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Anpario Share Discussion Threads
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|I did a back-of-the-envelope estimate for this year (Dec 17) using £27mn revenues, gross margins 47% (as this year), SGA up 8% based on fewer new management appointments, and finally £0.5mn exceptionals. That gave me around £4mn pre-tax and assuming a higher tax charge I reached £3.4mn net, or 16.4 pence per share using 20.7mn as ballpark weighted issued shares. That is about x17 p/e which is not cheap for a steady eddie but I like the management thinking and underlying earning look OK and not volatile. It happens to be in the upper middle of the Peel Hunt (17.5p) and NI Singer (14.7p)range and if achieved will look quite good against the 2016 outcome.
On a general point the profit growth was pretty much all from Asia, Americas was disappointing presumably on Brazil. If the US is getting bigger and is more profitable than SAm we could see Americas overall segment margin considerably better.
Frankly I wouldn't expect too much upside for a while but am comfortable as a holder.|
|That pretty much sums this up I think. The only thing I would add is that Oryx describe themselves as activist investors. I would think that they wouldn't be happy with so much cash sitting around doing nothing. That may spur some action but I'm only guessing.|
|I have had a good look at the results and note that as anticipated H2 revenues at £13.6m were well up from those of H1 of £10.7m.
Not all that much caught my eye; I see the reference to legal costs for abortive acquisitions which suggests activity in looking at acquisitions and begs a question for the AGM as to their current thoughts for what to do with the cash which stands at almost half of tangible assets.
As signalled capex was £729 k compared to £301k in 2015 and £289k in 2014
I went through the Principal risks and uncertainties and nothing surprised me.
Geographic analysis was very useful. Shows importance of Asia and despite gloom in Middle East profits only went down from 1.6£m to 1.2£m.
I hope to see some of you on June 29 when I plan to get clarity on the use of the word twice of challenging
There is the Middle East and they had the specific issue in Brazil, but not sure what else was especially challenging; that said, I would have thought the devaluation of £ would have helped more than it seems to have done- I see from note 15 that a third of the receivables are in £.
As previously discussed not a great deal of change in shareholder composition in last twelve months. RBC Custodians go up from 8.4% to 11.2%; the current second largest shareholder Unicorn increased it's holding as did several other of the larger holders and as noted Oryx have come in with 3.8%.
I have noted down from last year that the Employee Trust had 8.5% but cannot see where that came from. Anyone have any ideas?
I note the share price increase this morning; not sure if there is much more upside but downside limited and I do not see myself as buying or selling in the immediate future.
The concentrated ownership means that there is not all that much liquidity and hence relatively wide bid offered spread.|
|Yeah..... that deal does seem v strange...... but they must have reasons....... but a bit miffed they have created another tier of managers in the loop...... again they must know good reason.|
|Agree that U.S will be huge for us..... hopefully it will happen this year...... It's a tremendous market for us in all respects!!!!|
|Steady as she goes.....USA is going to be huge but can't say I fully understand the Cobbet acquisition,especially if it's going to have no material impact (in 2017 ).|
|Well...... I dunno what to make of these figures...... not losing money, but not making millions either...... kinda steady Eddie style of operations...... Maybe it might be wise to cease Middle East operations till things improve in that region..... but what do I know?!?..... lol Have been invested here a long time..... I like the company, and will continue to buy when I can......|
|Yes, the very large purchase I referred to on 24th, which matches their declared date of purchase
As you say, good news!|
|And now we know who it is. An institutional growth fund. Nice!|
|We've still got our buyer, although there is clearly a price limit.|
|Meanwhile over 1.6 million shares have traded today.
Rather more than the usual ANP daily volume|
|Very odd that it has taken such a long time for such a simple mistake to be spotted, especially as on this board we were all somewhat surprised at the low cash level.
This does not impact well on management but more important to me is that it suggests that the Broker is asleep....Not only would they have vetted the release but their analyst should-like us- have suspected that something was wrong.|
|Looks like they found another £700,000 down the back of the sofa.|
|Yes, that's about £420,000 (plus stock)spent on buying the Australian distributor. Why pay someone else to distribute your product if that is really all they actually do, so not so much adding revenue as reducing costs I suppose and getting direct access to the end user with a possibility of more direct sales across the product range. A shrewd, positive, perhaps opportunistic move, but not game changing is my take.|
|AN ACQUISITION (at last).........not sure it will add much profit,time will tell.
REBRANDING........probably the right thing to do but farmers are a strange bunch.|
|Remember in the interims they said
We continue to invest in plant automation with expenditure this year to date of £0.4m and further expenditure of £0.6m committed in the second half of the year.
This capex expenditure explains a bit of why cash decreased in H2.
Indeed full year capex one reason for fact that 2016 cash increase at £0.9m was down from the £2.8m and £1.8m on 2015 and 2014.
Possible-but unlikely-that some of the new overseas trading arrangements have had a negative impact on working capital|
|I think on balance anp will come out the right side of the poor value of the pound since most sales are via export. Financial performance is apparently improved on the last quarter, so just spending a lot of money on the business, hope it pays off.|
|I seem to recall that they get raw materials from Europe.....perhaps the poor exchange rate is partly to blame?|
|And improved financial performance apparently, which suggests a lot of money (perhaps as much as £1.6 million) has been spent somewhere......
I hope the management is doing what it stated it would do in the last interim report and is investing in order to grow returns organically.|
|No cash improvement from the half year|
|I think we've picked up an ongoing institutional buyer. The purchase seems to be handled well as it's only gently moving the shares. Tempted to add to help give an extra nudge!|
|Lancasterbomber, probably a function of the thin market between Christmas and New Year thugh I see that 16k shares traded tody which is quite a lot for ANP|
|Just listened to the Podcast. Thanks Jock for posting.
I have been a shareholder since 2013 and I am in for the long haul.|
|Any reason for 6% rise on small volume?|
|Thanks Jockthescot for that good interview which had passed me by.
When asked about the fall in the share price over the last 12 months the ceo mentioned that the large holders had been loyal-and indeed having checked the RNS's my reading is that the last time a 3%+ holder sold down was a v modest sale by Investec in June 15.
I checked in to the ANP website and there is a very informative written interview with Feedinfo from late November which you folks may want to read.|