Small Cap Value Report (Thu 24 Nov 2022) - HEAD, XPS, MBH, HRN, CTO, MACF, DOCS

Good morning from Paul amp; Graham! I got the date right, that's a good start! Right we'll leave it there for today. Thanks for reading amp; commenting, some interesting discussions today.

Agenda

Paul's Section:

Headlam (LON:HEAD) - a very mild profit warning, with FY 12/2022 results now expected to be slightly below expectations. Not a cause for alarm in  my view, although it might put a stop to the recent bounce in share price, maybe? Volumes are down, as consumers retrench, but commercial is partly offsetting this. Plenty of self-help measures are also helping. I remain a long-term bull on this share, with some shorter term uncertainty due to macro. The tremendous balance sheet means little to no solvency risk, even in a recession. Good divis. Still a thumbs up overall from me, on fundamentals. No idea what the short term share price will do, that's just down to market sentiment.

Michelmersh Brick Holdings (LON:MBH) - this is becoming a brick-themed week, with me taking a positive view of larger competitor Forterra (LON:FORT) in Tuesday's SCVR. I also like MBH today, with a share buying, acquisition, and positive trading update announced today. It also has a lovely balance sheet....