Share Name Share Symbol Market Type Share ISIN Share Description
James Cropper LSE:CRPR London Ordinary Share GB0002346053 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1,075.00p 1,050.00p 1,100.00p 1,075.00p 1,075.00p 1,075.00p 459 07:52:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Forestry & Paper 87.9 3.9 32.6 33.0 101.53

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Date Time Title Posts
17/10/201609:52CROPPER: Materials Technology. Niche markets. Green Energy.524
26/7/201613:01CRPR Charts7
09/3/201009:03James Cropper323

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James Cropper (CRPR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
24/10/2016 15:55:231,075.002502,687.50O
24/10/2016 15:55:231,075.002502,687.50O
24/10/2016 15:54:401,050.001,35314,206.50O
24/10/2016 14:54:551,091.002903,163.90O
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James Cropper (CRPR) Top Chat Posts

James Cropper Daily Update: James Cropper is listed in the Forestry & Paper sector of the London Stock Exchange with ticker CRPR. The last closing price for James Cropper was 1,075p.
James Cropper has a 4 week average price of 1,043.13p and a 12 week average price of 961.03p.
The 1 year high share price is 1,165p while the 1 year low share price is currently 570p.
There are currently 9,444,196 shares in issue and the average daily traded volume is 4,717 shares. The market capitalisation of James Cropper is £101,525,107.
gengulphus: AGM/trading statement came out and does indeed look positive: Gengulphus
yogi: AGM tomorrow and judging by share price movement over recent days should be expecting a positive trading statement...
davebowler: Add from Buy CRPR.L / 282.5p / £25.08m / TP: 300p Event: AGM Likely % change in earnings forecasts: No Change Westhouse; AGM – no changes to forecasts James Cropper gave a trading update at its AGM yesterday in which it said it had traded profitably in the first quarter and in line with management expectations, we are making no changes to any of our forecasts. James Cropper Speciality Papers (JCSP) and James Cropper Converting (JCC) had strong uplifts in sales in Q1 and while Technical Fibre Products (TFP) saw a small dip management is confident that the company is on track for the year as a whole across the group. The introduction of Reclaimed Fibre into JCSP will help reduce the impact of pulp price volatility and increase/protect margins. Having upgraded our target price to 300p at the time of the final results and our recommendation to Buy we are now bringing the latter back to Add to reflect the share price strength since. We are encouraged that the management focus on increasing exports and the margins across the group will continue to bear fruit and can envisage increasing both our target price and recommendation again in due course.
hybrasil: Now only valued at net assets. I feel that on that basis the share price should be in the region of £5.00
davebowler: Westhouse; CRPR.L / 201.5p / £17.85m / TP: 220p from 200p Event: Other Likely % change in earnings forecasts: No Change Increased target price The share price has made good progress since the interim results in mid-November, which showed a small uplift in adjusted interim profits. With the forecast increase in profitability largely as a result of reduced costs and the new Chief Executive in place for the whole of FY2014 likely to drive new sales opportunities, we are increasing our target price to 220p (from 200p) which is based on a target yield of 3.6%. In our view, James Cropper has weathered the economic downturn reasonably well and with the benefits of its capital investment programme, particularly the new facility for Technical Fibre Products (TFP) still to come through, we are happy to reiterate our Add recommendation.
gingerplant: Smallest of the three is Kendal-based specialist paper and advanced materials company James Cropper (LSE: CRPR). At 167.5p per share, the company is capitalised at £14m, but it is struggling at the moment in a difficult economic climate. The question is the extent to which this is in the share price today. The shares were over 240p last July. Cropper has made provisions for restructuring and redundancy costs as it takes the steps necessary to preserve profitability. It reduced its workforce by 8% this year, looking for annualised savings of £1m. The founding family has a large stake in the business, so is more likely than most to take necessarily tough decisions. Brokers' expectations place the shares on a P/E of 12 for the current year, falling to less than 9 in 2013, with a yield of 4.8%. Cropper is also asset rich with net tangible asset value per share of 246p. The problem here is the pension deficit, which totalled £6.4m at the start of October and whose contributions continue to eat into profitability. Nevertheless, Cropper is a soundly managed, profitable asset play, which I expect to weather the current economic storm well. I haven't bought any shares as yet, but may do so on any further price weakness or significant updates on progress.
s_pinch: Obviously I am still under a little confidentiality but TFP have a good set of products that will generate good sales in niche market areas. Speciallity papers aparently is looking much more posative. Overall as a manufacturing business in UK it is doing well to generate profits in this economic downturn. As far as the price is concerned the stats say it all. Look at quick net asset value compared to share price. Look where the land is that the factory is built on. OK, the shops are positioned very badly (who will drag a full box of paper round the Metro Centre or through the City of Liverpool)but this could be changed by following the principles of the origional shop, low rent industrial estate sites, stack it high sell it at a reasonable price and you can park outside for loading!!!! I think that the CEO of the business will drive it through the bad times even if there needs to be some major restructuring of the middle management. This is my opinion. DYOR etc.
