Share Name Share Symbol Market Type Share ISIN Share Description
Fenner Plc LSE:FENR London Ordinary Share GB0003345054 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.25p -1.26% 254.25p 254.00p 254.25p 259.00p 254.00p 259.00p 88,497.00 13:24:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 572.5 -30.3 -13.6 - 493.25

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13:23:32254.255711,451.77AT
13:23:20254.251,0882,766.24AT
13:23:16254.502153.45AT
13:23:16254.504621,175.79AT
13:23:16254.505171,315.77AT
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Fenner (FENR) Top Chat Posts

DateSubject
09/12/2016
08:20
Fenner Daily Update: Fenner Plc is listed in the Industrial Engineering sector of the London Stock Exchange with ticker FENR. The last closing price for Fenner was 257.50p.
Fenner Plc has a 4 week average price of 248.50p and a 12 week average price of 223.96p.
The 1 year high share price is 267p while the 1 year low share price is currently 95.25p.
There are currently 194,002,741 shares in issue and the average daily traded volume is 407,646 shares. The market capitalisation of Fenner Plc is £493,251,968.99.
07/9/2016
13:08
lauders: Fenner dividend paid today as well, so a good movement in the share price and a dividend. Double joy LOL!
29/2/2016
11:33
meijiman: Can't see it though with all that exposure to coal. Belts need replacing but if profits are so low then companies might hold off from buying new belts.This company never changes. Shares go up with the commodity cycle-the company then puffs away about the higher quality earnings. Sure enough the commodity cycle turns down and the profits collapse and the share price tanks.
14/11/2015
20:36
simon templar qc: Company was shorted about 5 years ago when the share price fell badly any idea of any short positions? Have no position here but curious.
08/9/2015
14:41
bugle4: Fenner plc 19.9% Potential Upside Indicated by Liberum Capital Posted by: Amilia Stone 8th September 2015 Fenner plc with EPIC/TICKER LON:FENR has had its stock rating noted as ‘Reiterates’ with the recommendation being set at ‘HOLD’ this morning by analysts at Liberum Capital. Fenner plc are listed in the Industrials sector within UK Main Market. Liberum Capital have set a target price of 200 GBX on its stock. This indicates the analyst now believes there is a potential upside of 19.9% from the opening price of 166.75 GBX. Over the last 30 and 90 trading days the company share price has decreased 2 points and decreased 46.25 points respectively. http://www.directorstalkinterviews.com/fenner-plc-19-9-potential-upside-indicated-by-liberum-capital/412677518
04/9/2015
17:32
alphahunter: Pretty sharp announcement from one of the coal mining OEMs yesterday. Not to mention the Chapter 11 on 3rd August. What is holding up FENR's share price is the uncovered dividend. Still short here.
17/5/2015
01:57
lauders: Well I hope I timed my small purchase well here. In at 221p (inc costs) and hoping that things have improved for FENR since these words were stated in the half year report: Outlook and dividend AEP's industrial, medical and other non-oil speciality polymer businesses, which account for some 70 per cent of AEP's revenue, are expected to continue to perform well. The financial results for the second half of the year will also benefit from the acquisition of Charter Medical which took place towards the end of the first half of the year. The remainder of AEP is seeing an impact from lower levels of activity in the oil & gas industry as a result of sharply reduced oil and gas prices. Order intake started to decline in February; the timing and extent of the decline are within the range of our planning assumptions. ECS expects to see a continuation of the difficult trading conditions across all of its regions which is being taken into account in managing the division's cost base. In the USA, the outlook for coal prices and consumption appears to have weakened whilst in Australia, lower demand for belting products and services is expected to exacerbate the impact of continuing pricing pressure. In EMEA, any recovery in Europe is expected to be slow, and newer mining markets are expected to remain under pressure. In response to the trading conditions being faced, cash overheads across the Group have been reduced by an annualised £9m with effect from the start of the second half of the year. The Group will continue to closely manage all aspects of its costs and cash flow and has recently announced that it will begin a process of consultation about a significant retrenchment at the ECS operation in the UK, which currently employs 127 people. By the end of the financial year, the major capital expenditure projects in AEP are expected to be substantially complete. Going forwards, the Group can comfortably maintain capital expenditure below the level of the depreciation charge whilst still investing in the future growth of AEP. Taking into account the management actions we are taking in response to the trading conditions, the Board's expectations for the outcome for the year remain substantially unchanged overall. An unchanged interim dividend of 4.0p per share has been declared, which will be paid on 7 September 2015 to shareholders on the register on 31 July 2015. If the improving environment for oil is reflected in the business here then we may quickly return to some of the previous director buy levels of 250p+. I like the acquisition too. Medical businesses are always good revenue generators depending on product and need. FENR has a few so many avenues & sources of income. The products Charter Medical sell look like they are needed to me: hTTp://www.chartermedical.com/index.html On the same path Secant Medical also looks like a winner with its bioresorbable Regenerez® technology as discussed here: hTTp://www.plasticstoday.com/articles/Bioresorbable-technology-Secant-Medical-addresses-limitations-PLA-PGA-150126 This older article shows the potential market for such materials too (interesting facts in the 1st paragraph): hTTp://www.qmed.com/mpmn/article/biomaterials-step-21st-century. Likewise Xeridiem sells everyday products needed by the medical community ( hTTp://xeridiem.com/ ). Like the positive report here for instance: hTTp://www.mddionline.com/article/partnership-cardiac-device-development-pays So as well as the other businesses I like FENR solely for the medical side and hope that progress made in future will be reflected in the share price. Thanks to CR for highlighting FENR on his board and consistently mentioning them. Thought they were worth a further look based on his constant "belief" in a re-rating here :-)
