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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Foseco | LSE:FOSE | London | Ordinary Share | GB00B0784Q08 | ORD 25P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 295.00 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 295.00 | GBX |
Foseco (FOSE) Share Charts1 Year Foseco Chart |
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1 Month Foseco Chart |
Intraday Foseco Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 10/1/2008 | 18:56 | (FOSE) - Serving the Buoyant Steel Sector | 157 |
| 02/3/2006 | 13:50 | FOSECO - about to tank with Ј100m+ debts | 49 |
| 19/2/2006 | 10:58 | Foseco | 91 |
| 19/10/2005 | 10:36 | Good short? | 1 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 10/10/2007 14:33 by rivaldo Interesting - buy now for a free 10.5p uplift to the 295p bid price:"HT: next deal update? NH: hearing that Foseco and Cookson are close to announcing a deal NH: two companies were forced to reveal they were in talks last week NH: Cookson has offered 295p share subject to DD HT: due diligence HT: and? NH: we are hearing that DD has finished, everything is OK and that the deal could be announced as early as tomorrow HT: speedy HT: Foseco shares up 0.5p at 287.75p NH: you can see from the discount to the offer terms that the market expects this deal to go through NH: So if it is announced tomorrow it won't be a huge surprise" |
Posted at 03/10/2007 12:56 by rivaldo Definitely worth hanging on I think - chances of a counter-bid or an increased offer quite high according to this (I'll paste it all as it'll disappear after today):"NH: in yesterday's session we have quite a few people commenting on Cookson and its proposed bid for Foseco NH: and there has been a pretty positive reaction from the market NH: shares up 30.5p at 825p HT: Foseco - makes stuff for foundries - casting and the like NH: yep NH: just to recap a sharp rise in the share price of Foseco saw the two sides forced by the Takeover Panel to acknowledge takeover discussions yesterday. NH: DD has started and Cookson has indicated that it is prepared to pay 295p a share if things go smoothly HT: And where are Foseco trading at the moment?? NH: down 2p at 278p HT: mmm - target down, poss buyer up? NH: i know it odds HT: why do the analysts love this deal then for Cookson? NH: well, it will make Cookson less dependent on the steel cycle NH: At the moment is biggest division, ceramics makes about 70% of its sales in the steel business NH: around 20% goes into foundry NH: If it were to buy Foseco that figure would rise and the Ceramics division would not be so exposed to one industry HT: OK. But I thought there were question marks as to how Cookson might fund this deal NH: there are. Here's how the maths work NH: at 295p, taking into consideration Foseco's debt the purchase price will reach £575m. NH: if cookson chooses to debt fund the deal then its gearing could rise to 150%. NH: Now that may unsettle shareholders HT: Why? NH: because they would be wary of the company taking on a lot of debt at this point in the cycle NH: the last time Cookson went on an acquisition spree it almost ended in total disaster NH: and I mean total disaster HT: Rock style disaster?? NH: yep NH: it bought a company called Premier Refractories for £410m in 1999 and by 2002 Cookson was nearly bust HT: So it looks like there will be a rights issued involved somewhere NH: I reckon there will be a smallish one, just to put shareholders at ease NH: On that note, should point that investors and analysts who follow Cookson have been with the company on a trip to their facilities in Poland NH: And I reckon there will be plenty of hand holding going on HT: any chance of a counter bid? NH: could be NH: Fosceo is the no1 in its field and any of Cookson's competitors such as RHI and Minerals Technologies, could be interested NH: actually I am told that MT has a strong balance sheet and could make a cash offer NH: And given that Cookson will not reap any massive cost synergies from the deal it may struggle to match a higher offer HT: right - let's see some of this comment then and move on NH: This is from UBS NH: We believe that Foseco's activities will be mainly complementary to Vesuvius given Foseco's strong presence in Foundry applications and Vesuvius' strength in steel making applications. We estimate that overlapping sales between both companies are of the order of c £100m and that Cookson could have to shed certain businesses where market shares become an issue from anti-trust point of view. NH: this is a bit of comment from Kaupthing NH: Clearly this is not a knock out price but one priced to give headroom to raise it and still be sufficiently earnings enhancing to Cookson but to ensure the management of Foseco are able to demonstrate to shareholders that they managed to get better value for the shareholders. The group has remained silent so far and they are clearly reviewing their options. We think that they will probably fight for a better price but are not fundamentally opposed to relinquishing ownership. NH: The possibility of a monopolies review appears to be the reason why the shares are trading at such a discount to the proposed bid price. However it is our view that Cookson want the foundry business and would like the Steel business. Having to divest of the Steel business would not be a deal breaker - note that Steel is expected to make c£4m of EBIT in 2008 vs total EBIT of £54m so it is barely material. The possibility of an increased bid and the high probability of success means that there should be further upside for the shareholders. NH: COOKSON - The momentum of earnings growth was slowing so the group need to do something. The balance sheet has improved significantly over the last few years and whilst working capital outflows in H1 