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I agree, this is a good company. But is £23 + a fair price? NO, it's speculators' price. I would sooner hold a batch of other shares like Vod, GKN, AV. each with greater yields than WEIR. I would like to buy here, but not at the current price. It's way over-valued. And as for the fracking business - you can rest assured just as with wind-power and solar, the Chinese will copy every component, and make it a lot cheaper. It's just a question of time. Good luck with your trading.
Why bother? Weir make the valves for the fracking fraternity so you've got it covered already, but it's only about 7% of their total business, so better than a one trick pony.
You are so right! Who needs continuous growth in SP & dividends? This 150 yr old company is the most shorted in the FTSE100, yet INSISTS on raising profits for it's shareholders with no regard at all for wicked speculators & de-rampers. LOL
The action of this share is downright insane. This must clearly be market manipulation? This company is not worth £23. It's fair price is around £15.50. Just another example of lunacy at work! Good luck if you bought in here, I'd cash it in!
22.46 - 22.51 good results and you see jange this is the point I was making to you yesterday about certain brokers comments really not being worth the paper they are written on. Normura quie a bit out.
"The R Wales Group and the Cheong and Xmeco foundries enhance the group's presence in important growth markets," said Weir's Chief Executive Keith Cochrane. "The Wales Group develops our leading aftermarket offering in the minerals and oil sands sectors, while the Cheong and Xmeco foundries expand our low cost capacity in the fast growing regions of Asia-Pacific and Africa, enabling us to deliver quality products more quickly to our customers."
Industrial engineering group Weir said on Wednesday that it has strengthened its presence in the fast-growing mining markets with three acquisitions worth a combined 55m pounds. Weir said it has acquired the R Wales group of companies, a Canada-based manufacturer of wear resistant linings for the mining, minerals processing and oil sands industries. At R Wales' facilities in British Columbia and Ontario as well as a US facility in Arizona, the company makes rubber linings for pipes, tanks, chutes and hoses. The acquisition of the firm, which generated over C$30m of revenues last year, is said to be immediately earnings accretive with post-tax returns expected to exceed Weir's cost of capital within the first year of ownership. Weir also bought the Kuala Lumpur-based Cheong foundry in Malaysia, which supplies castings to a number of industries, including mining and power. It has also signed an agreement to purchase the plant, equipment and buildings of Xmeco Foundry, a specialist large casting foundry in Port Elizabeth, South Africa.
Would like to know if anyone investested in NCT. Are they worth long term investment regard Shale/fracking?
Engineering giant Weir has appointed Charles Berry, the Chairman of power station firm Drax Group, as a Non-Executive Director. Berry, who is also the Non-Executive Chairman of Senior and previously held board positions at Scottish Power, will join the board on March 1st. He will become a member of both the audit and remuneration committees. "The Weir board is delighted to welcome Charles Berry as a Non-Executive Director. Charles brings great experience of the industry and we are looking forward to benefitting from his contribution in the future," said Weir's Chairman, Lord Smith of Kelvin.
Weir Group: Morgan Stanley ups target price from 1660p to 1830p, but keeps an underweight rating.
Weir Group: Deutsche Bank ups target price from 2100p to 2400p and maintains a buy recommendation.
Weir Group: UBS raises target price from 2000p to 2300 keeping a buy recommendation.
Nomura's raises it price target from 1850p to 1950p. Target exceeded Normura as current share price is 2021!
Weir Group: Nomura raises target price from 1850p to 1950p and stays with its neutral rating.
"Mathenais a well-regarded business in the US upstream oil and gas markets, with a strong management team and market share in the pressure control drilling markets," said Weir's Chief Executive Officer Keith Cochrane. "This deal is a close strategic fit with our existing pressure control business and gives us a larger suite of products which we can sell to the expanded customer base. The business has strong growth potential and increases our exposure to shale oil and gas, markets with attractive long term structural growth prospects."