hybrasil: now at an all time low trading at about 1/2 net assets. Is that share price deserved?
garth: Praipus, I don't know why CRPR are slow to pass costs on. But if you look at interims, finals, trading statements over periods where the price declined it was on warnings and declining profits (and movement into losses) on the back of pulp prices and energy costs..... The jewel for me is TFP. Significant profit growth here is what was carried the share price up and makes the shares look so undervalued. But the major growth driver has been the US. I have not looked for a while at their position re any currency hedging. A third grizzly in the woods for CRPR would be a slowing economy in the US and - maybe - continued $ weakness. BUT THAT IS SPECULATION and I don't want to sound overly bearish. I believe these are a little gem and the results should be great - I'm just wary of outlook. CR, Hybrasil et al any thoughts? DYOR. G.
jonwig: Buy recommendation came in an e-mail today from UK-Analyst: James Cropper manufactures specialist card and paper in low volumes for niche customers at its Specialty Papers division. An example of this is the casings for well-known whisky brands, as well as the high-quality paper used for the coverings of many annual reports. The company is a major player in this market as there are not many competitors that could match Cropper's ability to turn around low volumes in such a wide range of colours. The company also retails its paper directly to the public via the Paper Mill chain of shops. Cropper's Technical Fibre unit weaves ultra thin products from a range of more than 30 different fibres to meet specific applications. Its products can be used for anything from fire insulation to batteries and electrical appliances. This unit is proving to be the rising star of the company and we believe that US sales of fire-insulating materials will generate strong growth going forward. The company's Converting division adds value to base paper and card products by laminating, coating and embossing – the main end-use of these products is in Point of Sale displays. There is no getting away from the fact the last set of full year results to 1st April 2006 were appalling. Cropper was forced to halve its dividend to 4.1p after turning in a pre-tax loss of 300,000 pounds, compared with a pre-tax profit of 1.6 million pounds in the previous year. This was a result of the gas bill rising to 3.2 million pounds from 2 million pounds and pulp costs growing by around 800,000 pounds, despite lower volumes. Investors deserted the stock. However, Cropper is extremely operationally geared and successful cost-cutting coupled with sales growth and a reduction in gas prices is likely to result in a raft of increases to brokers forecasts. We do not believe that this is in the price. The assessment of its prospects at the time of the interim numbers did not make comfortable reading. The main concern was with its Specialty Papers unit. The group said that the outlook for the division would remain difficult for the foreseeable future, given the volatile nature of energy markets. Global pulp inventories were also in decline due to strong demand and reduced pulp production after plant closures in North America . This was hitting input costs and the group accepted that the profitability of the unit would deteriorate further in the short term. MANAGEMENT Chairman James Cropper was born in 1938 and is the great-great-grandson of the founder of the company. He was educated at Eton and Cambridge University graduating with a degree in Law. After training as a chartered accountant with Price Waterhouse in Newcastle , he joined the family firm in 1966. He retired as Chief Executive in December 2000 but continues to act as Chairman. Cropper is also Lord-Lieutenant of Cumbria . Chief Executive Alun Lewis also acts as General Manager of the Converting Division. He has a degree in biochemistry and an MBA from The University of Central Lancashire. He cut his industry teeth at Wiggins Teape, where he gained manufacturing experience in a variety of roles. He joined James Cropper in 1987 as Finishing Production Manager. He was appointed to the Board in 1998 and became Chief Executive with effect from January 2001. Finance Director, John Denman, has a degree in physics and trained as a chartered accountant with Deloitte & Co in London . Subsequently he held a variety of roles with British American Tobacco, Glaxo, Halfords and BT Marine. Denman joined the group and the board in 1995 following the acquisition of BT Marine by Cable & Wireless. *This email represents the views of UK-Analyst and are not the views of IG Index. Remember that spread betting is a leveraged product and can result in losses that exceed your initial deposit. It may not be suitable for everyone, so please ensure that you fully understand the risks involved. The value of investments can go down as well as up. Investing in equities can lose you part or all of your capital. Smaller company shares can be relatively illiquid and thus hard to trade. And that makes such investments more of a high risk than larger company shares. The Small Cap Shares newsletter is owned by which is authorised and regulated by the FSA and can be contacted at 49 Rivington St, London EC2A 3QB or on 0207 033 9389. CURRENT TRADING Following the gloomy results announcement in June, the market was not expecting much from an AGM update in August. As it happened, life at Cropper had turned around in a spectacular fashion. The company revealed that it had traded profitably in the first three months of the current financial year. The star of the update was the Technical Fibre Products division, where profits were well ahead of the same period last year, despite the weakening dollar. The growth was put down to a