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Macfarlane's shares appear to be a classic smaller company valuation anomaly that should be corrected when the UK economic recovery translates into higher earnings growth and the pension deficit is patched up. The wide bid-offer spread means it may take some patience to build a decent-sized stake, but it should ultimately prove worth it
The UK is expected to be one of the fastest growing major European economies in 2014, and investors hunting for exposure to domestic earnings growth would do well to wrap up shares in Macfarlane (MACF) within their Isa allowance. The London-listed protective packaging company's earnings are geared to an improving economy and look set to ramp up in 2014 and beyond through a combination of new business wins, internet retail growth and bolt-on acquisitions. True, selling generic and bespoke cardboard boxes, labels and plastic films to manufacturers is hardly the sexiest of growth businesses. But Macfarlane is the leading player in the £500m-a-year market with 20 per cent shares. And shares in the company appear undervalued on just 10 times forward earnings and boasting a more-than-twice-covered 4.2 per cent prospective dividend yield. Moreover, Macfarlane's chief executive Peter Atkinson expects the business to turn a corner in 2014 after several years of pricing pressure and subdued demand. Macfarlane has done this by targeting growth markets such as internet retail and third-party logistics companies, while keeping a tight lid on overheads. Key contract wins earlier this year with online retailers ASOS (ASC), The Hut and Feel Unique led to a step-up in underlying revenue growth to 3 per cent in the fourth quarter of 2013, up from an average of 1.5 per cent throughout the year. Encouragingly, Mr Atkinson says the improvement in trading has been sustained into the current quarter. Profits before tax and exceptional items rose to £5.1m in 2013 from £4.5m in 2012.
recd by IC on Thursday...still going strong I see. well done all in
Looks like the final results have been well received
Anyone know why the sharp price increase over the last two days?
Looks good
and 950k following it...?.....
biggy
Macfarlane Group (MACF) Director name: Mr Michael (Mike) Arrowsmith Amount purchased: 100,000 @ 25.00p Value: £25,000
I've been employed in The Packaging Industry for over 30 years. I've just purchased more shares in Macfarlane. Would expect market conditions to gradually improve over the next 2/3 years and margins to firm up. Packaging Companies' performances are often a good bell weather for the economy. Macfarlane is a top brand in the Packaging World although in my opinion shouldn't have lost it's original brand name Abbotts. May be a possible takeover target at some stage - made a real faux pas a few years ago trying to take over British Polythene Industries.
Thank you for the information!!
It is battling hard in tough mkt but looks like an increasing pension deficit will swallow any cash generation positives.Dividend maintenance rather than a winning strategy doesnt fill one with confidence.likely to dip further if market fears persist.
I think it may fall but the dividend will keep it steady for a while. Needs to advise what action it intends to take over pension fund and announce new chairman... Glad to hold for the divi though as by then the dust may have settled.
Where do you think this share will settle? Do you think its got further to fall?
dividend but it being stufffed by its pension fund. Not good.
due 6th March and should be ok as some considerable effort has been made to cut costs. Quite a number of director buys in November and should pay a dividend.. Worth watching
i bought in at 8am for a 3k punt as believe share price drop overdone, solid little business, results in a month? looking for 30p region atvb s
is Dost... Think there has been a leak... Can find no news yet some is expected....Lots of options have been awarded so may expect it to be good...
quite positive. This is a good long term hold and should recover nicely by end 1st quarter of 2012. Not a board though which suffers much chatter..
this may be turning the corner at last. Having watched for about two months have taken the plunge. Not expecting it to light up the top risers though. Just a tic up here and there perhaps...Certainly is not a busy busy board
Following the issue of the Interim Management Statement on 10 May 2011, Macfarlane Group PLC confirms that it will announce its interim results for the six months ended 30 June 2011 on Tuesday 30 August 2011. Since I last posted and despite a drop in the SP the Fundamentals are solid here and there just may be some value here.
Held these for a while now following Director Buys and positive improvement int SP. Strong presence in Sweden too. Note:___http://www.stockmarketwire.com/company-news/MACF/Macfarlane-Group
following the purchase of, { bloomfield suppliers ltd } then { online packaging ltd} followed by { allpoint packaging ltd} .with regard to these purchasesin the uk, does anyone think [ macf} can have [ sp} appreciation, in the medium term?