Engineering solutions group Weir is to buy pressure control rental equipment firm Mathena as it attempts to up its exposure to the fast-growing shale oil and gas market. Mathena, which makes a range of pressure control products including hydraulic chokes, mud-gas and shale-gas separators for the for onshore oil and gas markets, will be acquired for an initial payment of $240m (£148m) with a maximum deferred consideration of $145m payable over two years, subject to profit targets. In a statement on Thursday morning, Weir said: "In addition to its manufacturing expertise, Mathena differentiates itself through a strong customer service culture, product innovation and the ability to offer complete bespoke rental and service packages. The acquisition will increase the aftermarket focus of Weir Oil & Gas with approximately 80% of Mathena's revenues generated from equipment rental and 20% from related parts and service." The group said that this acquisition is a "strong strategic fit" with Weir Seaboard in the pressure control market and supports the expansion of its flow back services.
Investec has raised its target price for engineering group Weir from 2,020p to 2,100p and reiterated its 'buy' rating for the stock, following Thursday's announcement that it is set to acquire pressure control provider Mathena. "This acquisition fits in nicely with Seaboard and diversifies Oil & Gas revenues (31% of FY13E sales) away from the pressure pumping market," the broker said. Investec said that Mathena, purchased for $240m with up to $145m of deferred consideration, looks to have good long-term propsects and "makes Weir a sizable player in surface pressure control equipment and service for the upstream onshore unconventional market." The broker said it expects to upgrade its 2013 and 2014 adjusted profit before tax forecasts (currently £453m and £474m, respectively) by 3-4% following the acquisition. The new target price is in line with the estimated earnings upgrade and was set using a global peer average price-to-earnings ratio of 13.4.
Investec has raised its target price for engineering group Weir from 2,020p to 2,100p and reiterated its 'buy' rating for the stock, following Thursday's announcement that it is set to acquire pressure control provider Mathena. "This acquisition fits in nicely with Seaboard and diversifies Oil & Gas revenues (31% of FY13E sales) away from the pressure pumping market," the broker said.
Weir Group: Nomura raises target price from 1400p to 1850p and upgrades from reduce to neutral.
Weir: JPMorgan Cazenove cuts target from 1,895p to 1,820p, neutral rating kept.
Weir: Investec ups target from 1,850p to 2,020p, buy rating kept
Questor in The Telegraph writes that Weir Group bears must have been smarting yesterday, as the shares were the biggest gainer on the FTSE 100 after its third-quarter update. Questor continues to like Weir and the markets in which it operates. All of its end-users are in sectors with good long term prospects. US gas prices are unlikely to stay this low, particularly as the country could start exporting gas at some point in the not too distant future. Questor remains in the bull camp. Weir is a market leader with its technology and innovation and the exploitation of shale gas is expected to spread to other areas of the world. Trading on a 2013 multiple of twelve times earnings and yielding 2.2%, the shares remain a buy.
Positive Points: Full year profits are expected to be within the range of management's expectations in July and in line with the current market consensus forecast. Weir is on track to deliver full year 2012 profit before tax, amortisation and exceptional items in the range of £440 million - £450 million. The group's global presence, diverse end market exposure and targeted cost reductions are playing their part. The company's revenue and profits were ahead of the prior year quarter, benefiting from the impact of 2011 acquisitions which management noted "continue to perform satisfactorily." On a like for like basis for the 9 month period, whilst order input was 6% lower with original equipment orders down 18%, aftermarket orders rose by 6%. A progressive dividend policy continues to be pursued. The half year dividend payment was increased by 11% compared to that paid for H1 2011. In line with seasonal trends, the group is expected to be cash generative in the fourth quarter. As such, management expects a reduction in year end net debt in line with previous expectations. The shares are occasionally subject to speculative takeover rumour.
Negative Points: Conditions had remained mixed across its end markets, impacted by increasing global macro-economic uncertainty and resultant declines in certain commodity prices. Reported order input for the company in the third quarter was 8% down on the prior year and 15% lower on a like for like basis. Largely thanks to acquisitions, group net debt had risen from £673 million as of the end of 2011 to £844 million as of 29 June 2012. The group focuses on business sectors which are highly dependent on economic growth. The economic outlook remains uncertain, with concerns over Europe prominent.