weakened the H1 net debt position this should reverse in H2. Consequently the need for and ability to do a deal is clear NH: The combination of Foseco's foundry business with Cookson's ceramic business is an obvious fit and the additional benefits of the cross-over in the Steel business enhance the attractiveness of the deal. Assuming the acquisition is funded through debt and that the new debt carries a coupon of 6.5%, the pro forma debt for the enlarged group is c£720m. Assuming £7m of cost savings then the revised PBT to Dec-08 for the enlarged group is £183m vs £160m consensus - this represents a 14% uplift. The tax rate might be a slight issue as Cookson's rate of 26.5% is 10% lower than Foseco's NH: In the event that they are net able to get the tax rate of the enlarged group down to their existing rate then the EPS enhancement will be lower than 14%. In terms of debt this would represent c2.5x the enlarged EBITDA and just over 4x interest cover. Whilst the EBITDA multiple is within normal covenant ranges it is towards the high end in our view and we would not be surprised to see future disposals to assist in funding the deal if successful." |
Posted at 03/10/2007 00:33 by grigor FINANCIAL TIMESCookson in bid talks with Foseco By Maggie Urry Published: October 2 2007 13:16 | Last updated: October 2 2007 22:52 Foseco and Cookson are in talks that might lead to a bid for Foseco at 295p a share, valuing its equity at £491m. The prospect of a merger between the two, which both supply products to the steel and foundry industries, lifted both companies' share prices. Foseco shares rose 55½p, or 25 per cent, to 280p, while Cookson shares rose 20½p to 794½p, close to the 12-month high of 800p. The two said there could be no certainty of a bid but Foseco had agreed to give Cookson access to information so that it could carry out due diligence. If the bid proceeds, Foseco shareholders would also still receive the 1.73p interim dividend declared last month. Foseco had net debt of £99.5m at the end of its half-year in June, meaning the total cost to Cookson could be approaching £600m. It is thought Cookson could finance a deal through debt, although it might prefer to issue some shares to raise part of the consideration. Cookson's ceramics division supplies flow control products to the steel industry and has been benefiting from the growing global demand for steel. It announced a £20m investment on Monday to expand its operations in China. The ceramics division also has a small but growing business making crucibles for solar panels. In August when Cookson reported a 10 per cent rise in interim profits to £68.2m on revenues of £785m Nick Salmon, chief executive, said the group had set up new plants in China, as well as in Poland and the Czech Republic. Cookson's ceramics division sales are 70 per cent to the steel industry and only 10 per cent to the foundry industry. While Foseco also has a business supplying the steel industry, the foundry industry is a more important customer, taking 80 per cent of its sales. Cookson is regarded as having recovered well in recent years under Mr Salmon, who restructured the company after it ran up heavy borrowings in the early 2000s from an acquisition spree. Foseco, formerly Foseco Minsep, was taken over by Burmah Castrol in 1990 and was later bought out by management. It floated on the stock market in May 2005 at 100p a share. Last month it reported interim pre-tax profits of £22m on sales 10 per cent ahead at £210.2m. Jamie Pike, chief executive, said the foundry division had enjoyed outstanding margins in Europe and Asia, where business was growing particularly strongly in China. |
Posted at 02/10/2007 20:56 by rivaldo I disagree - I think it would have taken a while to get to 295p.From the FT: "Cookson in bid talks with Foseco By Maggie Urry Published: October 2 2007 13:16 | Last updated: October 2 2007 13:16 Foseco and Cookson Group said on Tuesday they were in talks that could lead to a bid for Foseco at 295p a share, which would value Foseco's equity at £491m. The prospect of a merger between the two, which both supply products to the steel industry, lifted both companies' share prices in lunchtime trading in London. Foseco shares jumped 49¾p or 22.2 per cent to 274¼p, while Cookson shares rose 12p to 786p. The two said there could be no certainty of a bid, but Foseco had agreed to give Cookson access to information so that it could carry out due diligence. If the bid proceeds, Foseco shareholders would also still get the 1.73p a share interim dividend declared last month. Foseco had net debt of £99.5m at the end of its half-year in June, meaning the total cost to Cookson could be approaching £600m. It is thought Cookson could finance a deal through debt, although it might prefer to issue some shares to raise part of the consideration. Cookson's ceramics division supplies flow control products to the steel industry and has been benefiting from the growing global demand for steel. It announced a £20m investment on Monday to expand its operations in China. While Foseco also has a business supplying the steel industry, the foundry industry is a more important customer, and it is thought the two groups' activities would complement each other. Cookson is regarded as having recovered well in recent years under Nick Salmon, chief executive, who restructured the company after it ran up heavy borrowings in the early 2000s from an acquisition spree. Foseco, formerly Foseco Minsep, was taken over by Burmah Castrol in 1990, and was later bought out by management. It floated on the stock market in May 2005 at 100p a share." |
