Share Name Share Symbol Market Type Share ISIN Share Description
Low & Bonar LSE:LWB London Ordinary Share GB0005363014 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +2.00p +3.01% 68.50p 65.75p 68.75p 69.00p 65.25p 66.00p 85,525 16:35:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 400.0 17.7 4.2 16.2 225.76

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Date Time Title Posts
07/12/201715:39Low & Bonar Plc1,081
09/7/200716:36...i have followed this donkey from lowlands of still can double...8
31/7/200518:57Low & Bonar for the asset sensitive120
21/4/200411:05Low & Bonar + 30 Ј million contract4

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Low & Bonar Daily Update: Low & Bonar is listed in the Construction & Materials sector of the London Stock Exchange with ticker LWB. The last closing price for Low & Bonar was 66.50p.
Low & Bonar has a 4 week average price of 64.50p and a 12 week average price of 64.50p.
The 1 year high share price is 91p while the 1 year low share price is currently 63p.
There are currently 329,576,109 shares in issue and the average daily traded volume is 65,399 shares. The market capitalisation of Low & Bonar is £225,759,634.67.
ed 123: Ta, CC2014. :-) Your thoughts on the share trades here match my own. I have longer term hopes for this one. Brett Simpson has a vision for the Group, avoiding commodity products, aiming for higher margin products in growing sectors of the economy. The old FD is gone and Simpson now has his own choice of FD. I wasn't convinced about the old CEO. Texiplast is one of Steve Good's buys. Four years on, it doesn't look to have been money well spent. Some have said Low and Bonar is a serial disappointer. I wouldn't argue against that. I've been in and out of this share over a period of decades. I remember it when it was a packaging company, providing the boxes for Kelloggs cereals at Trafford Park, Manchester. The share price was higher then than it is today. That says something. As for the here and now, I view Low and Bonar as a development project. If the new management can get it moving forward with no more bad news, and an outlook of increasing eps, then a re-rating looks very likely, imho. If performance improves and it doesn't re-rate, then it could be a bolt-on for someone? Meanwhile there's a dividend yield close to 5% at the current price. Sterling Strategic are an interesting major shareholder. They will be in dialogue with management. Will SS be supportive and patient or want a quick turn on their investment? I hope for the former but, if the latter, I'll take it.
ed 123: Been looking at today's trades. Although nearly all today's deals have been marked as "buy"s, it is a false picture. Reason? There has been a buyer offering more than the mid-price to anyone wanting to sell. As a holder, obviously I'm hoping this buyer continues to mop up and, eventually, the share price rises. But, who knows? Low and Bonar's financial year will end one month today. Broker updates are showing an average estimate of 6.77p earnings for the current year and 7.93p for next year. If those earnings figures are met and no more glitches, then a share price of 12.5 x 8p earnings, c. 100p, might be reasonable for February 2018? Dreamland ..... if some bigger player wants LWB and offers, say, 9 x ebitda. That might give EV of c. 522 million (for y/e 30.11.17), say 392 million after debt, or 118p per share. That would be about a 68% rise from today's 70p share price. Unlikely to happen, of course, but no harm in my dreaming. (No advice intended - no crystal ball, either.)
rathkum: Broker Peel Hunt still reckons L&B's a 'buy'. It lowered its price target by 9% to £1, but that still suggests upside of around 55%. It managed to bounce back from 2014's travails within the year. Can it do the same again? Judging by the share price chart, expect a bumpy ride.
mortimer7: The above illustrates the proportion of the C E business which is the sector which indicates cause for concern in todays update. Hardly merits the 18% drop in the share price IMO.
ed 123: Someone was keen at the end of today. Share price rose by 5.5p in the last five minutes. :-)
ed 123: Hi Rathkum. I could have made a couple of suggestions for today's slip in the share price but debt level would not have been one of them. As you'll know, the absolute debt level for any business doesn't matter. What matters is the size of the debt in relation to the size of the business. Net debt only went up by £9.5m or 6.8%, whereas revenue went up by 16.4% and underlying profit by 16.5%. So, the proportionate size of debt has actually reduced This was confirmed within the interim statement, Gearing at 31 May 2017 was 2.5 times (2016: 2.7 times) ... The covenant requirement is net debt/EBITDA < 3.0. So, LWB's debt level is safe, down from last year and should go down further with the receipts from today's sale announcement.
