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Plastics Capital Share Discussion Threads
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|Public companies delight in focusing on 'adjusted' numbers in their financial statements, which hide a multitude of sins.
We have followed Plastic Capital over the years which seems a master of the adjustments and positive spin and it’s probably not surprising the shares have gone nowhere since listing 9 years ago.|
|a very good question Charo; I can only assume it is not deemed insider trading as the director in question is not going to blot his copybook by doing something that breaks the wording of the regulation and would I am sure be reluctant to do something that breaks the spirit.
That said I do not understand why he was allowed to buy here when he is not allowed to buy in the closed period up to results-especially as a reading of the RNS suggests it was a v good deal for PLA and hence the share price increase. However I have enough other things going on that I do not have the time at the moment but appreciate the views of others.
I assume Synpac imports a good deal given comment on how £ deval will hit trading margins.|
|insider dealing ?????|
|Good to see a decent buy by a well respected NED today.
davidosh,I have never made it to an AGM-the location is a bit off the beaten track-but as I have been increasing my holding I was thinking about it. However my reading of a 9am start is do not bother to come.
Yes I would be more likely at a more agreeable time and a place with better public transport links...though they are of course regular attendees at Investor conferences.|
Specialist manufacturer Plastics Capital (AIM: PLA) has released an encouraging set of results and is looking to move into expansion mode. With 45 per cent of sales exported from the UK, the recent devaluation of sterling will be a help. Management also feels that the business is now on a stable footing after encountering tough conditions in the resources sector and emerging markets during recent periods.
SMALL CAP IDEAS: Plastics Capital seems fantastically defensive, with Brexit export boost seen feeding through to bottom line
PUBLISHED: 14:59, 11 July 2016 |
Read more: http://www.thisismoney.co.uk/money/markets/article-3684692/SMALL-CAP-IDEAS-Plastics-Capital-fantastically-defensive.html#ixzz4EEFWPui3
Plastics Capital PLC | Plastics Products Manufacturer
|Calling all budding James Bond Wannabes......the Plastics Capital Agm will be held at the offices of Plastics Capital, London Heliport, Bridges Court Road, London, SW11 3BE on 29 July 2016 at 09.00am.......In 2013 it was at their old HQ at 11am then last year they moved to 10am and NOW will be at the Heliport at 9am so I have to leave home before dawn to get there away from rush hour or arrive by helicopter maybe !!
Anyone going to attend this year ?
Are you more likely to attend if they provided a presentation, Q&A and started it at 11am or 2pm and had it in Central London at the broker or PR company offices ?
Do companies not want to engage with shareholders and investors generally.|
|Plastics looking to expand
Specialist manufacturer Plastics Capital (AIM: PLA) has released an encouraging set of results and is looking to move into expansion mode. With 45 per cent of sales exported from the UK, the recent devaluation of sterling will be a help. Management also feels that the business is now on a stable footing after encountering tough conditions in the resources sector and emerging markets during recent periods.|
|Had a quick look at the results.
I got in into my head that a few months back the market expectations for 15/16 full year were for a pretax of £4.3m and obviously they missed that by a country mile. Gross profit in the seasonally stronger second half did go up from £7.5m to £9.3m between H1 and H2 but it took income tax credits to make H2 Post Tax profit the same as H1.
Net cash from operations in H2 was strong at £3m almost double the increased capex.
Note that dividends paid last year greater than post tax profit which explains the reduction in retained earnings. An interesting decision to increase dividend given references to capex in the report and comment on both macro uncertainties but also micro uncertainties of customers delaying orders.
One thing on the balance sheet which I cannot remember having focused in on before is that intangible assets are approx. 85% of book net worth and so will deserve scrutiny when the annual report comes out.
No comment on Brexit..I see that last year’s annual report had just under half sales in UK over a quarter in Europe and ME and 25% ROW
Good to see fewer exceptionals in the income statement than in times past.
Good to see Flexipol has been big picture a success; do not wish to be a party pooper but note they have released a contingency in connection with the acquisition which suggests that had not et all EBITDA aspirations.
Outlook statement suggests steady as she goes and I do not see myself any great movements up or down in the share price|
|This morning’s share price increase appears well justified; my understanding of market expectations is for full year pre tax of £4.3m which would suggest a second half pre tax of £2.8m given the first half performance of £1.5m
To me this is good even allowing for the increased seasonality given the Christmas peak in sales of the Films Division and timing of mandrels ordering patterns…and indeed for the variability of PLA’s accounting policy.|
|High yield share price erosion.
With the benefit of hindsight the company may have been better paying less dividends and not going for a placing.
The institutions now suffering a loss on the placement the yield hasn't made up the shortfall.
ECM and PFL although distributors have suffered a similar fate albeit they have high borrowings. The high yields has not prevented a share price erosion.
