Vista Group HY 2019 Results and Valuation Downgrade

This morning Vista Group (ASX:VGL) reported its results for the first half of 2019 and they were very disappointing, sending the shares down by about 30% to $3.60 (AUD), at the time of writing. Please note, all currency below is NZD unless stated otherwise.

Nanosonics (ASX:ASX) FY 2019 Full Year Results Analysis

Blackwall Ltd (ASX:BWF) FY 2019 Results And Initiation Report

BlackWall Ltd (ASX:BWF) is the management company for BlackWall Property Trust (ASX:BWR) and various other private property syndicates. The company is a turnaround specialist, buying under-occupied or over-leveraged properties and improving their fortunes via capital restructuring, change of use or investment in fixtures and fittings. Management is long-term focused and seeks to exit an investment only when it can no longer grow rent, and the after tax return from a sale exceeds expected future income from continuing to hold. In addition to its asset management activities, BWF also owns WOTSO which provides flexible workspace mainly to sole traders and startups. The majority of BWR’s properties house a WOTSO operation and around half of all WOTSO operations are located in BWR premises. As you can see, the two entities are inextricably linked and so a proper analysis of BWF also requires an examination of BWR. 

It has been a busy several months since we last checked in on Australian digital audio networking technology company Audinate (ASX:AD8) following the release of its 1H19 results in February (coverage here). Since then the share price nearly doubled (reaching an all-time high of $8.66 in mid-June) before trading back to the low-$6 mark briefly last month before recovering back above $7. The share price fell 6% today in response to the company’s FY19 results and is now 20% below its all-time high – more on that later, but first a re-cap of developments since our last report. 

Pro Medicus (ASX:PME) Posts Record Results In FY 2019

Yesterday radiology imaging company Pro Medicus (ASX:PME) reported revenue of $50.1 million for the full year, along with profit of $19.1 million, an increase of over 91% on last year. When I reported on the half year results, I noted that it would be hard for the company to grow half on half, since last half was such a strong half. I also expressed my hesitancy about the share price. It turns out I was too conservative, as the stock has gained well over 100% in the intervening period, to close above $30.50 on the day of the results.

Webjet FY 2019 Results: The Turbulence Will Soon Be Over

Laserbond (ASX:LBL) FY 2019: Triple Digit Profit Growth

Additive manufacturing company Laserbond Limited (ASX:LBL) released its full year results for 2019 earlier today. At the time of writing, its share price has gained 18% to 57 cents, up 137% from when we initiated coverage on it last year. Revenue rose 44.9% to $22.7 million, net profit after tax (NPAT) was up 190.3% to $2.8 million and earnings-per-share (EPS) grew 185.8% to 3.0 cents. The results are better than the most recent guidance issued by the company in May of revenue between $21.6 million and $22.2 million and profit before tax of between $3.2 million and $3.5 million ($3.8 million actual). The board declared a final dividend of 0.5 cents making total dividends 1 cent per share for the year, up 66% on last year.

Over The Wire (ASX:OTW) Full Year Results FY 2019

Back in December 2018, I explained on this podcast with Matt Joass and Andrew Page that I was short a stock called oOh!media (ASX:OML) as a hedge, since it is a poor business that is highly leveraged to the Australian economy. 

Generally speaking, I try to let my winners run, even if I do take some profits.