Posted at 13/9/2007 21:24 by rivaldo Ta for the info Steve - more here:"Foseco "buy" Thursday, September 13, 2007 7:28:56 AM ET Panmure Gordon & Co LONDON, September 13 (newratings.com) - Analyst Oliver Wynne James of Panmure Gordon maintains his "buy" rating on Foseco (ticker: FEO-GBX). The target price is set to 265p. In a research note published this morning, the analyst mentions that the company has reported its 1H revenues and EPS in-line with the estimates. The strong performance of Foseco's Steel division is likely to act as a catalyst for the company's share price, the analyst says. On account of a 10% corporate tax reduction in Germany, the company's tax is likely to decline from 38% to 35% next year, Panmure Gordon adds." |
Posted at 13/8/2007 12:52 by rivaldo FOSE has held up terrifically in the current market. Hopefully it'll soon challenge the recent highs - on a forward P/E of less than 11 on the most recent broker forecast the two recent broker price targets of 250p would be a reasonable level to go for.With most forecasts going for 18p-19p EPS in 2008, at 250p FOSE will soon be on a current year P/E of only around 13 or so - probably about right and maybe pretty undervalued if FOSE continues to perform well. 20% upside tax-free in the ISA will do me over the next few months. Then the market will start to look forward to say 23p EPS the following year, at which point the price could target 300p-350p. |
Posted at 01/8/2007 22:37 by rivaldo Grigor, I suppose you could be right about doubling, though it would take a bit of a re-rating.The top forecast for next year is 19.3p EPS, up from 16.26p EPS this year. Let's go for say 23p EPS the year after. By this time next year, if FOSE has continued to thrive I can certainly see it as being on a higher forward P/E than the current miserly 11.1. On a forward P/E of say 14, FOSE would trade at 322p. i.e exactly 50% up from here in a year. Pretty good tax-free in the old ISAs. To double, FOSE would be trading on a forward P/E of around 18 - not impossible, but pretty demanding and unlikely I'd have thought. Unless you believe FOSE will accelerate its growth and surpass my EPS estimates above. |
Posted at 26/7/2007 08:59 by rivaldo Janeann, he's a bit of a chart trend follower. I can understand his thinking as FOSE seems to be establishing a new trading range, brokers are increasing their price targets, FOSE are issuing postive updates etc - in summary things have taken another upturn recently.Agreed about his followers, but for a £364m m/cap like FOSE that's hardly a problem, unlike certain other stocks. |
Posted at 18/7/2007 07:47 by rivaldo Impressive progress being made per this news dated July'07:"Busiest GIFA yet for Foseco The Foseco group of companies recently presented in Düsseldorf, Germany at GIFA - the largest and most important foundry fair in the world. New technologies highlighting reductions in costs, improvements in productivity, environmental benefits and energy conservation were displayed. The 806 m2 stand was divided into three areas - ferrous foundry, non ferrous foundry and mould and core - and drew an unprecedented number of visitors. According to the Düsseldorfer Messe company 77,000 visitors travelled to the four industrial exhibitions - approximately 8% more than in 2003 - and the share of international visitors increased. This was reflected on the Foseco stand. "Visitor numbers exceeded all expectations. We had representatives from across the globe manning our stand and all of them were constantly busy. Intensive technical and commercial discussions were held and we generated twice the number of leads to follow up from the last GIFA," commented John Sutherland Marketing Manager Foundry Europe. A variety of casting exhibits in iron, steel aluminium and copper highlighted the latest applications of feeding and filtration solutions including FEEDEX K compressor core sleeve technology for high pressure moulding applications and the new generation of KALMIN 250 custom-designed sleeves for aluminium. Castings were also on show demonstrating the latest environmentally friendly binder systems and coatings with improved insulating properties. Equipment demonstrating the latest advances in iron and aluminium metallurgical control were also highlighted. The new MSI+ DC metal stream inoculation system combines accurate dosing technology with thermal analysis and digital image recording. Hourly demonstrations of the new MTS 1500 one-step automatic degassing and melt treatment system drew large crowds. Both systems represent a significant improvement in metallurgical control and thereby consistency of mechanical properties. At the Casting Competence Center, Foseco and MAGMA Gießereitechnologie presented numerous case studies highlighting the successful application of foundry process simulation, in combination with the most effective use of feeding and filtration products and application expertise. Also featured was the FOSECO Pro Module; a geometry and material properties database, specifically designed for MAGMASOFT®. Foseco was also a main sponsor of the World Foundry Congress, presenting two technical lectures at the Congress and a further two at the Lost Foam Council." |
Posted at 12/7/2007 17:30 by tole Foseco "buy," estimates raisedThursday, July 12, 2007 6:21:41 AM ET Panmure Gordon & Co LONDON, July 12 (newratings.com) - Analysts at Panmure Gordon reiterate their "buy" rating on Foseco Plc (ticker: FEO-GBX), while raising their estimates for the company. The target price is set to 250p. In a research note published this morning, the analysts mention that the company's interim trading statement was upbeat, indicating underlying growth for the first five months of 2007 ahead of the estimates. The output boom in Germany, China and India is boosting Foseco's performance, the analysts say. The EPS estimates for 2007, 2008 and 2009 have been raised from 14.5p to 15.3p, from 16.7p to 17.6p and from 19.9p to 21.0p, respectively. |
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