21/4/2015
09:20
matt123d: Fenner Warning, Dividend Cut Expected Tomorrow, Panmure SaysTuesday, April 21, 2015 08:30 amby Cormac Mullen(Bloomberg) -- Fenner shares are little changed ahead of 1H results tomorrow, volume is 11% of 3-month daily average, stock had fallen for previous 4 sessions.Panmure Gordon (sell) says downside risks may now be well known though trading likely to get a lot worse, expects co. to warn tomorrow that earnings will be significantly below expectations, sees 15.6p EPS in 2015 vs 19p consensusSays China's ability to protect its mining industry can easily outlast Australian miners' ability to stay solvent; sees Fenner's net debt becoming a problem if miners forced to cut production sharplyExpects 40% cut to dividend which sees covering worst case scenario, helping share price find bottomNOTE: Fenner will maintain interim div. at 4p/share, according to BDVD forecastNOTE: March 12, Fenner sees FY underlying EPS moderately below expectationsStock has risen 3% month-to-date vs a 3.1% rise in the Stoxx 600 Industrial Goods and Services index; is down 3.9% YTD vs a 21% advance in the SXNP indexOf 15 analyst ratings, 3 are buy, 9 hold, 3 sell, with an average PT of 208p, in line with the current share price
22/1/2015
17:19
loganair: By Richard Beddard The usual yardsticks indicate shares in Fenner are good value, and the company is adapting to severe economic challenges. Forming a view on future profitability is daunting. A share price of 205p values the Fenner enterprise at £632m, or about ten times adjusted 2014 profit. The earnings yield is 10%, a fine potential return that assumes no growth, for a company that has, generally, grown profitably in the past. Fenner’s somewhat vague and revised expectations of 2015 suggest profit might be lower, the result of low commodity prices and a consequent low level of demand for conveyor belts from miners, and an expected fall in demand for hose and seals from oil and gas companies. Imagining profitability further into the future is difficult because there are so many moving parts. Fenner’s smaller AEP division, which manufactures components for healthcare and industrial markets as well as oil and gas, should, the company says, grow revenues 20% a year in most years (while increasing profit margins) and already contributes almost half of the group’s profit. However, 2015 will show AEP’s not immune to low commodity prices, and profits have been susceptible to recession in the past. The conveyor belt division ECS, which still generates more turnover, is facing the gradual decline of coal as a source of power in the US, its biggest market. Cheaper natural gas, and punitive government regulation is behind the contraction, and although the decline will be slow and protracted due to the time it takes to close old mines and build new power stations, Fenner is looking elsewhere for growth, principally Australia, where it is also a leading supplier of conveyor belt, and ‘hard mining’ (iron ore and copper). Demand for Australian coal and minerals though, is dependent on China’s economic growth, which is currently slowing. While most businesses are affected indirectly by the economic impact of commodity cycles and the unparalleled growth of the Chinese economy, most of Fenner’s businesses are affected directly. A gambler might throw the dice and invest now. Investing in risky businesses is more likely to be profitable when everyone can see the risks and share price is low. But forming a view on Fenner’s future profitability is daunting not only because of the multitude of factors outside its control, but because high commodity prices and Chinese growth have been dominant aspects of the economy for so long. There is little precedent to indicate how the company will perform if these factors are of less importance for a long time. Here’s my checklist, revised after attending the AGM, agonising over competitive advantage, and revisiting 2009. Trust Is it clear how the business makes money? Yes. Fenner makes conveyor belts used in coal mining and other extractive industries and sells them around the world, particularly the USA and Australia. About a third of revenue and nearly half of profit comes from a division that makes polymer components, belts for office equipment, hoses used in diesel engines, and materials for medical implants, for example. The conveyor division, ECS (Engineered Conveyor Solutions) includes the Fenner Dunlop, Fenner and Dunlop brands. AEP, Advanced Engineered Products, has various trading brands arrayed in three product groups. Advanced sealing technologies makes seals used for oil and gas and fluid power applications. Precision Polymers manufactures belts for office equipment and hoses for diesel engines, for example. The third product group is Solesis Medical Technologies. Is the accounting straightforward? Mostly. In the year to August 2014, Fenner wrote off £24m of goodwill and intangible assets, mostly