. Uses
of Tricorn product in Transportation
include fuel and braking systems for
large on-road and off-road vehicles.
The Aerospace operations supply
piping for jet engines, fuselage and
landing gear.
Tricorn trades through four
subsidiary companies and a majority-
owned joint venture in China.
In the six years from 2008 to 2013,
Tricorn delivered an average annual
net profit of £0.7m. The company was
profitable in each of these years. 2010
was the worst year of these with a net
profit of just £0.15m reported and EPS
of 0.46p. In the best year, 2012, net
profits hit £1.16m and EPS reached 3.4p.
Results for the twelve months to
31st March 2014 were announced on
June 10th. As signalled in an earlier
trading statement, Tricorn slipped to
a loss on the year. Full year dividends
were reduced to 0.13p from 0.3p
after Tricorn declined to pay a final
dividend.
When trading difficulties at Tricorn
were first revealed in February, the
shares fell from 32p to 16p in one
week. However, the recent results
Tricorn Group (LON:TCN)
FOR
Little in the price for growth prospects
Decent track record
AGAINST
US customers might not return
Stronger pound may affect exports
Market cap £7m
Bid:offer 20p:21.5p
P/E (forecast) 41.5
Yield (forecast) 1.5
52week low:high 16p:43p
Tricorn: a smallcap recovery play
Tricorn slipped to a loss
on the year
Chinese and American
operations are already making
good progress
Tricorn now has a manufacturing
capacity of around £40m
AIMprospector TOPpick
www.aimprospector.co.uk 5
TOPpick: Shareholders in clover at Wynnstay Wynnstay Group is perfectly positioned to benefit from rising global food demand.Headquartered in Wales, Wynnstay
Group is principally a supplier to farms
and rural communities. Wynnstay
comprises two divisions: Agricultural
(seed, feed, fertiliser) and Specialist
Retail (farm/country supplies and pet
products). In the last five years, sales
have grown at an average rate of 12.0%
per year. Dividend growth in that time
has averaged 9.2% a year, increasing for
each of the last nine years. This success
puts Wynnstay among the top 1% of all
AIM-quoted businesses.
In October 2013, Wynnstay
purchased Carmarthen & Pumsaint
Farmers Ltd (CPF), a farming supplies
co-operative. This acquisition extended
Wynnstay’s footprint in the South-
West Wales region, where it had
previously been under-represented.
The CPF acquisition boosted the size of
Wynnstay’s Specialist Retail portfolio
and brings supply synergies. Seed and
fertiliser sales will also gain.
The acquisition of CPF is the latest
in a series of acquisitions that have been
integrated into the Group over the last
sixteen years. Today, Wynnstay has a
trading presence in Wales, the Midlands
and northern England.
Wynnstay’s Agricultural business
delivered £172m of revenues (77% of
group) and £2.3m (47%) of operating
profit in the first half of 2014. Although
these margins are low, there are some
important factors to consider. First, the
company is operating in a sector where
price increases are on an upward trend.
Global cereal demand is expected to
grow 50% according to forecasts for
future population growth (from current
seven billion to nine billion by 2050) and
dietary changes (3−4 billion people will
become richer and consume more meat
& dairy). Domestically, declining food
self-sufficiency means that Britain now
produces less than two-thirds of food
consumed, down from 75% in 1991.
Second, much of Wynnstay’s sales enjoy
a natural hedge whatever the weather:
when cattle feed demand falls, seed and
fertiliser demand typically rises. Finally,
bulk supply to farmers is a substantial
logistical undertaking. Wynnstay is well-
embedded in the regions that it serves
after skilful integration of a series of past
acquisitions. Wynnstay’s competitors
in this sector are typically fragmented,
smaller operations. Wynnstay has a
market position that would be extremely
difficult to replicate.
The upshot is that demand for
Wynnstay’s livestock feed, healthcare
products, seed (Wynnstay has 14% of
the UK market for seed), fertilisers and
crop protection products looks set to
continue rising well into the future.
