Small Cap Value Report (Mon 24 Jun 2019) - PRV, CBOX, MYSL

Good morning, it's Paul here.

7-8am comments
Porvair (LON:PRV)
H1 results (6m to 31 May 2019) look strong;Revenue up 21% to £72m
Adjusted EPS up 36% to 12.9p
Cashflow looks weak though, due to adverse working capital movements (inventories amp; debtors up, as you would expect from expansion, but trade creditors sharply down).
IFRS 15 has resulted in a large £8.2m provision for warranties being created.
Looks potentially interesting, so I'll take a closer look later today, in more detail.


Cake Box Holdings (LON:CBOX)
Full year results (y/e 31 Mar 2019) look a little below forecast;Adj EPS of 7.9p versus consensus forecast of 8.1pHigh profit margin, as it's a franchise business, selling cakes.
LFL sales growth in franchise stores of 6.5% looks very good - maybe this is an emerging winner in the current retail downturn? Doing a roll-out of new franchise stores, which seems to be working.
Looks potentially interesting - I'll take a closer look later today.

MySale (LON:MYSL)
Formal sale process amp; strategic review.
Mentions the dreaded word "stakeholders" - which is often code for the equity probably being worthless. One of the...