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Morgan Stanley downgrades Victrex from equal weight to underweight, target price cut from 1590p to 1250p
This should rise to where it was before the summer madness GLA
Numis upgrades Victrex from add to buy, target price unchanged at 1695p.
Interim Management Statement This statement comprises Victrex's Interim Management Statement covering the period from 1 April 2011 to date. Group sales volume in the third quarter was 750 tonnes, an increase of 8% over the third quarter of the previous financial year (695 tonnes). This brings the year to date volumes to 2,184 tonnes, an increase of 17% over the same period of the previous financial year (1,866 tonnes). Invibio®, our biomaterial solutions business, has continued to trade in line with expectations. The Company continues to perform in line with expectations. It remains in an excellent financial position with a healthy balance sheet, strong cash generation, and no significant changes in its financial position since 31 March 2011. Consequently we believe we are well placed to pursue future growth and investment opportunities across the business. The Company's annual trading update for the year ending 30 September 2011 will be issued on Thursday 6 October 2011.
http://www.investegate.co.uk/Article.aspx?id=201108040700096996L
After raising its earnings forecasts for plastics group Victrex, UBS upgraded plastics the firm to neutral, from sell, saying that it has strong growth and profitability prospects.
UBS keeps its 'sell' rating for polymers manufacturer Victrex but increases its target price by 26% to 1,320p from 1,050p. The upgrade reflects Victrex strong first half results which showed growth across all companies divisions. However, UBS has scaled back full year estimates for the second half as profits will be affected by a planned 2-month plant shutdown adding £3m to costs.
Goldman reiterates buy on Victrex, target price raised to 2000p from 1830p.
by Goldman Sachs to name it as the broker's "top pick" in the mid-cap chemicals sector. Initiating coverage on Victrex with a "buy" recommendation and a target price of 1,830p, Goldman described it as an "attractive acquisition" target because of its "unique technology and customer relationships".
I like your target price of £18 much better than the brokers targets. J.P.Morgan say £14.35P,do they think its overvalued at todays price? Only Peel Hunt with £16.50 seems fair to me.Lets hope Victrex can confound them all.
http://www.investegate.co.uk/Article.aspx?id=201105240700101121H
Strong performances from Victrex's (VCT) Polymor Solutions and Invibio Biomaterial Solutions businesses have led to record sales volume, revenue and profits in the half-year, prompting the material group to raise its interim dividend by 25% to 8p. The company, whose key PEEK polymer product is used in aircraft components, car parts and surgical instruments, reported a 57% jump in pre-tax profits to 48.3 million pounds for the 6-months ended 31st March 2011 on revenue ahead 21% at 107.9 million pounds. Victrex shares advanced 108p to 1,509p.
target price now £18 not selling any of these for any less.
Victrex does nothing but polyether ether ketone, helpfully shortened to Peek. The group’s factory near Blackpool produces the hard-wearing polymer in a vast array of shapes, sizes and varieties for use in everything from aircraft and electronics to artificial hip joints and vertebrae. Victrex has bags of potential, even with the widely predicted softening in the second half thanks to tougher comparisons and the drag from the special dividend. Buy, says the Independent.
Market not too impressed today!
http://www.investegate.co.uk/Article.aspx?id=201104070700054485E
Victrex H1 sales volume up 22% Date: Thursday 07 Apr 2011 LONDON (ShareCast) - Plastics group Victrex reported record half year sales volume of around 1,434 tonnes, an increase of 22% from the same time last year. The group, which makes and sells polymers, said the record 752 tonnes sold in the second quarter of this year was 10% above the 682 tonnes sold in the first quarter, "reinforcing the positive underlying trends in the Victrex Polymer Solutions business." It added that despite continuing uncertain market conditions in the US, Invibio, its biomaterial solutions business, posted record half year revenue of £24.3m, an increase of 10% over the first half of the previous financial year. "The potential opportunities for Invibio in new market areas and geographies remain strong," Victrex said.
Half Year Trading Update The Company announces its trading update for the six months ended 31 March 2011. We are pleased to announce a record half year Group sales volume of approximately 1,434 tonnes, an increase of 22% over the first half of the previous financial year (1,171 tonnes). The record 752 tonnes sold in the second quarter of this year was 10% above the 682 tonnes sold in the first quarter, reinforcing the positive underlying trends in the Victrex Polymer Solutions business. Despite continuing uncertain market conditions in the US, Invibio(R) , our biomaterial solutions business, delivered record half year revenue ofapproximately GBP24.3m, an increase of 10% over the first half of the previous financial year (GBP22.1m). The potential opportunities for Invibio in new market areas and geographies remain strong. Victrex will announce its results for the six months ended 31 March 2011 on Tuesday 24 May 2011.
Ive just bought more.An excellent share for an ISA.
That sounds like a nice target price, I have every intention of staying on this share for the ride hopefully we will see plenty of upside this year. GLA
The prospect of Victrex becoming a bid target was highlighted yesterday as positive broker comments helped the high-tech plastics company to surge up the mid-tier index. The Lancashire-based group was driven forwards 45p to 1,395p, with traders pointing to the decision by Goldman Sachs to name it as the broker's "top pick" in the mid-cap chemicals sector. Initiating coverage on Victrex with a "buy" recommendation and a target price of 1,830p, Goldman described it as an "attractive acquisition" target because of its "unique technology and customer relationships". Recommending the group toinvestors, the broker's analysts said it "presents an excellent opportunity to buy a consistently high-returning company", and they also praised its peers Croda and AZ Electronics, saying that all three "produce specialised products and operate in niche, high-growth markets with barriers to entry". The former put on 16p to 1,694p after the analysts said it was another company likely "to be the subject of merger and acquisition speculation", but AZ edged back 0.3p to 275.6p despite keeping its "buy" rating
polymers manufacturer Victrex (VCT) tradng update this week
BUT........ the small rise today has gone part of the way to closing it. A very safe share with more and more industires realising the benefits of PEAK inc oil producers!!!!!!!!!!
AGM and Interim Management Statement At the Annual General Meeting of Victrex plc to be held today, Chairman Anita Frew will make the following statement which comprises Victrex's Interim Management Statement covering the period from 1 October 2010 to date: "We are pleased to report that Group sales volume for the 1st quarter ended 31 December 2010 amounted to 682 tonnes, a 43% increase over the 478 tonnes recorded in the same quarter in the previous financial year. This strong performance has continued through January 2011 to date. Although forward visibility on sales volumes remains limited, underlying trends are encouraging across all our major market segments. As was anticipated, gross margins have been maintained in-line with those of the second half of the financial year ended 30 September 2010. The Group remains in an excellent financial position with a healthy balance sheet, strong cash generation, and no significant changes in the financial position of the Company since 30 September 2010." The Company's trading update for the six months to 31 March 2011 will be issued on Thursday 7 April 2011.
http://www.investegate.co.uk/Article.aspx?id=201102080700058216A