Wynnstay has a trading presence
in Wales, the Midlands and
northern England
a Just For Pets superstore
sales enjoy a natural hedge
whatever the weather
AIMprospector TOPpick
6 www.aimprospector.co.uk
The Specialist Retail business
accounted for 23% and 53% of group
sales and operating profits respectively
in H1 2014. The Wynnstay Stores
segment provides non-discretionary
services and products for farmers and
smallholders. This ranges from a farm
gate to sheep shearing equipment
and from wax jackets to arm-length
disposable gloves. There are 39 units in
the Wynnstay Stores network across
Wales and the West Midlands. Seven
of these units were integrated from
the CPF acquisition. The CPF stores
added £6.5m to H1 sales and a positive
contribution to year end results is
expected from these new units. Further
Wynnstay Stores openings are planned
for 2014. As a whole, the Stores network
contributed £43m (86%) of Specialist
Retail revenues and almost 100% of this
division’s operating profit.
The remainder of the Specialist
Retail revenues comes from Wynnstay’s
‘Just for Pets’ retail chain. This business
was launched by the Group in 2007,
as part of efforts to diversify away
from Agriculture. Just for Pets operates
a group of twenty pet stores, mainly
in urban locations around the West
Midlands. Notwithstanding a further
£0.5m (+3%) H1 increase in like-for-like
sales to £7m, Just for Pets operations
are at breakeven. Management considers
Just for Pets to be a ‘work-in-progress’.
In order to grasp the potential, it might
help to look to the recently floated
competitor ‘Pets at Home’. This is a
better established retailer with 2013
sales of £600m and operating profits
of £110m. The market value attributed
to Pets at Home suggests that if the
same margins could be achieved at
Wynnstay’s Just for Pets, then the
market value of this division could
reach £25m. This would see Just for Pets
provide a financially robust and valuable
diversification for the group, giving scope
for further dividend advances.
Interim results, released two weeks
ago, showed that Wynnstay is set for
another typical year of growth. Feed
margins improved on last year and a
good performance for the full year is
expected from this division. Net debt
was reduced significantly (from £15.4m
to £10.9m, helped in part by an equity
placing) and a 9.7% dividend increase
was announced. On the balance sheet,
Wynnstay reported net assets of £75m,
providing considerable backing to the
market valuation. The outlook was
positive, with management pointing to
expectations of a good harvest this year.
As a long-successful company
serving a strengthening customer base,
Wynnstay shares have been awarded
a premium rating by the market.
Historically, while variations in the
weather have had some effect on the
trading result, only a full-blown foot &
mouth outbreak could really threaten
a full-year loss. This makes Wynnstay
a high earnings quality business,
positioned in a niche that benefits from
powerful long-term trends.
sale of feed and fertiliser makes up much of Wynnstay’s sales
Wynnstay Group (LON:WYN)
FOR
Future earnings supported by demographics
Fantastic record of shareholder returns
AGAINST
Appears fully valued for now
Pet chain needs work
Market cap £119m
Bid:offer 620p:627p
P/E (forecast) 17.6
Yield (forecast) 1.6
52week low:high 500p:691p
set for another typical year
of growth
a niche that benefits from
powerful long-term trends
Britain now produces less than
two-thirds of food consumed
Stockopedia is an online stock filtering and research community. I have been a customer of Stockopedia’s for several years and am happy to be able to tell AIM
Prospector readers about how I use the system to discover investment opportunities.Stockopedia is a dream for investors who prioritise a company’s corporate performance in their investment decision-making process. The product is driven by a comprehensive database of corporate account statements. The Stockopedia system enables stock-pickers to seek out investments based on almost any financial criteria.
For example, growth investors can simply screen for companies that have delivered year-on-year earnings growth for at least, say, five years. Income investors can filter on dividend yield and growth etc.
I credit Stockopedia with helping me discover some of my most successful recent investments. Good examples include Robert Wiseman Dairies (which popped up on a yield filter around one month before its takeover), T Clarke, Barclays and my one AIM-quoted shareholding, Begbies Traynor (up 35% plus dividends so far).
To demonstrate the value of the system I have run two investment screens through Stockopedia to highlight some of the best companies on AIM.
