Updates

UP Global Sourcing

July 2021

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.

A surprise move from UPGS. It is buying Salter Brands for £32m. Salter is a leading bathroom and kitchen scales brand, and since 2011, UPGS has licensed the brand for use on a range of kitchen electrical and cookware products (not including the scales). Last year UPGS paid Salter a £1.3m licence payment, which will now be eliminated. For FY22, UPGS anticipates Salter will contribute revenues of c.£16.7m, EBITDA of at least £4.6m and underlying PBT of at least £4m, which implies an EV/EBITDA multiple of 7.4x and a PER of 10.6x. To pay for the deal UPGS has raised £15m via a placing at 210p. Having acquired a holding at just 59.9p in January ‘19, GP3 has locked in a bit of those huge profits. E ...

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UP Global Sourcing - Massive deleverage of balance sheet (September 2023)

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UP Global Sourcing - Shares rocket after results (December 2022)

UP Global Sourcing (September 2022)

UP Global Sourcing - Salter acquisition helps take margins to new record (May 2022)

UP Global Sourcing - Record operating margins hit in H1 (June 2021)

UP Global Sourcing (March 2021)

UP Global Sourcing (December 2020)

UP Global Sourcing - Forecasts upgraded again (August 2020)

UP Global Sourcing (July 2020)

UP Global Sourcing (June 2020)

UP Global Sourcing (April 2020)

UP Global Sourcing (March 2020)

UP Global Sourcing (December 2019)

UP Global Sourcing (October 2019)

UP Global Sourcing - Trading ahead of expectations (August 2019)

UPâ€ˆGlobal Sourcing (May 2019)

UP Global Sourcing - Third eps upgrade since November (March 2019)

UPâ€ˆGlobal Sourcing - New upgrade cycle (February 2019)

UP Global Sourcing - CEO in good cheer - does this indicate a resumption of home-related spending? (December 2018)

UP Global Sourcing (October 2018)

UP Global Sourcing (July 2018)

UP Global Sourcing - Germany trading ahead of expectations (June 2018)

UP Global Sourcing (March 2018)

UP Global Sourcing (October 2017)

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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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