Annual Results20 Mar 2024 11:07
Further to my previous message I note the house broker, Shore Capital, has issued an update today rating Anpario as a recovery play, trading at a 50% discount to their 5 year average EV/EBITDA and have upgraded their 2024 FC by +12% (EBITDA) and +17% (adjusted EBIT).
I suspect the "huge upgrade" to eps which "turnkey17" mentions is partly due to the 20% stock buy back which is only now, and slowly, starting to be recognised by the market, as well as the more favourable forecast trading environment going forward.
Finally, my last word here as I don't post often, I like Anpario as they significantly benefit for the UK's patent box on qualifying worldwide revenue. The benefit a fixed 10% Corporation Tax rate on sales of one of their biggest products, Orego-Stim, and is now extended to their toxin binders. They don't appear to give a breakdown of total global revenue from these products, but from a little research I estimate it probably falls between 30% and 40% and growing. Thus revenue uplift has an outsized bottom line impact.