The first screen attempts to identify the largest and most successful companies of all on AIM. To qualify, companies must pass the following tests:
market capitalisation > £25m
dividends growing year-on-year for at least 3 years
average annual EPS growth > 5% per annum over the last five years
average annual sales growth > 5% per annum over the last five years
sales increasing year-on-year for the last three years at least
average annual per share dividend growth > 5% per annum over the last five years
EPS forecast to grow by at least 5% for the next year
Only fourteen AIM companies pass all of the tests. They are:
Company P/E Yield (%) Mkt Cap (£m)
Abcam (ABC) 22.8 1.9 780
Nichols (NICL) 22.0 2.0 371
RWS Holdings (RWS) 22.5 2.7 330
Prezzo (PRZ) 20.4 0.2 311
Brooks Macdonald (BRK) 21.7 1.5 211
Idox (IDOX) 19.3 1.6 157
Craneware (CRW) 29.5 1.6 149
Caretech Holdings (CTH) 9.5 2.8 136
Judges Scientific (JDG) 51.3 1.0 126
Mattioli Woods (MTW) 22.5 1.7 90
Portmeirion (PMP) 14.7 3.1 83
Jarvis Securities (JIM) 23.7 2.9 56
Maintel Holdings (MAI) 17.9 3.0 56
Solid State (SSP) 19.5 2.0 33
Of these, RWS, Caretech, Portmeirion and Brooks Macdonald are particularly noteworthy. RWS’ ten year sales, profit and dividend record makes it unique among AIM companies. Recent half-year results from the company showed a 28% increase in sales, 6% rise in operating profit and a 9% dividend hike. EPS for the full year is expected to come in 8% above last year’s figure (Stockopedia also contains consensus forecast data).
Caretech appears to be the last expensive of the lot. According to the Stockopedia data, the care home provider is trading on just 8.5 times forecast profits for the year, with an expected dividend yield of 2.9%.
As for Portmeirion, Stockopedia shows that the shares are currently priced at 13.9 times forecast earnings for the year and come with an expected dividend yield of 3.3% (the figures in the tables are ‘smoothed’ ratios).
Brooks Macdonald shareholders have enjoyed the fastest dividend growth. Payouts from the investment management business have increased, on average, by 47% a year in the last five years.
My second filter is much simpler and lists all those AIM companies that have delivered average annual growth in earnings per share of more than 5% a year over the last five years. Of these, I have picked out five companies that look particularly interesting in the table below. Young & Co may be worth further research. While all the current comment around pub chains is negative, Young’s is proving that it is possible to thrive.
Company P/E Yield (%) Mkt Cap (£m)
Young & Co's Brewery (YNGN) 21.3 1.9 394
Anpario (ANP) 22.0 1.2 57
Jarvis Securities (JIM) 23.7 2.9 56
Crawshaw (CRAW) 38.7 1.0 32
Getech (GTC) 17.4 4.6 14
AIMprospectorThe annual subscription to Stockopedia is dwarfed by the gains I have made from shares that it has helped me to find and research. If you think that this comprehensive data product could help you, click here for more information.
by David O’Hara, Editor, AIM Prospector
advertisement feature
AIMprospector
8 www.aimprospector.co.uk
shares in fund managers perform
well. I expect this effect would be less
marked with a wealth manager like
European Wealth Group. Its customer
base will be savvy enough to realise
that in the short term, investment
returns can disappoint. Wealth
management clients are also more
expensive to market to, making them
more difficult for rivals to poach than,
say, an ISA investor would be.
As the regulatory burden
(particularly anti-money laundering
requirements) has become increasingly
burdensome, smaller players
are finding it tougher to remain
operational. European Wealth Group
expects that its stock-market listing
will help it to play a role as an industry
consolidator. This could be achieved by
issuing shares to make acquisitions.
The regulator’s Retail Distribution
Review (RDR) is also expected to
Documents accompanying its May IPO
revealed that the company is looking
to capitalise on changes to the fund
management industry and pension rules.
The UK has a longstanding and
diverse wealth management industry.
It essentially serves people with so
much money that they need a high
degree of professional advice to
properly manage it. A typical customer
of a wealth manager might a be retiree
who wants to ensure that they pass
on as much as possible but does not
have the financial nous to self-direct
their investments. Yet, just as providers
are diverse, so is the customer base.
Wealth managers might be acting for
schools, charities or other institutions.
This exposes European Wealth Group
to the classic investment manager’s
double-whammy. If investment returns
are good, the fees being earned rise and
new business can be won more easily.
However, if returns falter, fees fall and
customers can depart.
For a large fund manager like
Schroders or Aberdeen, it is often wise
to first take a view on likely future
market returns before trading the
shares. Obviously, in rising markets,
Will annuity changes bring soaring sales to European Wealth Group?European Wealth Group is a wealth management provider.
push more customers European
Wealth Group’s way. The RDR made
fund manager and platform charging
structures more visible to clients. The
wealth management industry hopes
that this new visibility will make
its more personal, bespoke offering
appear comparatively better value.