ed 123: Looking at this morning's trades, some holders appear to have exited in a hurry. 17,400 shares printed at 75p, amongst others. I'm not selling. They are almost certain to make more progress in H2 and in 2017/18. For me, it's a growth story and paying a good dividend. Improving the quality of the Group takes time. It is proceeding and today's announced £5.1m net proceeds will give a better return elsewhere in the Group. Share price has recovered a bit now, 82/83p in the market (down 2.5p today).
ed 123: Unusual to see a share price rise on its ex-dividend date. The likely reason is that Berenberg today recommended 'buy' for Low and Bonar with a target price 112p. That target is 63% above yesterday's close price. Shares are up 2.5p atm.
ed 123: Hmmm .... 13.7 million shares traded today. That's about 4% of the issued equity, an unusually large daily figure. Most likely just one institutional holder selling and another buying. As we know, the FD is due to leave. The news had only very slight impact on the share price and that was positive. I'm guessing the other board members, especially CEO, feel they can do better with a new person in that role? Without wishing to ramp this share, I continue to see LWB as being of the right size and having leading positions in niche markets, to make it a candidate for a bid. I'm holding and can see it making good progress with the interims, including gaining from Sterling's weakness. (No advice intended.) Anyone planning to go to the agm? I usually go.
rathkum: Low & Bonar: Growth stock with a decent divi 14:01 11 Oct 2016 Law & Bonar can trace its roots back to the turn of the last century when it first started weaving jute, a vegetable fibre that was used in rope. Low & Bonar: Growth stock with a decent divi The company's fabrics are used in civil engineering, building and construction. Shares in Low & Bonar (LON:LWB) have traded in a very narrow range in the year to date and are barely changed in that period. The valuation of the business, at 11 times 2016 earnings per share, dropping to 9.3 times 2017 EPS, suggests the company is stagnating. However, as we will see, nothing could be further from the truth. Before we make the investment case, it is probably worth looking a little closer at what the business does and how it makes its money. Law & Bonar (L&B) can trace its roots back to the turn of the last century and first started weaving jute, a vegetable fibre that was used in rope and matting, in 1912. Today it is a market leader in sophisticated performance materials that makes yarns, fabrics and fibres used in civil engineering, building, construction, transportation and other industrial applications. It is divided into four business units that are international. Colback, one of its best-selling products, is all around as it provides the backing for floor tiles and is used inside cars. WATCH: L&B boss on the potential of the business In fact, the company has invested heavily (£26mln) in a state-of-the-art factory in Changzhou, China, that manufactures the product. It is within 200 miles of 80% of the country’s textile flooring industry giving it a ready market. The plan is to double the footprint of the plant over the next few years. The investment in China was part of L&B’s strategy to broaden its geographic footprint outside the UK and Europe, which accounts for 65% of revenues. The company has evolved under chief executive Brett Simpson. It is more market-focused, rather than being product driven. What this means in practical terms is it listens to customers and creates products they want or need rather than developing a new fabric or fibre and then trying to find a market for it. It might make create innovative material in-house, but equally it could buy in the expertise. It is always looking to move sideways into what Simpson calls “adjacent markets” – though only where the return is attractive. And L&B is driven by returns (particular return on sales and capital employed) and takes what he calls a “portfolio approach” to the businesses it operates. In other words, if an L&B operation doesn’t pass muster, it is disposed of. In fact the artificial grass yarns unit is being sold for £24mln for that very reason. “We worked hard and made big improvements to the relative performance; however, the absolute returns are just not high enough and we are divesting it,” said Simpson. “We are also working on issues with our Saudi JV [joint venture] so it doesn’t make further losses.” That hard-nosed approach appears to be working – just look at the forecasts made by the company’s broker Peel Hunt. It sees pre-tax profits growing by 12% this year to £28.5mln and then to £33.5mln the year after and to £36mln by 2018. L&B is forecast to pay a total dividend of 2.9p this year, which equates to a very decent 4.4% yield. Net debt, which was just under £140mln when L&B last updated, is forecast to fall to around £95mln by the end of the year. Simpson says that level of borrowings is manageable and well within its target range. According to Peel Hunt the current share price of 64p “does not reflect strategic progress to date towards improved quality of earnings and higher returns, nor the positive earnings momentum established over the last 12 months”. It says L&B shares are worth 90p each. “After a period of heavy investment, we now expect earnings growth to accelerate and the balance sheet to deleverage,” said analyst Dominic Convey. He expects the stock to receive a “deserved re-rating”. Boss Simpson won’t be drawn on the share price, but is satisfied L&B is moving in the right direction. “We know where we are making money,” he said. “We know where our strengths are and we are building on them and pushing into new geographies as well as sorting out the legacy issues.”
Low & Bonar share price data is direct from the London Stock Exchange
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