resurgence in commercial aircraft building as well as the development of new-concept military aircraft using composite materials. It also revealed that European sales of insulation and composite materials for use in transportation and industrial applications were also progressing well. The major concern surrounded the performance of the Speciality Papers unit. There was some good news on this front, but the company was still cautious on the outlook. We believe that they were overly conservative. By far the best news was the division traded profitability in the first quarter. Further price rises are also in the process of being agreed with customers. The Converting division also appeared to make encouraging progress. The targeted investment and product rationalisation was to be completed by the early autumn, allowing the decommissioning of older equipment. This development would lead to significant improvements in capability, output and productivity, resulting in increased profitability in the second half of the year. In the current retail environment, The Paper Mill Shop incurred a loss in the first quarter of the financial year. This is a little disappointing, but traditionally this is a quiet trading period for the business. No new store openings are expected in the remainder of the current year, but Cropper is set to launch its online store imminently – and in time for Christmas. First quarter gas costs were 9% higher than the 2005 comparable period. If latest market forecasts materialise, gas costs for the full year will rise 20% year-on-year – but we believe that this will not be the case. There is now actually a downward pressure on wholesale gas prices. Cropper has also fitted a waste heat recovery unit at its CHP plant, which should become operational in the next few months. It is expected to cut gas consumption by up to 5% per year. The investment cost 400,000 pounds but it is expected to save 200,000 pounds a year in energy costs. THE ISSUES While the amount Cropper spends on gas is likely to be higher this year, it will be significantly below projections. The wholesale gas market is oversupplied and prices are falling. On 1st October the wholesale gas contract for immediate delivery crashed in value as peak winter import volumes hit the UK network, creating a vast supply excess. This is good news. The pulp price is still a problem. There are still structural pressures on price, with global pulp inventories continuing to decline. This is due to strong demand and reduced pulp production in the US . The company said it now believed that the cost of pulp in the current year would be around 9% higher than last year. The rising cost of pulp has been factored into the market forecast for some time, but the good news on gas prices has not. We expect upbeat statement at the interim results in November and this will be a catalyst for brokers to increase forecasts which will drive a re-rating. Cash management is under tight control Gearing, at 46% is higher than in the past but there is cash of 1.8 million pounds in the bank and we imagine that as trading picks up, gearing will be brought down to historic norms of c30% within 18 months. The board is focused on minimising energy costs, improving efficiencies and reducing its dependence on external waste water treatment. Last year's interest costs of 888,000 pounds were almost covered by the tumbling operating profits – but not quite. With the recent improvement in trading, however, we do not see this becoming an issue going forward. Interest costs will be more than twice covered this year and interest cover will increase thereafter. What is more, Cropper aims to shift its product mix to even higher-margin business. This is all very positive stuff and underpins our view of Cropper being a solid recovery play. CONCLUSION James Cropper has had a torrid time over the last 18 months as the price of its input costs spiralled out of control. The company is a high gas user and pulp prices have been inflating rapidly. This led to a fall in the share price as investor confidence waned. However, following the recent trading update Cropper has demonstrated its determination to tackle this issue and we firmly believe that the stock is at an inflection point. The dollar has moved in a way that benefits the company and, with energy costs set to come in below expectations, we see the interim statement in November as prompting a raft of broker upgrades. At best, the market was looking for the company to hit breakeven in the year to 31st March 2007, but we now believe that pre-tax profits could actually hit 500,000 pounds, rising to 2.2 million pounds in the following year. This is significantly ahead of current market forecasts. Our estimate for the year to March 2008 is therefore more than double the current market estimate. Brokers are forecasting earnings per share for next year of 12.5p, which would leave the shares trading on a price earnings multiple of 12.5 times. Once the forecast upgrades hit home, this multiple will tumble and the shares will be re-rated. We also expect the progressive dividend policy to re-restart immediately and forecast dividend payments of 6p in the current year. The shares trade at a steep discount to net assets of 226p per share. Cropper has high operational gearing and the experienced management team is making significant headway towards resuming profitability. In the long term, there is a possibility of supplying specialist paper for catalytic converters in a joint venture with Johnson Matthey. That would be a bonus. But even on what will be achieved this year the shares are a BUY . Key Data EPIC: CRPR Mkt: Full List Spread: 150p - 160p
James Cropper share price data is direct from the London Stock Exchange
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