In the last budget, the Chancellor
announced that the government
would be dropping the requirement
for all pension savings to be converted
into an annuity. Before retirees can
spend the money on something else,
they will be made to secure financial
advice. This will present a firm like
European Wealth Group with two
opportunities. The first, to sell wealth
management services for a customer’s
pension pot and also an offering to
manage any non-pension assets.
European Wealth appears to have
timed its move to AIM perfectly.
European Wealth Group (LON:EWG)
FOR
Industry turmoil brings opportunities
Growing top tier of UK wealthy
AGAINST
Pipeline of expensive regulation
Brand currently sub-scale
Market cap £13m
Bid:offer 95p:105p
P/E (forecast) n/a
Yield (forecast) 0
52week low:high 63p:180p
UK has a longstanding
and diverse wealth management
industry
personal, bespoke offering
timed its move
to AIM perfectly
AIMprospector
www.aimprospector.co.uk 9
Hospitals use LiDCO’s hemodynamic
(blood circulation) equipment to
measure a patient’s blood flow and
blood pressure in real-time during
surgery. This information is used to help
an anaesthetist to adjust the applied
dosage by measuring the patient’s
response to surgery and anaesthesia.
LiDCO’s equipment provides
continuous readings, all from the
simple application of a cuff to the
patient’s finger. This avoids the need for
more intrusive measuring techniques,
which frequently result in a higher
infection rate and a longer period of
hospitalisation for the patient.
LiDCO’s equipment adds further
value to a surgery team through its
patent-protected user interface.
The company sells through what it
calls the ‘razor blade’ model. Customers
pay a significant sum for the LiDCO
equipment, followed by a fee each time
that the kit is used.
The value in LiDCO’s system comes
from better patient outcomes, fewer
complications and faster recovery
times. Its appeal to profit-motivated
healthcare providers in the USA is clear.
However, it is the recent strong growth
of sales to the NHS that has seen
LiDCO move into profit.
LiDCO’s results for 2014 (LiDCO
has a January year end) showed a 20%
increase in group revenue to £8.6m.
In this time, UK sales rose 37% to
comprise almost half of group revenues.
Since then, LiDCO used its AGM
statement to confirm that it expects
profit growth to continue in-line with
market expectations. According to the
investment website Stockopedia, this
would equate to EPS for the year of
around 0.8p per share.
The impressive sales growth
is testament to the relevance and
effectiveness of the LiDCO product.
Furthermore, a series of clinical studies
have demonstrated the contribution that
LiDCO’s products can make to patient
health and hospital management.
Guidelines issued earlier this year
by the Association of Anaesthetists
of Great Britain and Ireland showed
that among elderly patients in surgery,
mortality rates and post-operative care
costs both improved significantly when
devices providing a function similar to
LiDCO’s were used during surgery.
This finding was supported by a
later report from Duke University
of North Carolina which showed
that patient length of stay and
readmission rates showed considerable
From its headquarters in London’s Hoxton, LiDCO manufactures patient monitoring equipment for use in surgery and intensive care.
improvements when LiDCO’s
LiDCOrapid device was used on
patients undergoing colorectal surgery.
Like many companies operating
in and around healthcare, LiDCO has
powerful trends working in its favour.
First, the ageing population means
that there are more elderly patients
requiring surgery. These are some of
the most at-risk surgery candidates
for whom advanced monitoring
techniques, such as those provided by
LiDCO, would deliver most benefit. Also
in LiDCO’s favour is the requirement for
greater efficiencies within hospitals as
patient demand increases.
LiDCO is set for rapid profit growth
as new sales and the stream of recurring
revenues from existing customers
continues. If profit forecasts for the next
two years can be met, then the shares
look moderately priced at this point.
Like so many AIM companies however,
such success could see the company
swallowed up by a larger player.