My change of stance here was the disappointing update on the acquisition I expected the acquisition to be earnings enhancing and taking into account higher overheads I don't think it has been. More shares in issue have diluted my expectations. Fortunately I sold out with a profit on day of results.|
simon templar qc
|Both Octopus Holdings and Hargreaves Hale reduce their holdings after the results. Lack of confidence? Or are they thinking like me the earnings on the last acquisition not as expected?|
simon templar qc
|Yes I did listen to it earlier. Nothing new however and there couldn't be as the CEO would be giving privileged information to selected shareholders.
Unfortunately he has given me no reason to buy in quick despite the reasonable dividend yield. There is little point having a dividend with no growth in the share price!
There are too many numbers in the accounts its all too muddy. In actual fact at the interim stage its virtually impossible from my reading of the accounts to be able to extract whether or not the acquisition they made last year has been earning enhancing as overheads have gone up substantially.
I don't actually see that much growth in the last 5 years, if any at all never mind the last 12 months.
The share price speaks for itself I see more downside risks.|
simon templar qc
|a very thoughtful interview
|When you look at the figures in detail the growth over the last 5 years is questionable. Basic eps is less than half the figure 5 years ago.
The yield is hardly supporting the share at the moment but is that a good use of cash?
Buy backs may have made better use of cash or even paid the debt down.
Or even the company paid no dividends at all over the last 5 years and paid cash for its acquisitions.
Looks like most trades been sells since results and holders locked in on decent holdings. Seems to me its difficult to get out now on even small trades.
I will be interested to see what davidosh has to say about the company interview?
By the way I did sell on the day of results but will keep the share on my monitor. I took the view the risks are increasing at the moment and the company has not delivered quite what was expected earlier in the year, the brokers also downgraded.|
simon templar qc
|Agree quite funny comment too.
In reality they need an entire range of facts and figures at their disposal in their armoury to avert their own shortcomings in an environment when their job becomes a little more challenging and genuine leadership and teamwork is required to make headway.
Ultimately though these smaller public manufacturing groups all suffer the same fate of having expensive and often parasitic governance structures, rather than a dynamic enterprising management structure that their private counterparts so often share.|
my retirement fund
|I love how the are quoting EBITDA on constant currency terms (fairly standard) and constant raw material prices! Why not just assume a constant sales price too and have done with it?!|
|Bad manufacturing figures out today and more gloom from both China and Europe as well, the latter GDP figures show slower GDP growth.
Looks like the boards forecasts could be overly optimistic on growth of c 2-3% in their statement imo.|
simon templar qc
|Sorry I will not be able to join you for lunch, davidosh, and I look forward to seeing the presentation and how the company deals with the piercing questions.
I have gone through the report – I found the text helpful- and I have the following comments
I did not find the following statement as helpful as it should have been: Quote The Board therefore expects the Group to continue to trade in line with expectations for the rest of the financial year." I am assuming that the full year expectations they refer to was for revenues to be £49.7m and eps(before what adjustments ??) to be 11.6p eps but would have been good if they had stated this. Furthermore the way they worded it implies that we have been given for expectations split out for the 2nd half and I have not seen these nor would I expect to see them for an AIM company.
Looking at the figures what stands out most to me is the very poor net cash generated from operations- the lowest for any 6 month period since I started following the company in 2009. They comment that they have been able to reduce debt- true by £1.5m, which is good, but only because they had disposal receipts of £1.4m.
If I was there I would have wanted to explore this backdrop of poor cash generation to their decision to increase the dividend by 10%- though I do understand that in current market situation if they had not increased the dividend the share price would have fallen more than the surprisingly modest fall today. They really are building up high expectations for the full year results.
I would also have asked about seasonality-not something I can remember coming up before. Their comments on increase in business in China made me look at the receivables- about 85 days and something worth watching.
Hope all goes well|
|I would be querying the bonus scheme if I was to be asking any questions. Its not too difficult doubling EBITDA when the company is seeking to acquire companies however earning per share would have been a better hurdle!
Seems to me earnings per share have been and will be held back by increase in shares and also increase in overheads.
The recent acquisition hasn't been as earning enhancing as I though it would be which I alluded to earlier. Share capital has increased near 20% from a year earlier.
Its a difficult one to assess now particularly with the global slowdown.
Net debt has risen which increases the risk.|
simon templar qc
|I uspected full year profits were out of line. The company also indicated slowdown on global economy could affect outlook!|
simon templar qc
|If any of you want to join me for a results presentation lunch tomorrow then just email me at mellomeeting.co.uk
Do you have any questions that you guys want me to ask in the results presentation and filmed interview afterwards ? It will be available to view so very worthwhile.|
|Disappointing in my view. EPS have been held back by increase in shares in issue. Quite muddy figures and patchy sales. Flexipool acquisition expected profits been reduced imo due to increase in staffing levels. I expected better sales than 2% for films business.|
simon templar qc