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Fuller, Smith & Turner

September 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Fullers was a New Year Nap at 900p and the shares are currently up at 1160p.While the results were somewhat dull and reflective of a tricky climate for pub retailers, with revenues up 7% to £43.1m and eps flat at 62.8p versus 62.9p a year ago, these are in line with expectations.Even better is that the disposal of its beer company at the end of April for £205m cash and an outstanding 24x enterprise value / EBITDA means it will be shortly returning £55m-£69m or c.110p a share to shareholders. The group is currently working out the most efficient method. Even after the cash return, net debt / EBITDA is estimated to increase to only 1.2xNumis has a 1350p price target and notes at current levels Full ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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