relating to conveyor businesses, because it expects them to make less money. Fenner’s defined benefit pension obligation is £210m, less than half of operating capital. The deficit is £30m, about half of roughly adjusted profit. Because revenue is mostly earned abroad, currency movements can distort underlying profitability, as they did (adversely) in 2014. Are accounting profits backed by cash profits? Not in 2014. Cash flow was about three quarters of adjusted profit, due to increased working capital requirements (stock, receivables and reduced payables) probably related to the downturn in business. In earlier years cash flow was stronger. Is the company forthright about strategy, and setbacks? I think so. Fenner issued a profit warning in June that pretty accurately predicted the result for the year to August. It’s followed a consistent strategy (see below) for a long time. Do executives own substantial shareholdings? No. Is management responsible for past success? Yes. Chairman Mark Abrahams was previously finance director and chief executive. Chief executive Nicholas Hobson succeeded Abrahams in 2011, but had joined the company 20 years earlier. Finance director of 20 years Richard Perry has just retired. Do executive incentives encourage long-term thinking? No. Stability Does the company have a stable history of strong profitability? No. Fenner has gone into survival mode, cutting costs and capital expenditure to see it through a period of low commodity prices that affects the majority of its business. Low coal prices have encouraged miners to cut investment by running their conveyor belts to imminent failure and dispensing with Fenner’s regular maintenance services. The company expects low oil prices to reduce demand for seals and hoses from AEP. The company expects the part of AEP that provides polymer components for industrial and healthcare applications to continue growing, but it’s smaller than the commodity sensitive businesses and has been susceptible to recession in the past. In 2014 roughly adjusted operating profit fell 21% and return on capital dropped from 16% to 13%. The fall in profit was less dramatic on a constant currency basis, but it is likely to fall again in 2015. Is the company mainly self-financing? No. Borrowings and very roughly capitalised lease obligations amount to just over half of operating capital. Does the company’s strategy differentiate it? Maybe. In the following ways: Niche strategy Fenner’s following a niche strategy using polymer engineering expertise to produce critical, high value products and services. Customer service: Fifteen plants located around the world near mining regions may enable Fenner to provide the maintenance, replacement, and repair of conveyor belt more effectively than competitors where it operates. Only 15% of the 63% of revenue from ECS was for new belt capacity in 2013. Diversification through acquisition of similar businesses Fenner’s AEP businesses, all acquired and subsequently developed, target a wide range of industries but oil and gas and healthcare are priorities. Acquisition criteria include return on sales and return on capital. The company acquires products when it can do so more expediently than developing them, and disposes of them if it no longer sees opportunities for growth. Although Fenner targets attractive markets, it’s not clear that competitors can’t or won’t. If Fenner has an advantage, it probably lies in its technical know-how. Investment: Capital expenditure is running at 1.3 times depreciation as the company builds up AEP, which is more profitable than ECS. The company expects AEP will remain more profitable and anticipates it may become the larger contributor of profit (ignoring exceptional items, it nearly reached parity in 2014). What could stop the company achieving its strategy? Long-term contraction demand for US coal: The US is Fenner’s biggest market. Gradually falling demand for coal is linked to an abundance of natural gas from shale oil, a substitute, and US government policy, which is mandating lower carbon emission levels for power stations that will force some older coal fired stations into retirement and encourage more companies to switch to cleaner natural gas, wind and solar energy for electricity production. In response Fenner has been diversifying, focusing investment in Australia and ‘hard rock’ mining, principally iron and copper ore. Demand for Australian coal and minerals is also faltering due to falling prices in what may be a reversal of the commodity cycle. The commodity cycle Global demand for coal is linked to growth in the Chinese economy, which is slowing. Since commodity price cycles are lengthened by over investment in mines during the good times, it may be many years before unproductive mines are closed and coal prices are rising again. In its 2013 annual report Fenner predicted rising coal, steel and copper production to 2017, due to urbanisation in China and elsewhere. The business cycle In 2009 Fenner reduced its workforce by 20%, reduced salaries, and introduced short-term working in response to a reduction in demand at AEP during the credit crunch, when customers de-stocked. This magnified the effect of relative small decline in demand from end customers and operating profit at AEP fell 70%. The company says it’s less sensitive today. It supplies more customers directly, and lean production techniques mean stocks are lower. Nevertheless profit was severely reduced. Surprisingly, perhaps, coal prices remained sufficiently high for miners to maintain their requirement for belt. The company says demand for electricity, and therefore coal, is relatively stable in a recession. Value What is an attractive valuation for the company? I don’t know. Is the valuation based on conservative assumptions?
