Anpario Share Discussion Threads

[woodcutter] 17/4/2016 19:56

nice sense of humour bb2

wc

[battlebus2] 16/4/2016 13:22

Great analysis Woodcutter, I'll take your word for it on the charting :))

[rcturner2] 16/4/2016 13:19

woody, a ratio I always look at is EV/sales, this I find to be a very solid indicator. I like it to be below 2.5.

[woodcutter] 16/4/2016 12:11

thx mods

my analysis fwiw

ANP Chart

free stock charts from uk.advfn.com


ANP Fundamentals
hxxp://www.anpario.com/

ANP provide natural animal feed additives for livestock in particular chicken, pork and beef. There are strong moves within the animal farm industry to move away from steroid and antibiotic induced feed additives to more natural products and ANP have a nice niche here.
They've recently sold the lower margin side of their business to concentrate on higher margin product sales.
It's quite an illiquid stock and the share price can move quite quickly so buying small blocks is the best way to accumulate.



The Fundamentals P&L
Market Cap £54m
number of share in issue 21.85m.
share price 260p
revenue £23.33m
operating profit £3.55m
operating margin around 15.2%.
adjusted reported eps (earnings per share) 15.72p
per (price earnings ratio) 15.3 but there's almost 43p a share of net cash on the balance sheet so the adjusted per is around 13.5 for forecast eps of around 16.2p. This is against a more recent historic per of 20+
dividend 5.5p/share for a yield of around 2.2%, covered close to 3 times by eps.
interest adequately covered by operating profits as there's no debt.
market to book value roughly 2 times.
tax charged at 10%, due to R&D credits, prior year adjustments and deferred tax assets on the balance sheet.

The Fundamentals Balance Sheet
ROCE return on capital employed 13%.
current ratio 4.8 very strong
acid ratio 4.32
debtors days around 106 days
net gearing -ve 20%. So no gearing at all, cash positive
pension obligations none

The Fundamentals Cash Flow
net debt £0m to EBITDA £4.4m is no problem as it's cash rich.
pbt £3.6m.
cash generated from operations after movements in working capital £3.6m.
depreciation £573K
capex £301K demonstrates the investment in new equipment relative to depreciation charge.
Capitalised R&D spend £0m.

All in all this is a very sound well managed business with further global growth prospects.

woody

[modform] 15/4/2016 19:56

Been buying it in the past few days, and Got my last lot this morning, thanks to woody for highlighting it to me a few weeks ago

[spekky] 15/4/2016 17:07

Well played those who bought the dip (unjustified dip imho).

[battlebus2] 15/4/2016 12:04

Moving well now :)) Hopefully back to £3 again....

[battlebus2] 15/4/2016 08:36

Hopefully the seller has gone for a long weekend and it'll be blue today :))

[battlebus2] 14/4/2016 15:23

Blue today, tried for a few more earlier but mm's not budging on the quote.

[rcturner2] 13/4/2016 18:00

Mine is the 8250 at 243p, shown as a ?

I tried to get 8300 at 240p, only 2500 available at that price.

I like the company a lot and held in the past and sold around 330p. I am quite surprised it has dropped this far.

[battlebus2] 13/4/2016 17:54

Looks a wise long term investment to me RCT, price seems to be lowered to accommodate larger sells so hopefully that will dry up soon.

[rcturner2] 13/4/2016 12:05

I bought back in today. Happy with the risk/reward balance at this price.

[cerrito] 11/4/2016 23:16

Thought of ANP this morning when reading a story in the FT in which a coalition of fund managers including Aviva and Natixis are calling on the world's largest food companies to stop excessive use of antibiotics in their meat supply chains.

[woodcutter] 06/4/2016 19:26

i had a second nibble today too

woody

[hiddendepths] 06/4/2016 16:11

Bought a couple of small tranches. It seems that a bit of stock has emerged this afternoon. No doubt we'll see tomorrow morning if there's more behind it.

Back to sleep on this one!

[hiddendepths] 06/4/2016 15:27

Just a single smallish insti persuaded by the downgrade, I'm thinking. Looks as though they've finished....

I don't know about anyone else but I don't mind the earnings slowdown as they gear up for the US expansion, which should be substantial and, probably, enduring. Quite happy with the switch to higher value-added products too.

Anpario is a keeper.

[battlebus2] 06/4/2016 14:37

Welcome back woodcutter, good to see your of a similar opinion. GHF isn't here yet as I believe it would need to be 220 ish to tempt him. Can't help thinking we are being managed to around the 250 level for some reason but could be totally wrong. Doesn't appear to be a great deal of selling either to force these down to current levels. Time will tell but until then these are a great LTH IMV DYOR.

[hiddendepths] 06/4/2016 12:18

Hmm..... Can't get stock for 250p now.

[hiddendepths] 06/4/2016 12:01

Well timed woodcutter. I put my order in just as the offer popped up from 245p to 250p so missed it.

I'll wait to see if it falls back but it looks as though there are several of us who think 250 offered is about as low as it's going.

[woodcutter] 06/4/2016 11:50

I decided to have some. The net cash is equivalent to 43p/share if i'm correct so it's on an adjusted per of 12.5 or there abouts with a yield of around 2%. Unless something drastic happens, in the current climate that doesn't look too expensive to me.

Sale of lower margin business in favour of concentration on higher margin business looks a sensible move longer term too

woody

[woodcutter] 06/4/2016 11:36

Nice to see bb2 and ghf back here. As you guys know I had a decent slug here which i'd built up over several years, up until early january this year when i began to sell down my entire holding but at these levels i'm beginning to find an interest again. I'm looking at around 230p to attract my investing pulse but may be tempted to go a little earlier if it settles

woody

[battlebus2] 06/4/2016 11:14

Yep, today anyway.

[tailgunner2] 06/4/2016 10:20

Seems the knife is still falling!!!!!

[battlebus2] 05/4/2016 14:49

I've added at 248, not sure why the offer is 260 but i suspect somethings in the offing???? any thoughts??

[battlebus2] 31/3/2016 16:08

Mm's happy to mark the bid up to 250 but technically you could have sold all day for that.