LiDCO set for next stage of life
LiDCO Group (LON:LID)
FOR
Well-established in niche
Benefits of product now clear
AGAINST
Constrained budgets may slow take-up
Very dependent on one product
Market cap £34m
Bid:offer 17p:18p
P/E (forecast) 22.2
Yield (forecast) 0
52week low:high 12p:29p
avoids the need for more
intrusive measuring techniques
fewer complications and faster
recovery times
LiDCO has some powerful trends
working in its favour
AIMprospector
10 www.aimprospector.co.uk
from public markets. Tasty competes
here with Prezzo, Richoux Group and
Restaurant Group. Add in the privately
owned and overseas chains such as
Pizza Express and Nando’s and it is
plain how competitive the sector is.
The news that Tragus Group, owners of
the Strada brand, are looking to offload
a large number of sites may present
some opportunities for Tasty. However,
forthcoming interest rate rises will soon
begin to affect the disposable incomes
of borrowers. The next two years could
be tougher for Tasty than the last two.
On the current valuation, the company
simply has to deliver.
In October 2013, Tasty raised £3.5m
through a share placing. This left the
company with £3.4m of cash on the
balance sheet at the end of the year.
Management plans to use this (and a
favourably-priced debt facility from
Barclays) to accelerate the roll-out.
This fundraising looks to have
been a wise move. Last year’s income
statement shows how quickly profits
have risen as the Wildwood chain has
expanded. Tasty reported a 30% increase
in operating profit from a 20% rise in
sales. This suggests that Tasty’s cost base
scales favourably with the roll-out.
Tasty incurred £260k of pre-opening
costs in 2013 as it added five sites. My
quick calculations suggest that Tasty
is planning to double in three years.
It seems that brokers are expecting
an even faster expansion and are
forecasting a 65% increase in EPS this
year with sales rising a similar amount.
Given that the company reported
EPS of only 2.67p last year, I would
normally have said that shares in Tasty
were overpriced. However, the company
has previously doubled sales in just two
years. If management can repeat that
trick then today’s valuation would not
be outrageous.
I do have some concerns, however.
First, Tasty is not the only casual
dining chain with plans to roll-out
on the UK’s high streets using cash
Profits on a plate from TastyTasty Group is another successful AIM restaurant roll-out story.The company has been quoted on
AIM since 2006. Its first ever half-year
results revealed sales of £1.1m from
four restaurants with another two in
the pipeline.
Fast-forward to 2013 and final
results showed turnover of £23m for
the full year, from a portfolio of 28
restaurants.
As of March this year, Tasty was
operating from 31 sites. The majority of
these are Wildwood/Wildwood Kitchen,
an Italian/grill chain. Six are DimT dim
sum oriental restaurants. One other site
is operating under a different brand.
Tasty’s five year record is an excellent
example of a fast-paced roll-out. Since
2008, sales have increased at an average
rate of 20% per annum. Operating profit
in that time has swung from -£1.6m to
£2.3m.
The most recent finals give some
hint as to how much further the roll-
out (and thus profits) could go. Five
sites were opened in 2013. In the first
quarter of this year a Wildwood Kitchen
(a kind of mini-Wildwood) was opened
in Oakham. Wildwood itself arrived in
Salisbury in March.
Tasty (LON:TAST)
FOR
Strong track record
Plenty of room for further Wildwood roll-out
AGAINST
Interest rate threat to disposable incomes
Valuation demands growth
Market cap £51m
Bid:offer 97p:99p
P/E (forecast) 21.8
Yield (forecast) 0
52week low:high 82p:125p
an excellent example of a fast-
paced roll-out
Tasty’s cost base scales
favourably
Tasty is not the only
casual dining chain with plans to
roll-out
AIMprospector
www.aimprospector.co.uk 11
Next month:AIM Prospector will be showcasing a well-known
consumer brand that recently IPO’d on the junior market.
Also likely to feature is a niche business whose share
price has suffered lately, pushing the dividend yield to an
attractive level.
There will be one new feature in August’s magazine, a
page of advice and insight from an experienced AIM
professional. I hope that readers will appreciate this
perspective and enjoy the new feature.
With UK interest rate rises apparently moving ever-closer,
next month’s Top Pick will likely be the AIM company that
I believe is the best positioned to profit from this. I look
forward to reporting on this share and speculating on just
how high the price could move.
Summer can be a lively time for AIM. I hope that price
action in coming months will enable AIM Prospector
to bring you stories on companies that are trading on
compelling valuations.
Don’t forget to register your email address at
www.aimprospector.co.uk to get your copy of the next
AIM Prospector 24 hours before anyone else.
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