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Dr David Paul of VectorVest discusses market timing, Robert Walters #RWA, Trifast #TRI, Gleeson #GLE & Randall & Quilter #RQIH with Nick ‘Moose’ Batsford on Core Finance TV.
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Buy Randall & Quilter #RQIH says VectorVest. Company undergoing a transformation through operational streamlining and refocusing into core areas
Bermuda-based Randall & Quilter Investment Holdings (RQIH.L) is a specialist non-life insurance acquirer, service provider and underwriting manager. RQIH generates profits and capital extractions from expert management of legacy non-life insurance acquisitions/reinsurances, including in Lloyds, and generates commission income from its licensed (and rated) carriers in the US and EU/UK, writing niche and profitable programme business, largely on behalf of highly rated reinsurers. RQIH was founded by Ken Randall and Alan Quilter in 1991.
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On January 8th 2018, RQIH announced a board restructure and said it continued to make “excellent progress, with Group simplification proceeding well, and a strong new business pipeline.” On January 15th 2018, RQIH announced the sale of its insurance services and captive management operations to digital solutions provider Davis Group. The proceed of around £18.6m will be used to help finance the group’s growing legacy transaction pipeline, especially in the US and Lloyd’s, and to generate commission income from the use of Accredited and Malta’s direct licenses. Chairman Ken Randall said: “The sale of our insurance services and captive management operations is a significant milestone in the group’s decision to simplify its operations and focus on our core areas of legacy acquisitions and the writing of quality programme business, which is mostly reinsured to highly rated reinsurers.” Separately broker Numis reiterated a buy rating and 195p target for RQIH in Feb 2018.
The sequence of moves to simplify and streamline group operations was flagged at the start of January by several key VectorVest metrics. These include RV (Relative Value) – an indicator of long-term price appreciation potential and where RQIH scores 1.57, which again is excellent on a scale of 0.00 to 2.00. RQIH also scores an excellent GRT (Earnings Growth Rate) of 34%, and while the RS (Relative Safety) metric only registers a fair rating of 0.98 (scale of 0.00 to 2.00), trading at 151p the stock is still considerably undervalued against a current VectorVest valuation of 228p per share.
The chart of RQIH.L is shown below using weekly candles over the past two years using my normal notation. The valuation is shown by the green line study above the price while earnings per share is shown by the blue line study in the window below the price. The share has charted an ascending triangle since November 2016 and looks highly probable to break upwards from this bullish formation soon.
Summary: Hot on the heels of niche finance group STM last week, VectorVest presents yet another sector play. First established in 1991, RQIH is undergoing a transformation through operational streamlining and refocusing into core areas. With a solid long-term track record, broker support and a bullish charting configuration currently playing out, VectorVest believes the stock will continue to push higher and achieve the current 228p price target by Q3 2018.
Dr David Paul
March 20th 2018
Readers can examine trading opportunities on RQIH and a host of other similar stocks for a single payment of £5.95. This gives access to the VectorVest Risk Free 30-day trial, where members enjoy unlimited access to VectorVest UK & U.S., plus VectorVest University for on-demand strategies and training. Link here to view.
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Johnson Service Group JSG produced an exceptional first half performance across all its brands with revenue for the 6 months to the 30th June rising by 19.3% and organic growth at 4.8%. Profit before tax was up by 30.3% and the interim dividend is to be increased by 12.5%. Full year results are expected to be slightly ahead of current expectations
Dechra Pharmaceuticals DPH claims another strong financial performance for the year to the end of June and is raising the final dividend by 16.1%. Acquisitions from the previous year have performed well. Repeated references to pipelines without apparently understanding what they are, spoils the presentation but the figures speak for themselves with revenue growth of 28.3%, underlying EBITDA and profit before tax up by 35.5% and 38.4% respectively but please, no more nonsense like ‘pipeline opportunities’.
Michelmersh Brick MBH Claims it is well positioned to produce a strong operational and financial performance in the second half, with forward orders at the half year end on the 30th June ahead of target at 55 million bricks. Following the acquisition of Carlton Main Brickworks the company is going through a transformational period. First half profit before tax fell from £2.6 to £2.4m and earnings per share excluding exceptional items were down from 2.57 to 2.3p per share. An interim dividend of 0.7p. per share is to be paid in January.
Randall & Quilter RQIH produced a very strong first half performance, which was significantly ahead of 2016, with pre tax profits more than quadrupling from £1.2m to £5.4m. and earnings per share rising from 1.5p to 7.9p, including a tax credit of 0.5m. Profit after tax rose from £928,000 to £5.9m. and the outlook beyond the current year is described as looking very promising.
Biome Technologies BIOM saw revenue for the six months to 30th June rise by 38% and group profit up from £1.1m to£1.5m which it describes as an encouraging performance with the Stanelco division order book strong and lengthening.
Randall & Quilter RQIH has produced a significantly stronger first half year performance this year than it did in 2015. Last years first half loss of £4.5m has been transformed into a profit of £1.2m for the current half year to the 30th June and last years loss per share of of 4.7p has become a positive 1.5p per share. The company says that the outlook is now very promising and strong trading is expected for the remainder of the year.
Dechra Pharmaceuticals DPH enjoyed strong growth both in its existing operations and in the three acquisitions which it made in the year to 30th June. Revenue from existing operations rose by 11% led by North America with a rise of 37.9% and consolidate revenue which includes acquisitions was up by 21.7%. The final dividend is to be increased by 9% to 18.46p.
Koovs plc KOOV continued to produce further strong growth during the 17 weeks to 31st July, with sales growth of 115%, registered users up by 201% and weekly website traffic by 142%.
Plus 500 Ltd. PLUS produced record revenue and profits for the half year to the end of June and is raising its interim dividend by 10%. revenue rose by 25%, net profit by 10% and earnings per share by 11%. The second half has started with further strong growth which is expected to contnue for the rest of the year
Wizz Air Holdings WIZZ The continuing boom in the demand for budget air fares saw Wizz Airs passenger numbers rise by 16.6% in August, almost exactly in line with a capacity increase of 17%. On a rolling 12 months basis capacity rose by 18.3% and passenger numbers by 19.8%.Competition in budget fares is not as fierce as it was as at least one of the former budget big boys makes it clear to its passengers that it is quite happy to charge more than the established schedule airlines, when it can get away with it, especially in the peak summer traffic season.
St Ives plc SIV Despite trading during the 8th months to 1st April being 5% ahead of last year, St Ives has had to issue an urgent warning that underlying profit before tax for the current year is likely to be materially below expectations. The outlook for the final quarter has deteriorated due to economic uncertainty which has led to the cancellation and deferral of significant projects and the impact is likely to be felt throughout the whole of the next financial year.
Lok’n Store Group LOK claims its interims for the 6 months to 31st January are “great”, with record results ahead of expectations on all fronts. Profit before tax rose by 155% after like for like revenue grew by 8% and adjusted EBITDA by 13.1%. The interim dividend is being increased by 14.6%. As a sign that profit growth should continue in robust fashion, like for like occupancy rose by 2.4% and prices for occupied units by 3.3%.
Randall & Quilter RQIH turned 2014’s loss of £1.6m into a pre tax profit of £2.8m for the year to the end of December, whilst earnings per share came in at 4.2p compared to 2014’s loss per share of 6.3p. The turn round was due entirely to a significantly stronger second half which alone produced a trading profit of over £7m.