12/1/2015
15:41
loganair: Fenner claims to be a market leader. It manufactures components that other businesses need to keep their machines running. Generally it operates in niche markets, its biggest business being the manufacture of conveyor belt for mining companies. The company has fifteen plants located near customers in mining regions, allowing it to maintain, replace and repair conveyor belt efficiently, which may give it an entrenched position. It's fallen on hard times. Low commodity prices lead miners to reduce costs in an effort to remain profitable, by investing less in new plant and eking as much life as they can from conveyor belt. Fenner's biggest market is coal, and slowing demand from China and the new abundance of cheap natural gas from shale oil, a greener alternative than coal, means prices could remain low for years, reducing Fenner's profitability. The shares may be good value. While low commodity prices are a threat, they could also be an opportunity for investors. The company's diminished near-term prospects have induced traders to sell and a lower share price means Fenner trades on a current earnings yield of 10 per cent, valuing the enterprise at about 10 times adjusted profit in 2014. The shares are in value territory if profit generally remains at levels not much lower than the company achieved in 2014. Things may not be as bad as they seem. Fenner's management has been alive to the risk of dependence on commodity markets. The company has over many years built up a second division that makes other reinforced polymer components; belts for office equipment, hoses used in diesel engines, and materials used in medical implants. In 2014, the newer division earned nearly a third of revenue and half of profit. Although it makes seals for the oil and gas industry, many of its businesses including the conveyor business may benefit from lower energy and raw material costs. It's only human to wonder about future commodity prices but if the investment depends on rising commodity prices it's not a good one because low prices could be with us for such a long time. Good investment? Fenner might be a good investment if low commodity prices are here to stay. In 2015, the company expects contraction in conveyor belting to offset growth in its other businesses, which probably doesn't imply a dramatic fall in profits. Longer term there's a threat to the future of coal as a source of power for electricity generation. Currently, and historically, coal has been the main source because it's cheap and fairly ubiquitous, but that's only true if you disregard the environmental cost of mining and burning it. Burning coal cleanly using current technologies is prohibitively expensive. New environmental legislation expected to be introduced in Fenner's biggest single market, the USA, this summer aims to reduce carbon emissions from power stations significantly, threatening the viability of older coal-fired power stations. Fears of a permanent, rather than cyclical, decline are at least partly behind dramatic falls in the share prices of coal miners and their suppliers. Given the dependency of so many major economies on coal, the decline is likely to be protracted and may be offset by growth in developing countries. They may put their immediate economic development before environmental protection. While it's asking a lot of an AGM, I'm more interested in Fenner's strategic challenges, than the efficiencies the company is making to adjust to low prices and therefore reduced demand for conveyor belting. Understanding the susceptibilities of Fenner's non-conveyor businesses is important too. Fenner is focusing on them for growth and diversification but during the credit crunch, profitability declined sharply as customers reduced stock. The conveyor business proved more resilient. Fenner's growth strategy requires heavy investment, it aims to spend more than it depreciates each year, and acquisitions, it believes it has £150 million to spend on takeovers. Spending may leave it in a weakened financial position in the worst case scenario; that the next recession coincides with a period of low commodity prices and both Fenner's divisions are affected simultaneously. Including roughly capitalised operating leases, debt already funds about half of Fenner's operating capital.
26/9/2006
08:26
petersinthemarket: I took a look at the relationship between the dollar/sterling exchange rate and the FENR share price last night. There must be a relationship, and the obvious intention is to see if a combined chart would aid reasonably reliable prediction of FENR share price movements. I manually laid the last 6mths Ex rate curve on top of a 6mths FENR share price chart. The two curves seemed to generally track each other up and down fairly closely. If anything, the share price seems to rise and fall with a slight lag against the rate changes, but occasionally the curves diverge quite markedly. Has anyone else studied this relationship, preferably a bit more professionally? Also does anyone know how we can combine two charts automatically and over a much longer period. It occurs to me there might be a relationship with the oil price too.
Fenner share price data is direct from the London Stock Exchange
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