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not one of my better picks. at least there is a dividend though ! very much due a bounce i think .. bloody well hope so !
Recent purchases of stock by three Board members give the best possible message that Fenners have been oversold. They supply a diverse mix of international majors and are on track for another good year but some short sellers had pushed the shareprice down to a silly level from which it is now recovering- hence an opportunity beckons. I recently had a conversation with a leading mining engineer in Johannesburg who described their gearing as 'a class apart ,.
According to the latest gdp figures today mining and quarrying increased by 3.2% in the first quater which should be good for Fenners.Revenues were down slightly in yesterdays half year figures but should grow during the second half. Fairly good yield at this price.
Im back in for a third time here, does seem to keep going down to 370 then back up to 420, so this is good for a 10%+ gain, and/or hold for the dividends. Recent positive trading update and good fundamentals, buy!
Did some research recently and this little company popped up - some further research suggested it was undervalued but also rated by most analysts - as a result I had a dip and hey ho it appeared in the FTSE 250 top movers today..... Just another conveyor belt company - and how many of those do you know?
SP rising today,we have a good dollar earnings here.
At last the turn around. Far too cheap and chart indicates at base of a uptrend channel. Should be a lot to come.
Cheers,they really put their foot on the gas in the last few minutes,all those little trades going through,a real frenzy of selling by not many people.
Many thanks for the reply.
Looks like somebody is running programmed sell trades,as the shares are pretty low volume after going xdiv,it drives the price down.Good opportunity to buy some on the cheap I have just bought a few more.Yields about 2.77% at this price.SP tends to follow the mining sector so can be volatile it reached £5 last year,so doesnt look expensive at this level..
BROKERS Bullish on FENR..... Date Company Name Broker Rec. Price Old target price New target price Notes 17 Jan 13 Fenner PLC Credit Suisse Neutral 385.75 345.00 400.00 Reiterates 16 Jan 13 Fenner PLC N+1 Singer Buy 385.75 - 384.00 Retains 16 Jan 13 Fenner PLC Canaccord Genuity Buy 385.75 471.00 471.00 Reiterates 16 Jan 13 Fenner PLC Numis Buy 385.75 435.00 435.00 Reiterates 16 Jan 13 Fenner PLC Finncap Hold 385.75 - - Downgrades 16 Jan 13 Fenner PLC Investec Hold 385.75 415.00 420.00 Reiterates 14 Jan 13 Fenner PLC Jefferies International Buy 385.75 490.00 490.00 Reiterates 08 Nov 12 Fenner PLC Panmure Gordon Buy 385.75 460.00 460.00 Reiterates N@P Building Society.
Anyone know why the share has dropped like a stone in the last couple of days. Is this just people bailing out after dividend date? I can't see any other reason why this share would go down.
looks like a good risk/reward balance here to me .. so i put a few in my isa. decent yield too. hope im in good company ;)
Fenner: Investec shifts target price from 415p to 420p, while retaining a hold rating.
Agree, ive traded this twice now in the 350-420 range, sold out at 419 earlier this month on chance it might dip below 400 again, however wouldn't be surprised to see it stay 400+ now, it has great fundamentals in my view
...
Fenner: Panmure Gordon cuts target from 465p to 460p, buy rating kept.
Tempus in The Times writes that Fenner, with more than two thirds of revenues across the group coming from repeat orders for equipment that has come to the end of its natural life, should not be as exposed to a slowdown in new investment as some of its peers. Fenner shares rose by 9.5p to 359.5p on the release of a positive set of results to the end of September. Pre-tax profits came in 30% higher at £103.9m, while a final dividend of 7p increases the total by a generous 31% to 10.5p. Fenner is never going to be immune to global economic trend but the shares, on about 10 times earnings, look like good long-term value, the paper says.
