Tue 17 July 2012 - morning report

Good morning, lots of announcements today, so here are the ones that have caught my eye.


Contract win from Lamprell (LAM) for $120.9m to build an oil platform for Seajacks. Trouble is there is no detail on profitability, so it's not possible to assess how good this news is. Lamprell seems to warn on profits every few years, see a collapse in its share price, but then recover. So I'm tempted by these shares which seem to have found a base around 100p, or £260m. Fwd PER of 9 and a 7.5% fc divi look pretty attractive. Bal Sheet is solid too.


£7m mkt cap minnow GETECH (GTC) announces a "major licence of global gravity & magnetic data", which sounds intriguing until you discover it is only a contract for $1.28m. Another company which is far too small to be Listed, I do wish they would have a big clear-out and get rid of all this junk cluttering up the bottom end of the market.


CSR (CSR) shareholders look set for a windfall as they announce a business  sale to Samsung, and return of up to $285m to shareholders. Looks good.


Strong results for IG Index (IGG), with diluted EPS up 15% to 37.5p. That makes the shares seem good value to me at 462p, a PER of 12.3.
22.5p total year's divis gives an attractive yield of 4.9%. Strong balance sheet too, and they seem hot on risk management. Looks good to me.


Tanfield has done a small Placing to raise £2m at 42p, to prop up Smiths Electric Vehicles prior to its IPO. Sounds a bit scary to me.


Buoyant sounding trading statement from Monitise (MONI), until you get to the bit where they say they're on track to reach EBITDA break-even by Dec 2013! £234m mkt cap is way too rich for me, for anything loss-making.


Solid interims from £181m mkt cap Low & Bonar (LWB), and confirms on track for full year. Valuation did look about right - fwd PER just under 10 - until I noticed they have £99m in net debt, plus a pension deficit of £24m, so on that basis it probably looks rather expensive.


TETRA radio handset maker, Sepura (SEPU) announces a solid Q1 performance. I like this business a lot - mkt leader in 30 countries, high margins, and huge R&D spend.


In-line trading statement from Computacenter (CCC), shares look good value on a fwd PER of 8, and fwd divi yield of 5.7%. Worth a look.


FTSE 100 futures look set to open up 15, so a reasonably stress-free start. Have a good day y'all!