Industrial conveyor belt maker Fenner reported a stellar increase in profit and revenue for the year and lifted its dividend payment by 31 per cent. Profit before taxation rose 27% in the 12 months ended August 31th to £88.6m while underlying pre-tax jumped 30% to £103.9m. Revenue for the year was up 16% to £830.6m. Underlying earnings per share rose 28% to 36.1p. Fenner said the positive trading conditions for most of the year driven by record levels of coal and iron ore extraction. Some slowing of order intake from the US coal sector was seen towards the end of the year but coal stockpiles have been reducing for several months, it said. Chairman of the reinforced polymer technology firm Mark Abrahams commented: "We remain mindful of the current global economic uncertainty. Given both anticipated end market trends and the very strong first half last year, we expect our performance to be more heavily weighted to the second half of the current year." He added: "As a result of our investment programme over recent years, Fenner is a much stronger and more resilient business serving a more diverse customer base. The fundamentals of our core markets underpin healthy, long-term growth, and we continue to be encouraged by the number of identified opportunities for sustained value creation." Underlining its confidence in future earnings, Fenner is recommending a dividend of 10.5p per share, up 31% from last time.
Fenner: Jefferies keeps buy rating and 490p target.
Got back in today off the back of these results, an increase in the divi is always welcome too"
Market like the news........ as do I,,,,,,,,,:-)
Mark Abrahams, Chairman, commented: "The year just ended was one of excellent growth, delivering record results. Reflecting this performance, the improved quality of the Group's earnings and our confidence in the future growth of the business, the Board is recommending a 31% increase in the dividend for the year. As we have highlighted, in the latter part of the year, ECS saw slower demand from the US coal sector offset by stronger demand elsewhere. Order rates from the US coal sector bottomed in May and have improved steadily since. While we do not expect to benefit fully from the positive impact of this trend until the second half, the divisional order book is satisfactory overall. Commodity prices have recently reduced which, while not directly weakening activity for ECS, may lead to some short-term pressure on margins. The AEP operations are trading satisfactorily, albeit with some pockets of moderate destocking. Recent acquisitions are expected to support continuing growth. We remain mindful of the current global economic uncertainty. Given both anticipated end market trends and the very strong first half last year, we expect our performance to be more heavily weighted to the second half of the current year. As a result of our investment programme over recent years, Fenner is a much stronger and more resilient business serving a more diverse customer base. The fundamentals of our core markets underpin healthy, long-term growth, and we continue to be encouraged by the number of identified opportunities for sustained value creation."
CONT · Engineered Conveyor Solutions ("ECS") underlying operating profit1 increased by 38% to £84.4m on revenues up 16% to £593.4m Positive trading conditions for most of the year driven by record levels of coal and iron ore extraction; some slowing of order intake from the US coal sector towards the end of the year but coal stockpiles have been reducing for several months · Advanced Engineered Products ("AEP") underlying operating profit1 and revenues both increased by 14% to £43.6m and £237.2m respectively Growth underpinned by strong demand from the oil and gas sector and investment to broaden geographic coverage; some small pockets of destocking · Strategic initiatives to create a strong, growing and resilient Group progressed well, supported by organic and acquisitive investment · Confident in further opportunities for long-term value creation 1Underlying operating profit is before amortisation of intangible assets acquired 2 Underlying profit before taxation and underlying earnings per share are before amortisation of intangible assets acquired and notional interest
2012 Preliminary Results Fenner PLC, a world leader in reinforced polymer technology, today announces preliminary results for the year ended 31 August 2012. Highlights · Record financial performance - Revenue up 16% to £830.6m - Underlying operating profit1 up 30% to £118.8m; operating profit up 30% to £107.6m - Underlying profit before taxation2 up 30% to £103.9m; profit before taxation up 27% to £88.6m - Underlying earnings per share2 up 28% to 36.1p; basic earnings per share up 23% to 30.3p - Strong free cash flow of £63.0m (2011: £53.7m) - ROCE increased to 24% (2011: 20%) · Dividend per share increased by 31% to 10.5p per share, in recognition of increased quality of earnings and confidence in the future